New York Life Insurance Company

Eligible employees may sign up for the Employee's Whole Life Insurance from New York Life Insurance Company which is one of the two optional life insurance policies benefited employees may patricipate in. The other plan is a term life insurance plan through Securian Financial*.

* Unlike many group plans, Commonwealth of Virginia employees are able to keep a portion of their term life insurance coverage at retirement.

Available Coverage

For New York Life Employee's Whole Life Insurance, employees have the ability to purchase a minimum $10,000 to a mazimum $100,000 of death benefit on a guaranteed issue basis. The benefits include no medical questions or exams, convenient payments through payroll deduction, coverage available for family members, a lifetime of protection, professional service from a New York Life agent, ability to earn dividends and access to cash value though policy loans¹, and it stays with you if you change jobs or retire. Spouses, domestic partners, children, and grandchildren are eligible for a minimum of $10,000 and maximum $50,000 of death benefit² with no medical questions if the employee participates.

Eligibility Requirements

Employee eligibility requirements are:

• Employed full time for at least 90 days.
• Actively and continuously at work on a full time basis (minimum 30 hours per week) during the past three months, with the exception of vacations, normal non-working days, and other authorized absences totaling no more than five days. 
• If an employee has been working part time for multiple qualifying departments, with cumulative hours above 30 hours per week, they will be eligible for this benefit.
• Age restrictions may apply.

Eligible Family Members

Employees may purchase a whole life policy for their spouses, domestic partners, children, and grandchildren. Children and grandchildren must be under 25 during the time of application.

Rates

Rates are locked in at the time of purchase and will not increase unless more coverage is added. Rates are based on employee age and coverage amount at the time of enrollment.

Interested in Signing Up?

All employees are eligible to sign up once the eligibility requirements have been met.

Eligible employees or employees nearing their three months of employment who wish to speak with a New York LIfe representative must schedule an appointment. Appointments can be scheduled by emailing Lisa Van Wickler at lvanwickler@ft.newyorklife.com or calling 434-953-5091. Employees who work at extended locations should also contact Lisa Van Wickler to schedule a meeting.

1. Accessing cash value will reduce the available cash surrender value and death benefit of the policy. Dividends, which provide an opportunity for cash value growth, are not guaranteed.
2. In the case of EWL guaranteed issue, availability to family members depends on the employee having purchased a policy. New York Life employee’s whole life insurance is issued by New York life insurance company. This program is not intended to be subject to the employee retirement income security act of 1974 (ERISA). Employee participation is completely voluntary. The employer does not contribute to or endorse the program. Guarantees are based on the claims- paying ability of the issuer. Lisa Van Wickler is an agent licensed to sell insurance through New York Life insurance company and may be licensed with various other independent unaffiliated insurance companies in the state of VA. No insurance business may be conducted outside this state referenced.