Basic and Supplemental (Voluntary) Life Insurance
New York Life is the administrator for Pace University’s life insurance plans.
The University provides basic life and accidental death and dismemberment (AD&D) insurance coverage equal to one times your base salary (up to $100,000) at no cost to you. In addition, you may purchase supplemental life insurance coverage at increments of one, two, or three times your base annual salary. The combined life insurance maximum for basic and supplemental life insurance coverage is $750,000.
For active full-time employees, supplemental life insurance benefits reduce to 67% at age 70 and 50% at age 75.
Current Premium Rates for supplemental (voluntary) life coverage.
If you wish to enroll in supplemental and/or dependent life, please complete the Life Insurance Enrollment Form (PDF) and fax to the University Benefits office at (914) 989-8506, by November 30, 2022. No action is required for current enrollees unless you wish to change your election.
Evidence of Insurability (see Page 2 of the Life Insurance Enrollment Form) is required when requesting an increase in your supplemental life insurance by more than one time above the current level or over the guaranteed issue amount ($400,000). Please fax the completed form to the University Benefits office at (914) 989-8506 (or email to firstname.lastname@example.org) by November 30, 2022. In this case, New York Life will advise the University Benefits office as to the approval status and the coverage effective date, if applicable.
Please Note: For those on an approved continuous leave (short-term disability, Workers’ Compensation, Family and Medical Leave, NY Paid Family Leave, or unpaid personal leave), if you enroll in or increase supplemental life insurance coverage during the Open Enrollment period and have not returned to work on or before January 1, 2023, your coverage will take effect on the first of the month following your return to work.
Although it is not necessary to complete a new Beneficiary Designation form (PDF) every year, you may update your beneficiary designation at any time during the plan year. If you check the box under each section of the form and complete the Basic Term Life section at the top of the grid on Page 1, the beneficiaries that you designate in that section will pertain to basic and voluntary life and AD&D benefits. Be sure to sign (Owner Signature) and date Page 2. Please fax the completed Beneficiary Designation form to the University Benefits office at (914) 989-8506 (or email to email@example.com).
Dependent Life Insurance
You also have the opportunity to purchase supplemental life insurance to cover a spouse/registered domestic partner and/or eligible dependent children:
- Spouse/Domestic Partner - $10,000 benefit (reduces to 67% at age 70 and 50% at age 75)
- Dependent Children age 14 days to 19 years (23 if full-time student) - $5,000 benefit
The monthly cost for this coverage is $3.26/family unit or $1.63 per paycheck. The rate is the same if you are only covering a spouse/domestic partner or a spouse/domestic partner plus eligible dependent children.
Global Travel Assistance
New York Life Group Benefit Solutions Secure Travel (PDF), which is a component of your basic life insurance coverage, provides emergency medical and travel services, as well as helpful pre-trip planning assistance, when traveling 100 miles or more away from home on University business or on vacation. The toll-free customer service center is available 24 hours a day, 365 days per year.
In the event of a medical emergency, New York Life Group Benefit Solutions Secure Travel can arrange and cover the cost of transportation to the nearest appropriate hospital or medical facility. The program will also provide up-front payment up to $10,000, if required prior to treatment.
The service also provides:
- Round-trip transportation as well as accommodations, up to $150 per day for up to seven days, for a family member or friend to visit a covered person who is hospitalized more than 100 miles away from home for more than seven days.
- Travel arrangements for the return of a travel companion or children under age 18 who are left unattended due to the covered person’s medical emergency.
- Emergency evacuation and repatriation, when medically necessary. View Brochure for more information (PDF).
New York Life Group Benefit Solutions Secure Travel also offers other emergency assistance and pre-trip planning services.
- For U.S and Canada 1 (888) 226-4567
- Other locations call collect (202) 331-7635
- By Fax: (202) 331-1528
- By Email: firstname.lastname@example.org
Emergency services must be coordinated through Generali Global Assistance. Services coordinated outside of this program may not be eligible for payment.