Voluntary Payroll Deduction



Allowing Your Employees to Enhance Their Insurance Coverage at No Direct Cost to You...


You know that quality employees are the lifeblood of every business. Holding on to them takes more than just a steady paycheck. Employees want to work for organizations that provide meaningful, competitive benefit packages. But with the ever rising cost of benefits, it’s become increasingly difficult for you to offer everything your employees have come to want and expect.


New York Life has a solution. A Voluntary Payroll Deduction program from New York Life Insurance Company allows employees to supplement their benefits by purchasing life ¡insurance products simply and conveniently.


Using your existing payroll deduction system, your employees can have the full cost of New York Life’s competitive insurance product automatically deducted from their paychecks. The payoff is more motivated and appreciative employees, who are likely to be more productive and less apt to seek employment elsewhere.


Your employees’ goals are basic — they want to protect their families and provide for their future. New York Life’s Voluntary Payroll Deduction life insurance product can help them realize those goals, The product offers:


  • Financial Protection — a death benefit payout to protect loved ones in the event of an untimely death.


  • Flexibility — employees decide the amount of coverage wanted and the amount deducted from each paycheck (within specified limits).


  • Availability — employees, their spouses, children, and grandchildren are eligible to purchase life Insurance products that otherwise would not be available to them.


  • Cash Value — with life Insurance, the policy cash value will accumulate over the years and may be borrowed against for emergencies, to fund a child’s education, or to supplement retirement income as the life insurance needs decrease. Loans accrue interest and reduce the available death benefit.


  • I Convenience — since premium payments are automatically deducted from their paychecks, employees need not worry about missed payments or checks to write and mall.


  • I Portability — employees own their policies, which can be taken with them at the same rates if they leave your company, for any reason.


New York Life’s Voluntary Payroll Deduction program puts your employees in control. The decision to participate is entirely up to them and their own assessment of how the product offered may help them meet their goals. 

Contact me for more information.

Your employees’ participation in the payroll deduction insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Security Act of 1974 (ERISA), you do not contribute to or endorse this program.



Subscribe to our Newsletter