Life Insurance
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How Life Insurance Works
Basic Life and Accidental Death and Dismemberment (AD&D) Insurance
Life insurance pays a cash benefit to your beneficiary if you pass away during your covered period. It is designed to help replace lost income and cover major expenses like childcare, education, and debts. You enroll through payroll deductions, and if a claim is needed, your beneficiary submits it to receive the payout.
What you can enroll in
ExamWorks offers group term life coverage through New York Life Group Benefit Solutions. You choose your coverage amount, and premiums come out of your paycheck. Some higher amounts may require Evidence of Insurability, which is a short health questionnaire and, in some cases, approval before coverage begins. See the Benefits Guide for plan maximums, age based reductions, and any guaranteed issue limits.
Who is eligible and when coverage starts
Eligible employees can enroll in life insurance during new hire enrollment or at open enrollment, with certain changes allowed after a qualifying life event. Check the Benefits Guide for exact eligibility rules and start dates.
Beneficiary support, when your family needs it most
Survivor Assurance provides a safe, interest bearing account to help beneficiaries access life insurance proceeds, plus tools to manage funds during a difficult time.
DID YOU KNOW?
Beneficiaries can withdraw what they need when they need it, and they get guidance resources to help with next steps.
Extra no cost resources you can use today
As part of your NYL GBS coverage, you and your household have access to these value add programs at no additional cost:
- Employee Assistance and Wellness Support: 24/7 confidential counseling, legal and financial consultations, well being coaching, and family care referrals. First time visitors register at guidanceresources.com with Organization Web ID NYLGBS. Call 800-344-9752.
- Health Care Support: Help understanding bills, claims, coverage, and finding in network providers, plus access to a registered nurse for clinical questions. Call 800-336-2150.
Electing Coverage
When you're electing coverage, the EOI form will pop up in Paycom if you go over the guaranteed issue. You will need to certify that you completed the form to move forward in the election process. Once the form is completed and you submit your enrollment, the form goes directly to New York Life. Employees and dependents must be in ACTIVE status in order for new coverage to go into effect. For dependents this means they cannot be confined to their homes under the care of a physician or in the hospital. An eligible employee and spouse may increase coverage or become insured for a benefit in excess of the guaranteed issue amount only if he or she satisfies the evidence of insurability requirement.
Any amounts over the guaranteed issue amount will be effective on the date the insurance company certifies insurance benefits in writing.
How To Use Your Benefit
- Enroll in your chosen coverage amount.
- Keep your beneficiary information up to date.
If a loss occurs, your beneficiary contacts NYLGBS to start a claim and can choose Survivor Assurance for convenient access to funds.
Learn the Lingo
Beneficiary: The person or people you name to receive the benefit.
Evidence of Insurability (EOI): The process of providing health information to qualify for certain types of insurance coverage.
Term life: Coverage for a specific period that pays a benefit if you pass away during that time.
Survivor Assurance: A beneficiary account that provides convenient, secure access to life insurance proceeds.
Continue Your Benefits Journey
Your Rights
This website highlights some of your benefit plans. Your actual rights and benefits are governed by the official plan documents. If any discrepancy exists between this communication and the official plan documents, the plan documents will prevail. The company reserves the right to change any benefit plan without notice. Benefits are not a guarantee of employment.
Benefits Department
For information about any of the benefits you see, reach out to benefits@examworks.com
