JTS pays for basic life and accidental death & dismemberment (AD&D) coverage through New York Life at no cost to you, in two classes based on ownership status.
Coverage by class
- Class 1 — Owners: $250,000 in life and AD&D coverage, guaranteed issue.
- Class 2 — all other eligible employees: $50,000 in life and AD&D coverage, guaranteed issue.
Both classes also receive dependent life coverage: $10,000 for a spouse or domestic partner, and $10,000 per child from live birth to age 26.
Benefit reduction at older ages
Coverage steps down to 65% of the original amount at age 65 and 50% at age 70, with premiums adjusting to match.
Added protections
Coverage includes a waiver of premium if you become disabled before age 60 and stay disabled for nine straight months, and an accelerated death benefit if you’re diagnosed with a terminal illness — up to 75% of your coverage amount, or a set dollar cap, whichever is less.
Name your beneficiary
You’ll need to name a beneficiary to receive these benefits. You can update your beneficiary designation at any time during the plan year through HR.
