Employees Pays $1 Per Calendar Year Life Insurance Video Your life and accidental death and dismemberment (AD&D) insurance provides financial protection for your loved ones if you suffer a covered accidental injury resulting in loss of life, limb, sight, hearing, or speech. It pays a benefit to the person you choose (your beneficiary) which can help cover everyday living expenses. Your elected coverage will begin to decrease incrementally beginning at age 70. Basic Life + AD&D Insurance NEW YORK LIFE View Coverage Benefit Amount Employee Based on employee class Reduction Benefit will reduce 67% at age 70, and 50% at age 75.