New York Life Insurance Employee Benefits

What Is Employees Whole Life Insurance

In cooperation with many employers, New York Life Insurance Company offers a program to help provide employees with insurance protection and financial security for themselves and their families. This program helps many people purchase individual permanent life insurance, New York Life Employees Whole Life, through a voluntary payroll deduction, and gain valuable protection.

Whats Trending For Employee Benefits

Retaining and recruiting workers can pose a challenge for any business, and those goals are even more difficult to achieve during a labor shortage. But dont underestimate the role a strong benefits package can play. The pandemic has further elevated interest in particular benefits, as well as different kinds of perks.

During the pandemic, workers had to cope with health issues, financial concerns, and changing job demands. Benefits helped make a difference, according to these key takeaways from LIMRA:

• Two in three employees are paying more attention to their companys benefits and coverages.1
• Just over half of employees view their benefits as more valuable than they did prior to COVID-19.
• Medical and retirement benefits will continue to be the main focus of workers.2

Answers To Your Employee Life Insurance Questions

• Who is eligible for a policy? All full-time employees of participating companies, their spouses, their children, and up to six of their grandchildren may be eligible for coverage provided the employee participates.
• When does the insurance begin? Your insurance coverage begins once you sign the application and the payroll deduction authorization form under a temporary coverage agreement. Your permanent policy will be issued after that.
• How does the cash value of my policy grow? This policy has a guaranteed cash value that will increase annually if premiums are paid on time. Dividends, which are neither guaranteed nor an estimate of future performance, may add to your policy’s value.
• Can I purchase additional insurance later? Additional policies for more coverage can be purchased during the annual re-enrollment period.
• What happens if I leave the company? Your life insurance policy is portableyou own it. Should you leave your employer or retire, you will be billed directly, in a manner that is convenient to you. The amount of your premium will change to reflect the billing option you choose.
• Does this replace my employer-provided group life insurance? This insurance does not replace or affect your employer-provided group life insurance. Your employer is not permitted to endorse or contribute to this plan and, unlike with many group insurance plans, your policy coverage is not reduced or eliminated when you retire or leave the company.

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New York Life Group Benefit Solutions Life Insurance

Life insurance can help your employees and their families stay financially protected and better prepared.

At New York Life Group Benefit Solutions , we believe that life insurance coverage is one of the most important and valuable benefits you can offer your employees.

We offer annual enrollment events and flexible strategies, as agreed with clients, to help meet employees different life stages.

Work Wellness Insights For You

Get the resources you need to stay healthy at workand find out what to do if you need to go out on leave.

1These 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.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America and New York Life Group Insurance Company of NY, subsidiaries of New York Life Insurance Company.

Life Insurance Company of North America is not licensed in New York and does not conduct insurance business in New York.

562-8421 7a.m. – 7p.m. CST

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New York Life Group Benefit Solutions Invests To Secure Its Leadership Now And In The Future

“New York Life Group Benefit Solutions has achieved an industry-first technology position with the first complete FINEOS AdminSuite implementation on the FINEOS Platform powered by AWS.

FINEOS AdminSuite combined with other complementary cloud technology investments enables Group Benefit Solutions to provide best-in-class benefits administration for our employer clients and their employees today while keeping pace with future market demands.”

Matt Marze, Vice President Technology, New York Life Group Benefit Solutions

Your Employees Deserve It

Life Insurance

Our individual and group life insurance products offer protection and security to your employees and their loved ones.

Disability Insurance

We also offer short- and long-term disability to protect your employees if they are unable to work due to injury or illness.

Expert Guidance

With a network of financial professionals dedicated to small business benefits, a local representative can meet to discuss your needs.

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Evolving Expectations About Financial Offerings

More than four in five consumers say the pandemic impacts their degree of financial concern, according to the 2021 Insurance Barometer Study from LIMRA and Life Happens. 3

Top financial concerns in 2022 include paying monthly bills, saving for an emergency fund, health expenses, final expenses and setting aside enough money for a comfortable retirement.4 Benefits that can address those anxieties can take many forms, including a retirement plan, and medial, long-term care, life, and disability insurance.

Life insurance is an important part of employer benefits programs. 13% of life insurance policy owners said they obtained their coverage for the first time in 2020, and half of them did so through an employer, according to the 2021 Barometer Study. 3 In 2022, nearly one third of US adults say that a major reason they have life insurance is that it is an employer provided benefit. 4

Businesses are taking note: One in four employers told researchers that life insurance is a bigger priority.

Putting Benefits To Work For Peoplesm

Serving the needs of employers and their employees starts with taking a simpler and human-centered approach. Watch the video to see how New York Life Group Benefit Solutions can advance your goals and inspire confidence.

