Your ability to work may stop suddenly -
but your bills don't.
65% of working Americans say they could not cover normal living expenses even for a year if their employment income was lost; 38% could not pay their bills for more than 3 months.1
Think of Disability Insurance as Paycheck Protection
Your most important financial asset is your ability to earn a living. Those earnings pay for your living expenses, your children’s education, your home, and your retirement. Most plans for the future are based on the assumption that you will continue to earn a paycheck until you retire.
Group Long Term Disability Insurance, underwritten by New York Life Insurance Company, helps provide income when you need it most. It can pay a monthly benefit if you have a serious injury or accident that makes it impossible for you to work. Planning ahead can mean the difference in your ability to deal successfully with an otherwise devastating situation.
Comprehensive Coverage for the Protection You Need
GEBA’s Long Term Disability Insurance plan is designed to provide you and your family with monthly income if you or your working spouse/domestic partner becomes disabled. You’ll receive tax-free money to help with living expenses so you can focus on your recovery.
- Tax-free payments up to $7,500 per month (not to exceed 67% of gross monthly salary). Please consult with your tax adviser for more information.
- Coverage for a working spouse/domestic partner is also available. (Member coverage is required.)
- Benefits can be payable while you remain Totally Disabled until your Normal Social Security Retirement Age. For disabilities commencing on or after age 60, the benefit period is reduced as described in the Plan Brochure.
- Waiver of premium with the first benefit payment.
- Flexible waiting periods to lower the cost of coverage.
- Cost of Living Adjustments (COLA) begin with your second year of collecting disability benefits to help protect you against inflation. Up to six annual adjustments will be made, with a maximum annual increase of 6%.
- Partial Disability and Rehabilitation Benefits.
- 30-Day FREE LOOK: If you’re not satisfied, return your Certificate of Insurance, without claims, within 30 days and your coverage will be invalidated. You’ll receive a prompt refund of your premium.
Government employees are entitled to a disability retirement annuity under their Federal benefits. Check the coverage and your financial situation to determine if you have adequate resources to meet your everyday expenses in the event you become disabled. If not, this supplemental Group Long Term Disability Insurance plan may be right for you.
The Strength of New York Life
GEBA is proud to partner with The New York Life Insurance Company,
a recognized leader in the group insurance field, and one of the largest and most respected life insurance companies in the nation. New York Life has received the highest ratings currently awarded to any life insurer by all four major ratings agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor's (AA+), and Moody's Investors Service (Aaa).2 All of these are for financial strength.
The Group Long Term Disability Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Ave, New York, NY 10010. Under Group Policy G-29344-0 on Policy Form GMR-FACE/G-29344-0
New York Life's state of domicile is New York, and NAIC ID # is 66915
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
Before applying and for important information including features, cost, eligibility, renewability, limitations, and exclusions, please read the Group Long Term Disability Brochure. Coverage not currently available in all states.
1 CDA Disability Divide proprietary research, March 2010
2Source: Third Party Ratings Report as 7/1/2015