New York Life: Exploring Disability Insurance Options

New York Life offers a range of disability insurance options to protect your income in the event of an illness or injury that leaves you unable to work. The company provides both group and individual disability insurance plans, with short-term and long-term coverage options available. New York Life's MyIncome Protector is an individual disability insurance policy that offers customizable coverage, including three packages – Core, Pro, and Max – to suit varying needs. The company also offers support services, such as financial and legal assistance, to help individuals get back on their feet during challenging times. New York Life's disability insurance claims can be submitted online, by fax, or by mail, with quick claim decisions and payments.

Short-term disability insurance

New York Life offers short-term disability insurance to help you if you are temporarily disabled for a short period of time. This type of insurance can be extremely useful if an illness or injury occurs, as you may need more than just health coverage.

Group disability insurance can help pay part of your covered earnings when you can't work for a period of time due to a covered illness or injury. New York Life's short-term disability insurance is offered through their Group Benefit Solutions (NYL GBS) and is available to you if your employer offers it.

If your employer also partners with New York Life Group Benefit Solutions for leave management administration, your short-term disability insurance will include automatic leave initiation. This means that New York Life will streamline your request and provide guidance on applicable leaves, such as the Family and Medical Leave Act (FMLA), state, and/or company leaves.

In addition to the insurance coverage, you will also have access to value-added programs and services, such as employee assistance and wellness support, financial and legal support, and health care support. These programs are designed to help you get back to your full potential sooner and offer support for whatever life brings.

To enroll in a NYL GBS short-term disability insurance plan, you can do so through your employer. This type of group coverage is typically less expensive than coverage purchased individually. Additionally, you can take advantage of convenient payroll deductions, with easy deductions from your paycheck.

If you need to file a short-term disability claim, you can do so online by submitting a secure online form, or via fax or mail by downloading, printing, completing, signing, and mailing or faxing the claim form. It's important to provide complete and accurate information to avoid delays in processing your claim.

Long-term disability insurance

New York Life's Long-term Disability Insurance

New York Life offers long-term disability insurance through its MyIncome Protector policy. This policy can be fully customised to the policyholder's needs and remains in place even if they change jobs or occupations, as long as they continue to pay their premiums. MyIncome Protector offers three different choices for the definition of disability:

• 2-year Own Occupation/Any Occupation Thereafter: For the first 24 months of a claim, totally disabled means the policyholder is unable to perform the substantial and material duties of their own occupation. After 24 months, total disability means they are unable to perform the substantial and material duties of any occupation consistent with their education, training, and experience.
• Extended Own Occupation: This rider enhances the definition of disability by extending the period during which the policyholder can qualify for benefits if they are unable to perform the duties of their own occupation.
• True Own Occupation: This rider provides the ultimate protection by further extending the period during which the policyholder can qualify for benefits based on their inability to perform their own occupation.

Group Long-term Disability Insurance

Group long-term disability (Group LTD) insurance is offered by employers and is subject to their discretion. It typically covers 50%-60% of the policyholder's salary after tax and may not include other forms of compensation such as bonuses, commissions, or profit-sharing. Group LTD insurance may not be portable, so it may not continue if the policyholder changes jobs or occupations.

Individual Long-term Disability Insurance

Individual long-term disability insurance is purchased directly from an insurance company and offers several advantages over group coverage. It typically replaces 50%-70% of the policyholder's salary, as well as bonuses, commissions, and other forms of compensation. The benefits paid by an individual policy are tax-free if paid with after-tax dollars. Individual long-term disability insurance is also portable, allowing policyholders to keep their coverage if they change jobs or employers.

MyIncome Protector

New York Life's MyIncome Protector is an individual income disability insurance policy that can protect your lifestyle and your future. It provides a monthly benefit, replacing a significant portion of your income if you're unable to work for an extended period due to injury or sickness.

You can also work with a financial professional to customize your package and build a plan tailored to your specific needs and circumstances. MyIncome Protector gives you the flexibility to choose how long your policy will pay disability benefits. You can opt for a time period of 2, 5, or 10 years, or extend coverage up to age 65, 67, or 70.

One of the key advantages of MyIncome Protector is that it's portable. If you change jobs or occupations, your coverage stays with you as long as you continue paying your premiums. This policy is ideal for those who want to supplement their employer-sponsored disability plan or for small business owners who want to protect their income and their business.