Employers

An organizations needs and how they are fulfilled should align with the needs of their employees. That’s why New York Life Group Benefit Solutions provides cost-effective plan designs, personalized employee support, coaches and experienced guidance to help deliver more value and improve the financial protection, well-being and productivity of your employees.

Producers

At New York Life Group Benefit Solutions, producers will find a strategic, collaborative partner with experienced sales and client management teams, as well as financial solutions for small, mid-size and large clients.

Employees

We cant always predict what will happen in life, but we can prepare for the unexpected. When offered by your employer, New York Life Group Benefit Solutions can provide you with coverage to help provide peace of mind during those unexpected moments.

Employers

Producers

You have a collaborative partner with more than one-hundred years1 of experience, enabled by New York Lifes strength and stability. We deliver consultative expertise and support with experienced sales and client management teams, and a full suite of financial protection capabilities and products for small, mid-size, and large clients.

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Employee Benefits: Ten Ways New York Life Can Help

Over our 177-year history, New York Life has been dedicated to helping both our customers and our employees protect themselves and those they love. We are nothing without our people, and we have a long-standing tradition of providing them with a wide range of comprehensive benefits.

Encouraging a healthy work-life balance for our employees is a core part of the New York Life culture. Our benefit packages are built with that in mind, providing flexibility and choice across a wide range of options.

When you join the team, youre making a commitment to New York Life, and New York Life equally makes a commitment to you”Maria Mauceri, vice president and head of benefits at New York Life

So, whether its backup childcare, a solid retirement savings plan, or assistance with student loan repayments that might provide some peace of mind, were here to help. While the companys benefit programs are subject to change and evolve over time, here are just a few examples of how New York Life helps employees today.

1. My student loan debt hangs over me. I just want to get the balance paid off as quickly as possible.

New York Life helps employees tackle that debt. We offer all eligible employees a monthly contribution of $170 towards their student loan repayments. The program lasts for five years and, in that time, we can contribute up to $10,200 toward student loan debt.

Find out more in this article that takes a deeper dive on student loan benefits.

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What Do Employees At New York Life Insurance Company Think About Their Benefits

Aggregated Employee Answer on Comparably

• New York Life Insurance Company employees rate their overall benefits a B+ and most of them think the perks are Neutral. 75% of New York Life Insurance Company employees say they are satisfied with their benefits. The majority of employees also get 20-30 days of paid vacation.

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Adapting To A Shifting Landscape

As giving personnel the tools they need to reach their full potential becomes increasingly vital to commercial success, New York Life Insurance began looking for ways to fine-tune its approach to human resources .New York Life Insurance recognized that offering easier access to employee information could be highly beneficial. In the past, the companys individual contributors and managers needed to go through the HR department to access personnel information, which was mostly a manual process.Furthermore, many HR applications were not integrated, preventing managers from gaining a clear overview of employee information, which represented a missed opportunity to improve decision-making.With 32 disparate systems for HR, it was difficult to use data to its maximum potential. By empowering managers to directly access up-to-date information about themselves and their teams, New York Life Insurance saw a chance to boost both efficiency and their ability to manage their teams more effectively.

Weve undergone a major strategic transformation with the help of IBM and SAP.

Amy Falk, Corporate Vice President, New York Life Insurance Company

Learn About Your Benefits

Your income in retirement will likely come from many sources. In addition to Social Security, you might have savings from other employers, and other assets, such as New York Life retirement benefits.

About nonqualified benefits.

The company provides two nonqualified plans to certain eligible employees that supplement the retirement benefits available through the qualified 401 Savings Plan and Pension Plan:

• The Excess EPSI Savings) Plan
• The Excess Benefit Plan

These plans provide supplemental benefits above the IRS limits. In addition, the company provides nonqualified deferred compensation plans to certain eligible employees.

Learn more: See if youre eligible for these benefits at Your Benefits Resources .

Our savings and retirement benefits are designed to grow with you as your career grows. Theyre also valuable, competitive, and one-of-a-kind, with special features that build off of each other to help you save more, faster.

Learn how:

• To get the most from your 401 Savings Plan and
• Your Retirement Plan works to help you achieve your financial goals or visit Your Benefits Resources at

Pre-tax or Roth?

What about your current balances?

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How’s The Work Life Balance At New York Life Insurance Company

Asked to all employees at New York Life Insurance Company

• Horrible. NYL cares nothing about this, provides no info, expects you to work all weekends/holidays/days off/at night during sleeping hours. They will drain you out, than push you out the door, when they are done with you.

• With beginning any new business, long hours and not much time for anything else is what drives your success.

