Life Insurance
Always be there financially for your loved ones. Your family depends on your income for a comfortable lifestyle and for the resources necessary to make their dreams a reality. Life Insurance ensures your family’s future is financially secure if you’re no longer there to provide for them. Mercy Housing provides Basic Term Life Insurance and offers additional options to give you the ability to assemble a complete Life Insurance portfolio.
Life Insurance
Always be there financially for your loved ones. Your family depends on your income for a comfortable lifestyle and for the resources necessary to make their dreams a reality. Life Insurance ensures your family’s future is financially secure if you’re no longer there to provide for them. Mercy Housing provides Basic Term Life Insurance and offers additional options to give you the ability to assemble a complete Life Insurance portfolio.
Life Insurance
Always be there financially for your loved ones. Your family depends on your income for a comfortable lifestyle and for the resources necessary to make their dreams a reality. Life Insurance ensures your family’s future is financially secure if you’re no longer there to provide for them. Mercy Housing provides Basic Term Life Insurance and offers additional options to give you the ability to assemble a complete Life Insurance portfolio.
Watch this video to learn more about Life Insurance
Basic Life and Accidental Death & Dismemberment (AD&D) Highlights
Basic Life and AD&D
Mercy Housing provides employees with Basic Life and Accidental Death and Dismemberment (AD&D) coverage at no cost to you through New York Life. Enrollment is automatic.
Basic Life
The Basic Life benefit provides coverage at 2x your annual salary with a minimum benefit of $15,000 and a maximum benefit of $50,000.
AD&D
If you are seriously injured or lose your life in an accident, your beneficiary(ies) would receive an additional $50,000 in AD&D benefits.
Age-Based Reductions to Your Benefit
If you are age 65 or older, life benefits are payable as follows (your premium will be adjusted the following month to reflect our rate tier):
Voluntary Life and Accidental Death & Dismemberment (AD&D) Highlights
Voluntary Life and AD&D
You may also choose to purchase Supplemental Life Insurance coverage through New York Life in addition to the company-paid benefit. You pay the total cost of this benefit through convenient payroll deductions.
Employee
Increments of $10,000
Maximum Coverage: Up to $50,000
Guaranteed Issue: Ages <70: Up to $150,000
Spouse/Domestic Partner
Increments of $10,000
Maximum Coverage: Up to $250,000
Guaranteed Issue: Up to $80,000
Child(ren)
Maximum Coverage & Guaranteed Issue: Up to $10,000
Age-Based Reductions to Your Benefit
If you are age 65 or older, life benefits are payable as follows (your premium will be adjusted the following month to reflect our rate tier):
NOTES:
- Coverage is only available to the spouse/domestic partner and dependent child(ren) if the employee elects coverage.
- Spouse/domestic partner rate is based on the spouse/domestic partner age.
Evidence of Insurability
If electing Voluntary Life insurance (excluding new hire guaranteed issue), you will need to complete a New York Life “Insurance Application and Evidence of Insurability” form through your UKG election. Your benefit will be effective only after approval from New York Life.
What is a...
Guaranteed Issue: the dollar amount that will be issued without submitting proof of insurability, such as answering medical questions on an application or completing a medical exam. Check with your employer to see if you’re eligible for the Guaranteed Issue.
Evidence of Insurability: A medical questionnaire for you or any dependent you are trying to add or increase coverage for. Your insurance carrier may require this form because it wants to evaluate the risk of insuring you.
Contact the provider of these benefits: New York Life - (800) 362-4462, myNYLGBS.com
ABOUT THIS GUIDE: Actual plan provisions for Mercy Housing (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this guide is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this guide and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.