It’s a family matter. Subject to any applicable restrictions or limitations in the GUL policy, coverage options for you and your family are summarized as follows.

Coverage for You

You are eligible for GUL insurance if you are an active, full-time employee of IDT Corporation regularly working a minimum of 30 hours per week and have completed the new hire waiting period of 90 days from date of hire.

• Coverage amounts available: 1, 2, 3, 4, 5, 6, 7, 8, 9 or 10 times employee’s annual compensation, rounded to the next higher $1,000. The maximum coverage amount is 10 times employee’s annual compensation, or $1,000,000, whichever is less.
• Guaranteed* issue amount available within 45 days of your eligibility date without proof of good health: 4 times employee’s annual compensation, rounded to the next higher $1,000; or $250,000, whichever is less.
• If you provide proof of good health, you can:
  • Purchase more than the guaranteed issue amount—up to 10 times employee’s annual compensation, rounded to the next higher $1,000; or $1,000,000, whichever is less.
  • Increase your life insurance coverage at any time, up to the maximum allowed.

*In certain situations, you may purchase the face amount of coverage without answering any health questions or taking any medical tests.

Coverage for Your Spouse*

You can purchase coverage for your eligible spouse in the following amounts:

• Guaranteed** issue amount available for your spouse under age 65 during your first 45 days of eligibility without proof of good health: $20,000.
• The guaranteed issue amount is also available for your new spouse within 45 days of your marriage date without proof of good health.

If your spouse provides proof of good health, you can purchase:

• Coverage up to $250,000, in $10,000 increments.
• Coverage for your spouse age 65 or older.

For coverage to become effective, you must be actively at work and your spouse must not be hospitalized, confined at home under the care of a doctor, or unable to perform the normal daily activities of a person of the same age and gender.

*For purposes of this overview, wherever the term spouse appears it shall also include Partner to a Civil Union. Additional information is available from your Benefit Services Representative.

**In certain situations, you may purchase the face amount of coverage for your spouse without answering any health questions or taking any medical tests.

Coverage for Your Children

If you elect GUL for yourself or your spouse, you may also purchase insurance for all of your unmarried, dependent children who are at least 14 days old and younger than 19 years old; or to age 25 years old if a full-time student and primarily supported by the employee; or 19 years of age or older and primarily supported by the employee and incapable of self-sustaining employment because of a mental or physical handicap.*

For just one premium, you can cover all of your dependent children for the following amounts:

• You can obtain $5,000 or $10,000 in guaranteed issue amounts of term insurance coverage if you enroll your child(ren). When your child(ren) no longer qualifies as a dependent, they are eligible to enroll for GUL coverage as an adult.

For your dependent children’s coverage to be effective, they must not be hospitalized, confined at home under the care of a doctor, or unable to perform the normal daily activities of a person of the same age and gender.

*Please note that in certain states, restrictions may apply and ages may vary.

Coverage start and end dates.

Your and your dependent’s coverage will start* on the date we receive the completed and signed application and payroll authorization form, if:

• You meet the eligibility requirements;
• You enroll within 45 days of your eligibility date;
• You do not apply for more than the guarantee issue amount; and
• You do not need to provide proof of good health.

Otherwise, your and your dependent’s coverage will take effect on the date NYL GBS agrees in writing to cover you and your dependents.

You and/or your spouse’s coverage will end on whichever comes first:

• You cancel the coverage;
• Your employer cancels the group policy**;
• You don’t pay the premiums;
• On your 99th birthday (or the January following your 99th birthday); or
• You or your spouse die.

Dependent children coverage will end on whichever comes first:

• Your coverage ends (or, when your spouse’s coverage ends, if the child’s coverage is on the spouse’s certificate);
• You surrender or cancel their coverage; or
• They are no longer eligible for coverage.

* This is the date your coverage actually begins. You are fully covered from this date.

** If your employer cancels the group policy, you can continue your coverage on an individual policy. Higher rates will apply.

How much life insurance do you need today? How much will you need in two years? Five years? What if you can’t afford to continue paying your premiums due to a terminal illness? At NYL GBS, we’ve thought about these questions and have developed options that can help you maintain adequate insurance levels as your needs—and your circumstances—change.

Automatic Increase Option

With the Automatic Increase Option, your GUL coverage will increase automatically (not to exceed the maximum allowed) on each plan anniversary if you have qualifying salary increases. With this option, you reduce your risk of becoming underinsured. Your payroll deduction amount will also be increased to cover the higher amount of protection. (If you don’t want your coverage increased, you must decline this option by contacting the NYL GBS Customer Service Center.) Here’s an example of how this feature works:
 

Accelerated Payment Benefit

When you elect this optional benefit, if you or your covered spouse becomes terminally ill and aren’t expected to live more than 12 months, you can receive up to 80% of your coverage amount—potentially tax free.* The money is paid out in a lump sum, directly to you, to use for whatever you wish. To qualify to receive the benefit, you must provide medical certification from two unaffiliated physicians that your life expectancy or that of your spouse is 12 months or less. NYL GBS will send payment as soon as your request, medical certification, and supporting evidence are reviewed and approved. Your premium obligation continues on the full amount of coverage if this benefit is exercised. The following example illustrates how a 80% benefit would pay out on $100,000 of coverage:
 

*You may want to seek advice from your personal legal or tax advisor before exercising this option.

Waiver of Cost of Life Insurance

The Waiver of Cost of Life Insurance benefit is automatically built into the GUL plan at no additional cost to you. Your cost of life insurance will be waived if you become totally disabled for six continuous months or more, and total disability occurs before age 60. Benefit ceases at age 65. Contributions to the CAF are not waived.

Use these charts to determine the monthly cost of life insurance coverage only. To determine the cost of coverage, find your age or your spouse’s age in the left column of the Monthly Cost of Insurance chart below, then read across to find the monthly cost of insurance for each $1,000 of coverage. These costs do not reflect any money going into the Cash Accumulation Fund. Rates are subject to change but will not exceed the guaranteed maximum cost of insurance shown in your certificate. If you terminate active employment, higher rates may apply. To get a free, no-obligation online quote, click the "Enroll Online"  button.
 

*Rates for age 70 and over, and guaranteed maximum cost of insurance rates are available upon request. Your age for calculating monthly cost of insurance will be updated each April 1.
GUL insurance premiums and Cash Accumulation Fund contributions are paid for with after-tax dollars.

The money in your Cash Accumulation Fund is yours to use as financial needs arise. You can borrow against your Cash Accumulation Fund or make an outright withdrawal. The minimum loan or withdrawal amount is $250. You will be charged a $25 transaction fee for each withdrawal.

• When you do decide to withdraw your money, you’ll only pay taxes if the withdrawal amount exceeds the amount of your total contributions (cost of insurance plus Cash Accumulation Fund contributions).
• To take money out of your GUL account, download a Withdrawal Form from the Forms section below, and mail it to NYL GBS. Or if you prefer, you can call NYL GBS’s Customer Service Center at the number located on “Contact Us” and ask for the appropriate form.
• If you want to take out a loan, call the NYL GBS Customer Service Center at 1.800.828.3485 and ask for the appropriate form. You’ll be assessed 8% interest annually on the outstanding loan amount, but you will continue to be credited with 6% on the loan account value. You should not owe any income tax on your loan unless you cancel your coverage or your coverage lapses.

You can designate your beneficiaries during the enrollment process and maintain your beneficiaries online once your coverage is issued by clicking on "My Account" at the top right corner of your screen.

If the listed beneficiary is a trustee or a trust, you will need to enter the trustee's name, the name of the trust and the date of the trust agreement. The trust document must be presented in order for the claim to be processed.