Portable Life Insuranceprotection And More

This portable life insurance will stay with you whether you change jobs or retire. Its easy to apply, its affordable, its available to you and your family, and the premiums are automatically deducted from your paycheck. The application includes few or no health questions, and there are no medical exams.

Your permanent Employees Whole Life policy premiums are guaranteed to never increase, your policy is guaranteed to grow cash value, and your policy will be eligible to earn dividends,1 which you can use to increase your coverage.

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Individual Solutions That Can Provide Your Employees Valuable Financial Protection

1 LIMRA Employees are paying closer attention to their insurance benefits.2Neither New York Life nor its agents provide tax advice. Please consult your tax advisor regarding the taxability of benefits for these products.

Your Group Term Life Insurance/Group Long Term Disability Insurance/Group Short Term Disability Insurance program may be subject to the Employee Retirement Income Security Act of 1974 . You should consult with your tax and legal advisors regarding the applicability of ERISA to this program and your responsibilities, if any, under the program.

New York Life Employees Whole Life Insurance and fully underwritten insurance products are not intended to cause the employer or the products to be subject to ERISA. Employee participation is intended to be completely voluntary. You should consult with your tax and legal advisors regarding the applicability of ERISA to this product.

New York Life, its subsidiaries, agents, and employees do not provide legal or tax advice.

These policies have exclusions, limitations and terms under which the policies may be continued in force or discontinued. For costs and complete details of the coverage, please contact your New York Life agent or the company.

New York Life Group Term Life Insurance, Group Short-Term and Long-Term Disability Insurance are issued by New York Life Insurance Company .

EB-MKT-1051

Group Life Insurance Policy Options

NYL GBS Voluntary Term Life

Plans are tailored to meet employers needs with a choice of basic or voluntary term life coverage, or a combination of the two.

Our holistic, customer-centered approach to group life insurance provides value for both you and your employees:

Employers

Handling the Loss of an Employee

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 LIMRA, “2020 Insurance Barometer Study,” 2020.

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.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America and New York Life Group Insurance Company of NY, subsidiaries of New York Life Insurance Company.

Life Insurance Company of North America is not licensed in New York and does not conduct insurance business in New York.

562-8421 7a.m. – 7p.m. CST

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Great Employee Benefit Programs Attract The Best Talent

Tech companies are well-known for offering some of the best employee benefits programs out there. They recognize that to attract and retain top talent, especially in their hyper-competitive industry, they must create an environment where people want to work, grow, and stay. Achieving that goal often means offering a significant and creative benefits package.

Tech companies offer great salaries, their benefits packages are generous, and they provide great things on their campuses . The objective of this strategy is to develop a culture of work that can enable employees to work hard, long hours needed to drive the innovative spirit of the company. The competitive edge of any tech company is its ability patent and leverage new technologies. This often falls on teams having to work unorthodox work schedules. To offset this, companies like Facebook must ensure that their employee benefits are known for enablinghigh employee retention and engagement rates.Some of the best ofall Facebook employee benefitsare listed below:

• An extensive healthcare plan with low co-pays
• Facebook employee health benefitsinclude dental and vision coverage
• 16 weeks of paid maternity/paternity leave is available
• 21 vacation days, 11 fully paid holidays and unlimited sick days are available
• 50% 401 match on up to 7% of the employees salary
• Free lunch and snacks
• Employee discounts on travel, electronics, restaurants, hotel stays, automobiles, movie tickets, and more1

New York Life Insurance

Founded in 1845, New York Life Insurance is the largest mutual life insurance company in the United States and one of the largest corporations in American business. A member of the Fortune 100, it reports annual sales of more than USD 25.6 billion, and employs 12,000 people.

• FSS: Insurance – Core Insurance – Life
• GBS AD& I – EA – SAP
• GBS BCS EA – SAP

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Basic Life And Ad& d Insurance

Basic Life Insurance coverage is provided at no cost to members. Dependents are not eligible to receive this benefit.

• Active employees under age 65 are covered for 1 times annual salary, subject to a coverage amount minimum of $15,000 and maximum of $50,000.
• Active employees ages 65-69 are covered for 66 2/3% of their annual salary, subject to a coverage amount minimum of $10,000 and maximum of $34,000.
• Active employees age 70 and over are covered for 50% of their annual salary, subject to a coverage amount minimum of $7,500 and maximum of $25,000.
• Retired members are covered for $5,000, regardless of age.

Active members are also provided with Accidental Death & Dismemberment Insurance coverage in the same amount as their Basic Life Insurance.

Retired members and dependents are not eligible to receive this benefit.

Please refer to the Fund Booklet for complete details of coverage and limitations.