Group Universal Life Insurance | 4 Ever Life

Group Universal Life Insurance | 4 Ever Life

Group Universal Life Insurance

Helps provide a financially secure future for your loved ones along with a cash fund you can access during your lifetime.1
family illustration

Here's what you need to know

Group Universal Life (GUL) Insurance delivers valuable financial security for your family with an additional cash fund feature for you.

 

Loved ones may rely on you for living expenses like a mortgage or rent, car loan, credit cards, groceries, and more. Your income is also essential for financing savings for future goals such as college for children and retirement. What happens if your “safety net” isn’t large enough?

 

GUL will provide a benefit check to your family in the event you and your income are no longer there to support them. And unlike some other types of life insurance policies, this plan also has a cash fund feature that you can use during your lifetime. Once you’re enrolled, features of GUL include:

 

  • Tax-deferred savings. A cash fund option that offers tax-deferred savings and a guaranteed minimum interest rate. With this option, you reduce your risk of becoming underinsured.
  • Low-interest loans: You can call on your plan for low-interest loans if you build up enough cash value. You also have the ability to make withdrawals without incurring any penalties or fees.
  • Easy enrollment. Apply within 31 days of your eligibility date and you will not have to answer medical questions or provide evidence of insurability.
  • Generous coverage amounts available. You can enroll in coverage amount equal to between 1 to 6 times your eligible earnings, subject to a minimum amount of $10,000 and a maximum of $1,500,000. If you enroll, you can enroll your spouse/domestic partner in any amount between $10,000 and $100,000 in increments of $1,000 and your children in the following benefit amount: $10,000. Evidence of insurability may be required.
  • Accelerated Benefit: Pays up to 50% of your benefit amount early if you’re diagnosed with a terminal illness with less than 12 months life expectancy.

As you plan for your future, one of the best ways to protect your family is to have robust life insurance in place. And because you have the advantage of the cash fund feature, this plan delivers even more value for you and your family.

 

This coverage is a wise way to plan for life’s “what if” situations. What if you leave your job and need to keep your life insurance? What if you get a diagnosis in the future and can’t qualify for more coverage? What if you need a source of cash for something unexpected or something important you want to have?

 

There are 2 ways to use GUL coverage to your advantage:

 

  • Use it to create/strengthen the financial game plan you have in place for your family in the event you (and your income) aren’t there to support their current and future plans.
  • Use the cash fund to grow savings that you can use during your lifetime, with an interest rate guaranteed to never go below 3% (your actual rate may be even higher). This can be an easy way to save for retirement, a down payment on a house, or even your next vacation getaway. You can save extra money automatically at the same time your premiums are paid. Or just send in deposits as you have extra money in your budget. You can borrow against it or withdraw it at any time.3,4

 

The bottom line: having this coverage is a safety net to help your family survive and thrive while they adjust to life without you and your income—while also being a way to grow your savings during your lifetime.

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:

 

  • Within 31 days of your initial eligibility date.
  • During special enrollment periods as offered by your employer and the insurance provider.
  • Within 31 days of marriage.
  • Within 45 days of the birth or adoption of your first child. Coverage for a newborn will begin when the child is 14 days old, however the application for coverage could be received immediately following the birth.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Enrollment Form

 

How It Works

Number one Enroll now icon

You enroll in coverage

Number two Right hand holding coins icon

Start saving money in your cash fund 

Number three Giving money icon

Death benefit is paid upon your passing 

Number four moneybag icon

Family uses money to help pay bills and adjust 

You’re making a plan to ensure your family has solid financial footing.

Frequently Asked Questions

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Are you ready to enroll?

Act now so Group Universal Life Insurance is in place no matter what unfolds in the future.

Do You Need Help?

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M-F 8a-5p CT

Phone Number: 1-800-000-0000