New York Life

Eligible employees may sign up for the whole life insurance plan administered by New York Life. The New York Life whole life insurance plan is one of two optional life insurance plans benefited employees may participate 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

Employees have the ability to purchase a minimum $10,000 to a maximum $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 through policy loans, and it stays with you if you change jobs or retire. Spouses, domestic partners, children, and grandchildren are eligible for a minimum $10,000 and maximum $50,000 of death benefit 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 Van Wickler to schedule a meeting.