What would happen to your family if you were no longer there to provide for them? Do you have enough life insurance for them to keep their home, pay all the monthly bills, afford college for your children, and other future expenses?
With Group Universal Life Insurance you can replace the worrying about your family’s financial security. Group Universal Life Insurance allows you to create a "safety net" for your family and help provide the resources for them to carry on. Features of Group Universal Life Insurance include:
*You and your dependents must meet eligibility requirements. If you and/or your spouse/domestic partner exceed the guaranteed acceptance coverage amounts or enroll after the new hire enrollment period, you must complete a Short Form Evidence of Insurability. Child coverage is available as long as you or your spouse/domestic partner participate in the program.
1Domestic Partner includes your registered Domestic Partner if you and your Domestic Partner are registered as domestic partners, civil union partners or reciprocal beneficiaries with a government agency or office where such registration is available. It also includes your non-registered Domestic Partner whom you have an insurable interest. By enrolling such Domestic Partner for coverage and signing this enrollment form, you are attesting to your insurable interest.
Answers about the plan, including eligibility, options, enrollment, customer service and more.
Who needs life insurance?
Everyone needs life insurance.
Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.
You've recently graduated from college.
You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.
You're the parent of small children.
You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.
Your grown children are on their own.
But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.
Your spouse/domestic partner may be depending on your income for retirement.
But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.
Like many families, you rely on two incomes to make ends meet.
You'll need life insurance on both you and your spouse/domestic partner. Even if your spouse/domestic partner stays at home, you should consider life insurance on your spouse/domestic partner to cover the cost of hiring someone to take care of the things your spouse/domestic partner generally handles.
You want to be sure your children can protect their futures, too.
Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.
Who is the provider?
Who is eligible?
You can enroll if you:
Note: You can enroll in coverage amounts equal to between 1 to 8 times your annual earnings, subject to a minimum amount of $10,000 and a maximum of $2,000,000.
If you enroll, you can also enroll these family members:
You can enroll your spouse/domestic partner in any amount between $10,000 and $200,000 in increments of $10,000.
You can enroll your children in the following benefit amount : $10,000.
Once you have elected coverage for your first child, all of your other children are automatically covered.
Your Spouse/domestic partner of an employee who is legally married to the employee based on the laws of the state of residence
Domestic Partner: A person of the same or opposite sex who:
Dependent Children: The unmarried child of an employee who is:
The term "child" means a child born to, legally adopted by, or under legal guardianship of the employee. It also means a child living with the employee, and born to or legally adopted by the employee's spouse or domestic partner
When can I enroll?
You can enroll anytime!
At certain times you may be allowed to enroll in the Group Universal Life plan by not completing as many questions. These times include:
Do I have to meet any medical requirements?
If you do not apply for yourself and your eligible family members during your initial eligibility date or during a special enrollment period, you will be required to answer a more comprehensive health questionnaire and be approved by the insurance company before coverage can begin.
If you apply when first eligible:
How much will this coverage cost?
Your cost is based on several factors including your age, any special features you select, and the amount of coverage you want. Also, you may be eligible for a premium discount if you do not use tobacco. See the rate chart below for rate information.
Monthly cost of insurance per $10,000 coverage unit
|Age||Non-Tobacco User||Tobacco User|
|70 and over||Available upon request||Available upon request|
|Coverage Amount||Monthly Cost|
What if my employment status changes?
Why choose Group Universal Life over other life plans?
Perhaps the best advantage of Group Universal Life Insurance is the availability of a special interest-bearing, tax deferred account. Accumulated cash value, if any, can be withdrawn tax-free up to an amount equal to your cost basis. Tax-favored loans and withdrawals may be available. You can access the money whenever you want and for whatever you want. You can also take a loan against the value in your cash fund and continue to earn interest on the borrowed amount. Minimum withdrawal amount is $200.
1 In general, participants may withdraw cash value equal to premiums paid without tax consequences although less favorable rules may apply in the first 15 years. However, if the funding of the certificate exceeds certain limits, it will become a “modified endowment contract’ (MEC) and become subject to “earnings first” taxation on withdrawals and loans. An additional 10% penalty for withdrawals and loans taken before age 59½ will also generally apply. We will notify you if a contribution would cause your certificate to become a MEC. Withdrawals and loans reduce the death benefit and cash value, thereby diminishing the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age.
Are there other benefits to this plan?
In addition to the advantages of this plan over other life insurance options, this plan offers even more special benefits:
When would my coverage start?