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Life Insurance

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Benefits-eligible employees receive basic life insurance at no cost and can opt-in to additional voluntary term life insurance for a low rate per pay period. 

Voluntary Life Insurance Special Election Period till Dec. 31, 2024

Eligible faculty or staff members who are not currently enrolled in voluntary term life coverage, New York Life Group Benefit Solutions (NYL GBS) is offering you the opportunity to purchase voluntary (100% employee-paid) term life insurance and Personal Accident Insurance (PAI) for yourself, spouse and/or dependent children. 

Details

The cost of the coverage is paid through convenient, post-tax payroll deductions.

You must enroll by December 31, 2024 to obtain certain amounts of NYL GBS voluntary term life insurance on a guaranteed issue basis, meaning you do not have to provide proof of good health and you cannot be turned down for medical reasons for electing a coverage amount at or below the Guaranteed Issue levels. If you elect amounts over Guaranteed Issue amount or you are increasing coverage amounts, you will be requested to answer medical questions. 

If you are not currently enrolled, a letter will be sent to your home for this special enrollment period. You may also confirm your premium amounts by checking your paystub in Workday.

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How to enroll

Go to Workday before December 31, 2024, click on the “Benefits and Pay” icon. Next, click on “Benefit Provider Links”, and then on “Life Insurance & Personal Accident (PAI) – Active.” Once on the Benefits Guide website, select the benefit you wish to enroll in from the My Benefits menu. 

Paper applications are also available for download on the Benefits Guide website. 

Print, complete and mail your application to (postmarked by December 31, 2024):

1. NYL GBS customer service center: PO Box 14577, Des Moines, IA 50306-3577

2. Or fax your application to: (877) 435-7181

Quick Links

To access policy information:  log-in to Workday, then Benefits and Pay > Benefit Provider Links > Life Insurance & Personal Accident (PAI) Active. Click “My Account” in the top right corner to review your current policy information, premiums, and beneficiary detail. 

To enroll, login to Workday to access the Cornell NYLGBS website as described above, then scroll down to "My Benefits," select the “Tell Me More” button, and follow the prompts. 

For coverage or questions, please contact NYL GBS Customer Service Center at 800-231-1193, or via email.

Basic Life Insurance

Eligibility

Benefits-eligible* faculty and staff members are automatically enrolled in basic life insurance.

*If you are uncertain of your eligibility status for this benefit, please contact your HR representative.

Endowed employees

Eligible employees will receive a Basic Life Insurance benefit of one-half of their annual salary up to a maximum of $50,000. This plan is insured by New York Life Group Benefit Solutions (NYL GBS).

Contract College employees

Eligible employees' basic life insurance benefits are determined by the retirement plan in which they are enrolled.

  • Members of the Employees' Retirement System (ERS) with New York State and Local Retirement System (NYSLRS) program receive basic life insurance under the program’s death benefit, administered by New York State Survivor's Benefit Program: 1-866-805-0990.
  • Members of the SUNY Optional Retirement Plan (ORP) are provided with basic life insurance, insured by New York Life Group Benefit Solutions.

Beneficiaries

You may change beneficiaries directly in your account online or download and mail the Basic Life Insurance Beneficiary Designation Form directly to the address in the top right corner of the form. 

Voluntary Term Life (VTL) Insurance

You’ve probably heard of life insurance, but you may be wondering, “what’s voluntary term life insurance?”  Cornell University offers life insurance at a group rate to supplement your basic life insurance. And as long as you’re employed at Cornell, the premiums are conveniently deducted from your paycheck using after‑tax dollars.

Benefits-eligible* faculty and staff members can enroll in additional VTL insurance with New York Life Group Benefit Solutions. You can enroll in voluntary term life insurance at any time or within 60 days of hire or a qualified life event up to the guaranteed issue (GI) amount. If you miss the 60-day period or elect an amount over the guaranteed issuance (GI), you will be required to provide proof of good health. You can sign up for life insurance for yourself, your spouse or domestic partner, eligible children, and unmarried children younger than age 26 years old, who you primarily support. 

New York Life Group Benefit Solutions Guide

*If you are uncertain of your eligibility status for this benefit, please contact your HR representative.

Rates

The rate structure allows employees, spouses and domestic partners to pay for their insurance based on their ages and elected coverage amount(s).

Employee

  • The maximum guaranteed issuance amount available within 60 days of your hire date, without evidence of insurability is 5 times your base annual salary or $1,000,000, whichever is less.
  • By providing proof of good health, you may purchase employee coverage over the guaranteed issuance amount - up to 10 times your base annual salary or $2,000,000, whichever is less.

Spouse/Domestic Partner

  • During these 60 days you may also purchase coverage for your spouse/domestic partner for $50,000 without medical evidence of insurability.
  • By providing proof of good health, you may purchase coverage for your spouse or domestic partner over the guaranteed issuance amount of up to $300,000 in $10,000 increments.

Eligible Children

  • Coverage is available for your unmarried, dependent children from birth and younger than 26 years old who are primarily supported by the employee. Coverage is up to $20,000 in $2,000 increments.

First-Time Enrollment

You can enroll in VTL insurance at any time, but if you apply within 60 days of your benefits-eligibility or qualified life event date, you may not have to provide proof of good health.

After completing your benefits enrollments in Workday it may take up to two weeks to receive access to New York Life's Group Benefit Solutions site.

If you cannot access the site to enroll in VTL or designate your life insurance beneficiary(ies), please complete the Voluntary Term Life Insurance enrollment form and mail or fax it within 60 days of hire or benefits eligibility date to New York Life Group Benefit Solutions. 

*please contact hrservices@cornell.edu or 607-255-3936 if you require accessibility assistance with the enrollment form.

Change Existing Coverage Levels

Additional enrollments or changes to coverage levels can be submitted within 60 days of a qualifying event. Otherwise, you will be required to provide proof of good health.

If you no longer have eligible children, you must contact New York Life Group Benefit Solutions to cancel the policy, and discuss any applicable refund.

Designate Beneficiaries

You may change beneficiaries directly in your account online or download and mail the VTL Beneficiary Designation Form directly to the address in the top right corner of the form. 

Claims & Contacts

 

While every attempt has been made to ensure the accuracy of this Summary, in the event of any discrepancy the Summary Plan Description and Plan Document will prevail.