Additionally, MyIncome Protector is one of the few individual disability insurance plans that offer the potential for dividends to its policyholders. These dividends become payable at the end of the fifth policy year during the non-cancellable period, up to age 67, although they are not guaranteed.

With New York Life's strong financial ratings and long-standing commitment to its policyholders, you can rest assured that MyIncome Protector will provide the coverage you need when you need it most.

Group disability insurance

New York Life Group Benefit Solutions (NYL GBS) provides group disability insurance to help protect your income and lifestyle in the event of a covered illness or injury that prevents you from working for a period of time. This insurance is typically offered through your employer, who can choose from two different options to meet the needs of their employees:

Short-Term Disability Insurance

This type of group disability insurance provides coverage for temporary disabilities, helping you if you are unable to work for a short period of time due to a covered illness or injury. It pays a percentage of your covered earnings, which you can spend in any way you like.

Long-Term Disability Insurance

Long-term disability insurance offers additional protection if you are disabled and unable to work for an extended period of time due to a covered illness or injury. This option also pays a percentage of your covered earnings, giving you financial support during a challenging time.

One of the key advantages of group disability insurance is the quick disability claim decisions made by NYL GBS. This means you'll receive payment for your claims promptly, allowing you to maintain your financial stability. Additionally, if your employer partners with NYL GBS for leave management administration, you'll benefit from automatic leave initiation, streamlining your request and providing guidance on applicable leaves, such as the Family and Medical Leave Act (FMLA), state, and company leaves.

Enrolling in a NYL GBS disability insurance plan through your employer offers several benefits. Firstly, their expert health and vocational coaches will work together to help you recover and return to work. Secondly, group coverage is typically less expensive than purchasing individual coverage. Moreover, convenient payroll deductions make it easy to pay for your insurance, as deductions are directly taken from your paycheck. Lastly, you and your covered family members will gain access to a range of value-added programs and services, such as employee assistance, wellness support, financial and legal support, and healthcare support. These programs offer practical resources and guidance to support you and your family during challenging times.

Submitting a disability claim

New York Life offers disability insurance to protect your income during your career and key working years. This insurance can be purchased by individuals or as a group benefit through your employer.

Step 1: Understand the Type of Disability Coverage You Have

New York Life offers both short-term and long-term disability insurance. Short-term disability insurance helps if you are temporarily disabled for a short period, while long-term disability insurance offers additional protection if you are unable to work for an extended period due to a covered disability.

Step 2: Notify Your Employer and New York Life

For short-term disability, notify your employer as soon as possible about your planned absence. Contact New York Life Group Benefit Solutions to file your claim. Most plans require notification within seven days, but check your specific plan for the exact timing.

For long-term disability, contact New York Life Group Benefit Solutions at least 30 days before the start of your long-term disability. If you already have short-term disability coverage with them, your long-term claim will be automatically initiated.

Step 3: Gather Necessary Information and Documents

Before submitting your claim, ensure you have the following information readily available:

• Your contact information, including your Social Security number and email address.
• Your healthcare provider's (doctor and/or hospital) name, address, and telephone number.
• Your last day of work, the date of injury/onset of illness, or expected delivery date (if pregnant).
• The dates of your first, most recent, and next doctor's visits.
• Your supervisor's name, telephone number, and email address.
• Information on any other income sources, such as workers' compensation, Social Security, state disability, or pension.
• Any previous history of similar conditions, diagnoses, treatments, medications, and medical testing (if applicable).

Step 4: Submit Your Claim

You can submit your disability claim through one of two methods:

• Online Form: Complete the secure online form, and a case manager will contact you if they require additional information.
• Fax or Mail: Download, print, complete, and sign the appropriate disability claim form (short-term or long-term) from the New York Life website. Fax or mail the completed form to the New York Life Group Benefit Solutions Paper Intake Team at the provided address.

Remember to provide as much information as possible when submitting your claim to avoid delays in processing. If necessary, New York Life may contact your employer and healthcare provider for additional information.

You can reach out to New York Life Group Benefit Solutions with any questions or for further guidance on submitting your disability claim.

Frequently asked questions