Level Term to Age 65 Benefit (LT 65): Provides a term life insurance benefit of 50 or 100 percent of the base policy amount until age 65.Coverage terminates on the policy anniversary following age 65. Available to eligible employees and spouses age 15 through 60 years. Accidental Death Benefit (ADB): Provides an additional benefit equal to the base policy face amount, up to a maximum of $150,000, if insured dies as a result of a covered accident.Accelerated Benefit (ABR):* Allows access to funds up to 50% of the eligible death benefit upon diagnosis of a terminal illness while the insured is still living.
Form numbers, availability and provisions may vary by state.Įmployers can customize coverage by selecting from a variety of optional additional benefits they can offer to employees, including: Policy form #ICC LP14GP or LP00GP Policy form # LP14GP-NY. Voya Employee Benefits is a division of both companies. Both are members of the Voya® family of companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Group Term Life Insurance is issued and underwritten by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). To keep coverage in force, premiums are payable up to the date of coverage termination. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. All coverage is subject to the terms and conditions of the group policy. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. Services and availability may vary by state. Voya Travel Assistance services are provided by Generali Global Assistance, Inc., Pembroke Pines, FL.
Services are not available in all states. Not available in New York.Įmployee Assistance Program services are provided by ComPsych® Corporation, Chicago, IL.
Funeral planning and concierge servicesįuneral Planning, Will Prep and Concierge Services provided by Everest Funeral Package LLC, Houston, TX.Other non-insurance services also provided: You should consult your personal tax advisor to assess the impact of this benefit. *Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. They may also have the option to convert coverage into an individual Whole Life Insurance policy - coverage for spouse or children is also available.Ī complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. Continue or convert coverage: If employment ends or insured no longer meets employer’s eligibility criteria, insured may have the option to continue coverage by paying premiums directly to the insurance company.Waiver of Premium: If insured isn’t working because they are totally disabled, they’re allowed to keep coverage for a period of time without paying premiums.Accelerated Death Benefit:* If insured has a medical condition that requires permanent continuous confinement in an institution or is diagnosed with a terminal illness with a limited life expectancy, they may receive a portion of the death benefit while they’re still living.Accidental Death Insurance: Pays a benefit (in addition to the life insurance benefit) to beneficiaries if insured dies as a result of a covered accident.When EOI is required, the insurance company must approve it before coverage becomes effective. If employees choose coverage beyond the guaranteed issue amount, they may need to complete Evidence of Insurability (EOI), which is an application where the applicant answers health questions in order to get certain types of insurance. Premiums are automatically deducted from an employee’s paycheck.
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