New York Life Group Benefit Solutions Life Insurance
Learn how to plan for your family's financial future.
It’s not an easy subject to think about, but if something were to happen to you, would your family be able to make ends meet? For how long?
New York Life Group Benefit Solutions (NYL GBS) helps provide your family with additional financial resources should you pass away prematurely.
Buying coverage through an employer generally offers a level of guaranteed coverage, so there are no medical exams and no medical questions to answer. You may also qualify for additional coverage if you decide to provide proof of good health.
And buying coverage through work means you can pay your life insurance premiums through convenient payroll deductions, so there are no checks to write, and there is no forgetting that you authorized a monthly debit of your banking account.
NYL GBS Voluntary Term Life insurance
How it works
- Select a coverage amount and enroll (pending approval for any amounts over the guaranteed issue amount).1
- Once you’ve enrolled, you’re covered for a specific period of time, or “term,” as long as you continue to make premium payments.
- Pay your group insurance premiums through convenient payroll deductions.
- If you pass away during the term, the beneficiary or beneficiaries you designate will receive a payment for a covered claim.
How it helps your family
Payment can be used to:
- Help pay off a mortgage, cover your family’s ongoing living expenses, or transfer wealth.
- Cover final arrangements or set aside money for a life celebration (through a will).
Why enroll through your employer?
Guaranteed issue
Plans generally offer a guaranteed amount of coverage without the need to answer any medical questions or submit to any medical exams.
Convenient payroll deductions
With easy deductions from your paycheck, there’s no need to write a monthly check.
Watch to learn more about NYL GBS Voluntary Term Life insurance
Our value-added programs and services offer support for whatever life brings.2 When you enroll in NYL GBS Life insurance, they're included with your policy. These include:
Employee Assistance & Wellness Support³
Our program offers three face-to-face counseling sessions with certified clinicians as well as up to five resiliency coaching sessions from a certified counselor. Additional resources include wellness articles, podcasts, videos, and much more. All services are available 24 hours a day, seven days a week.
Financial, Legal & Estate Support³
Provides unlimited consultations for financial planning and legal support from certified professionals to help with debt management, credit issues, tax consulting, legal documents, and more. Assistance also includes identity-theft support with legal specialists and fraud-resolution services, interactive online tools, calculators.
NYL GBS Survivor Assurance⁴
NYL GBS Survivor Assurance offers an interest-bearing account for beneficiary payments of $5,000 or more through NYL GBS life and Accidental Death and Dismemberment (AD&D) insurance policies. Beneficiaries also have access to the Employee Assistance & Wellness Support and Financial, Legal, Estate Support programs.
Guidance and support for life’s most challenging moments
Coping with grief is not easy, but we're here to support you along the way. New York Life Group Benefit Solutions provides resources to help families through life's unexpected challenges.
Voluntary Term Life Insurance is issued by Life Insurance Company of North America and New York Life Group Insurance Company of NY, subsidiaries of New York Life Insurance Company. Policy forms: Term Life -TL-004700 et al.
1 The guaranteed issue amount is established at the policy level and will vary from case to case.
2 These programs are NOT insurance and do not provide reimbursement for financial losses. Some restrictions may apply. Not available for policies issued by New York Life Group Insurance Company of NY. Programs are provided through third party vendors who are solely responsible for their products and services. Full terms, conditions and exclusions are contained in the applicable client program description and are subject to change. Program availability may vary by plan type and location and are not available where prohibited by law.
3These programs are NOT insurance and do not provide reimbursement for financial losses. Some restrictions may apply. Customers are required to pay the entire discounted charge for any discounted products or services available through these programs. Some services are available at the option of the employer for an additional cost. Programs are provided through third party vendors who are solely responsible for their products and services. Full terms, conditions and exclusions are contained in the applicable client program description and are subject to change. Program availability may vary by plan type and location and are not available where prohibited by law. These programs are not available under policies issued by New York Life Group Insurance Company of NY. Services are provided exclusively by ComPsych® effective January 1, 2023. ComPsych is solely responsible for its services and is not affiliated with New York Life Insurance Company or any of its affiliates.
4The Survivor Assurance Program for beneficiaries is available to beneficiaries receiving coverage checks over $5,000 from New York Life Group Benefit Solutions Life and Accidental Death and Dismemberment programs. Survivor Assurance accounts are not deposit account programs and are not insured by the Federal Deposit Insurance Corporation or any other federal agency. Account balances are the liability of the insurance company and the insurance company reserves the right to reduce account balances for any payment made in error. Counseling, legal or financial assistance and discount programs are not available for policies issued by New York Life Group Insurance Company of NY.
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