You have the option to purchase additional life insurance to supplement the company-provided life and accidental death and dismemberment coverage. It pays a benefit to the person you choose (your beneficiary) which can help cover everyday living expenses. Coverage decreases incrementally beginning at age 65. Voluntary Life Insurance NEW YORK LIFE View Coverage Benefit Amount Guaranteed Issue Employee Increments of $10,000 Employee $200,000 Spouse Increments of $5,000 Spouse $25,000 Child(ren) Increments of $1,000 Child(ren) $10,000 Employee Pays 100% of Premiums