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Today, offering products that help both individuals and employers deal with the rising cost of traditional benefits isn’t just good business, it’s the right thing to do. At Life Insurance Company of Boston & New York, we understand that we’re all in this together, and together, we can help provide a measure of financial security for the people that matter most to you.

What Is Life Insurance

Life Insurance provides protection against the economic loss caused by the death of the person insured. Simply put, life insurance provides a lump sum payment (sometimes known as a death benefit) to beneficiaries in the event of the insured's death. The amount of premium paid for this coverage varies based on the type of life insurance, the amount of coverage and other factors. Group Life Insurance traditionally is paid for by an employer as part of their employee’s benefit package. Voluntary Life Insurance is typically purchased based on the needs and goals of the individual wanting to insure his/her life. Life Insurance can help replace lost income due to death. This money can also help to pay funeral costs, medical expenses not covered by health insurance, and other outstanding debts.

 

Life Insurance

We offer the following Life Insurance coverage at the Workplace:

Employee Life Option Plus (ELOP) Interest Sensitive Life Insurance

This coverage is made available to eligible employees and union members on a voluntary basis. The premium is typically deducted from the employee's paycheck.

Coverage Highlights:



  • Permanent life insurance with cash value accumulation
  • Premiums are guaranteed not to increase for the life of the policy
  • Guarantee issue amounts for eligible employees - no medical underwriting required
  • Flexibility to cover the employee, spouse, children and grandchildren
  • Optional riders include Children Term coverage, Accidental Death Benefit, and Payor Waiver of Premium
  • Policy is portable should the employee leave his/her employer
  • Tobacco distinct and blended rates are available

Life policies are underwritten by The Life Insurance Company of Boston & New York under Policy Form Series END-95 (ESO) 3/13 NY. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to the policy form or contact your Life Insurance Company of Boston & New York representative.

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What Is Accident Insurance?

Accident Insurance is a form of insurance which pays benefits for covered accidental injuries and accidental death. Payouts vary, depending on the severity of the injuries, the type of medical care a person receives for an injury and in some cases if the insured dies as a result of a covered accident. Benefits are typically paid directly to the insured, or to their beneficiary.

Accident Insurance is a way to stay ahead of the medical and out-of-pocket expenses that add up so quickly after an accidental injury - not just for emergency treatment, hospital stays and medical exams, but for other expenses you may face, such as transportation and lodging needs.

We offer the following Accident Insurance coverage at the Workplace:

Employee Accident Option Plus (EAOP) - Accident Insurance

This coverage is made available to eligible employees and union members on a voluntary basis. The premium is typically deducted from the employee's paycheck.





Coverage Highlights:

  • Non-Occupational and 24 Hour coverage options
  • Indemnity amounts payable for many triggers such as:
    • Hospitalization, Intensive Care, Rehabilitation and Ambulance
    • Emergency Room treatment, Urgent Care and Physician's Office
    • Fractures, Dislocations, Lacerations and Burns
  • Accidental Death and Dismemberment benefits
  • Guarantee issue for eligible employees, spouses and children
  • Optional riders for Hospital Confinement due to Sickness and increases to the Emergency Room and Physician Office benefits
  • Policy is portable should the employee leave his/her employer

Click here to see a few examples of sample benefit payments.

Accident policies are underwritten by Life Insurance Company of Boston & New York under Policy Form Series WS -ACC 08/08 NY.

EAOP is a limited benefit policy. It does NOT provide basic hospital, basic medical, or major medical insurance. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. Benefits payable are subject to all terms and conditions of the Policy. For complete details of coverage and availability, please refer to the policy form or contact your Life Insurance Company of Boston & New York representative.

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What Is Specified Disease Insurance?

Specified Disease Insurance, sometimes referred to as Critical Illness Insurance, is a type of insurance which provides a lump sum benefit if an insured is diagnosed with one of the conditions specifically listed in the policy. Plan designs vary among insurance companies.

Specified Disease Insurance can be extremely helpful in providing needed cash to help with deductibles, co-pays and other expenses related to a serious illness.

We offer the following Specified Disease coverage at the Workplace:

Employee Critical Illness Plus (ECIP) - Specified Disease Insurance

This coverage is made available to eligible employees and union members on a voluntary basis. The premium is typically deducted from the employee's paycheck.




Coverage Highlights:

  • Pays a lump sum benefit for the diagnosis of Cancer, Myocardial Infarction, Stroke, End Stage Renal Disease, Major Organ Transplant, Alzheimer's Disease and ALS (Lou Gehrig's Disease).
  • Pays a reduced benefit for Coronary Artery Bypass and Carcinoma in situ.
  • Guarantee issue is often available for eligible employees.
  • Optional riders for Health Screening tests and Genetic Testing.
  • Spouse and Children coverage is also available.

Specified Disease policies are underwritten by Life Insurance Company of Boston & New York under Policy Form Series LOBCI-PWC 11/11 NY and LOBCI-NC 11/11 NY.

ECIP is a limited benefit policy. It does NOT provide basic hospital, basic medical, or major medical insurance. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. Benefits payable are subject to all terms and conditions of the Policy. For complete details of coverage and availability, please refer to the policy form or contact your Life Insurance Company of Boston & New York representative.

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