You also have the option to purchase Life/AD&D insurance for your dependents. When you insure a dependent, you are automatically the beneficiary, meaning you receive the benefit if your covered dependent dies. Keep in mind you cannot enroll a spouse or any dependent unless you also enroll.
If you waive voluntary life/ad&d coverage at the time of your new hire enrollment, you can request to enroll later; however, you may be required to go through medical underwriting and approval by New York Life for any amount of coverage.