Life and AD&D Insurance
Life and Accidental Death & Dismemberment (AD&D) insurance helps protect your loved ones financially if you pass away or are seriously injured. Townsquare Media provides Basic Life and AD&D through New York Life at no cost to you, and you can buy additional Voluntary Life and AD&D for yourself and your family through payroll deductions.
Be sure to name a beneficiary when you enroll and keep it up to date.
Basic Life and AD&D
Townsquare Media pays the full cost of this coverage.
Basic Life
1 times your annual salary, rounded up to the next $1,000, up to a maximum of $100,000
Basic AD&D
1 times your annual salary, rounded up to the next $1,000, up to a maximum of $100,000. Pays a benefit to you for the loss of a limb, speech, sight or hearing, or to your beneficiary if you die in an accident.
Age-Based Reductions
If you are 65 or older, your benefit is reduced as follows. Reductions take effect on the January 1 on or after you reach each age.
| Age | Benefit Paid |
|---|---|
| 65–69 | 65% of benefit amount |
| 70–74 | 45% of benefit amount |
| 75–79 | 30% of benefit amount |
| 80 and over | 20% of benefit amount |
Imputed Income: Under current tax law, the value of employer-paid life insurance over $50,000 is taxable income. It is added to your paycheck and shown on your W-2.
Included Features
- Portability: if you leave Townsquare Media before age 70, you may be able to continue coverage by paying New York Life directly.
- Waiver of premium: if you become disabled before age 60 and stay disabled for 9 months, premiums may be waived.
- Accelerated death benefit: if you are diagnosed with a terminal illness (life expectancy of 12 months or less), you can receive up to 50% of your coverage, to a maximum of $100,000.
- Support services: 24/7 emotional support, financial, legal and estate planning help, and Survivor Assurance for beneficiaries.
Voluntary Life and AD&D
You can buy additional life and AD&D insurance for yourself, and for your spouse or domestic partner and children if you buy coverage for yourself. You pay the full cost through payroll deductions. Your cost depends on your age and the amount you choose; see your rates in ExponentHR when you enroll.
Employee
$10,000 increments up to $500,000. Guaranteed issue: $200,000.
Spouse or Domestic Partner
$5,000 increments up to $500,000, not to exceed 100% of your coverage. Guaranteed issue: $50,000.
Children
$10,000. The maximum benefit for a child under 6 months old is $500.
Guaranteed Issue and Evidence of Insurability
If you enroll when first eligible, you can elect coverage up to the guaranteed issue amount without answering health questions. Amounts above guaranteed issue, or coverage elected later, require Evidence of Insurability (EOI), and New York Life must approve it before that coverage starts.
Age-Based Reductions
Benefits reduce at age 65 and older on the same schedule as Basic Life, and your premiums reduce to match.
Included Features
- Portability: if you leave Townsquare Media before age 70, you may be able to continue coverage by paying New York Life directly.
- Waiver of premium: if you become disabled before age 60 and stay disabled for 9 months, premiums may be waived.
- Accelerated death benefit: if you are diagnosed with a terminal illness (life expectancy of 12 months or less), you can receive up to 50% of your coverage, to a maximum of $100,000.
- Support services: 24/7 emotional support, financial, legal and estate planning help, and Survivor Assurance for beneficiaries.