Group Term Life Insurance

The group universal life product is being phased out and will become a term life product with lower rates for most age brackets.

All benefits eligible employees will be able to enroll in coverage without health evidence up to a maximum coverage level this year. Voluntary life insurance is term life coverage you can purchase in addition to the basic life plan provided by your employer. It will cover you for a specific period of time while you are employed. The rates are age banded and increase every 5 years. It’s a group plan, premiums are typically lower, so it’s more affordable to gain the peace of mind that life insurance provides.

• Employee Group Term Life coverage:
  • Can elect coverage in $10,000 increments not to exceed an amount equal to 4X base pay or maximum $250,000 (whichever is less)without health evidence.
  • Can elect coverage in $10,000 increments over 4X base pay (maximum $1,000,000) by completing Statement of Health paperwork.
• Spouse Group Term Life coverage:
  • Must elect Employee Group Term Life to elect spouse coverage.
  • Employee can choose coverage for spouse in $10,000 increments up to $50,000.
• Child Group Term Life coverage:
  • Must elect Employee Group Term Life to elect coverage for children.
  • Employee can choose coverage for children in flat $5,000 or $10,000 coverage amounts. One policy covers all eligible dependent children.
• 2020 Benefits Open Enrollment all current benefits eligible employees (not just current GUL participants) will be able to elect Employee Group Term Life coverage in $10,000 increments not to exceed an amount equal to 4X base pay or $250,000 (whichever is less) without health evidence. Enrollment for spouse and child coverage can also be elected without health evidence for 2020 Open Enrollment.