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.
M-F 6a-3p CT
Answers about the plan, including eligibility, options, enrollment, customer service and more.
Who is the provider?
Who is eligible?
You can enroll if you:
Note: You can enroll in coverage amounts equal to between [X to X] times your [eligible earnings], subject to a minimum amount of [$XX,XXX] and a maximum of [$X,XXX,XXX].
If you enroll, you can also enroll these family members:
You can enroll your spouse [/domestic partner] in any amount between [$XX,XXX] and [$XXX,XXX] in increments of [$XX,XXX].
You can enroll your children in the following benefit amount [s]:[$XX,XXX and $XX,XXX].
Your Spouse/domestic partner of an [employee] who is legally married to the [employee] based on the laws of the state of residence
[Domestic Partner: A person of the same or opposite sex who:
Dependent Children: The unmarried child of an [employee] who is:
The term "child" means a child born to, legally adopted by, or under legal guardianship of the [employee]. It also means a child living with the [employee], and born to or legally adopted by the [employee's] spouse [or domestic partner]
When can I enroll?
You can enroll anytime!
At certain times you may be allowed to enroll in the Group Universal Life plan by not completing as many questions. These times include:
How much will this coverage cost?
What if my employment status changes?
Why choose Group Universal Life over other life plans?
Perhaps the best advantage of Group Universal Life Insurance is the availability of a special interest-bearing, tax deferred account. Accumulated cash value, if any, can be withdrawn tax-free up to an amount equal to your cost basis. Tax-favored loans and withdrawals may be available.1 You can access the money whenever you want and for whatever you want. You can also take a loan against the value in your cash fund and continue to earn interest on the borrowed amount. Minimum withdrawal amount is [$XXX].
1In 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?
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