Benefits Guide
Group Universal Life Insurance Coverage
Employee Coverage
- You have the opportunity to elect GUL coverage in multiples of one to ten times your Total Compensation*, to a maximum of $1,500,000.
- GUL coverage of one times your Total Compensation up to a maximum of $500,000 is guaranteed — no health questions or medical exam required — as long as you elect coverage within 45 days of your hire date or within 31 days after your date of marriage.
* Total Compensation is equal to your current base salary plus all prior year variable pay. As a new hire your Total Compensation is your current base salary.
Coverage for Your Spouse
Your spouse is eligible to elect GUL coverage in increments of $25,000 up to $250,000.
Spouse GUL coverage of up to $50,000 is guaranteed — no health questions or medical exam — as long as you elect coverage within 45 days of your hire date or within 31 days after marriage.
Cash Value Account
In addition to life insurance protection, GUL gives you the option to set aside money in the cash value account. With GUL, the money earns a fixed rate of interest and grows tax-deferred — you don’t pay taxes on any earnings unless you withdraw more than you’ve contributed.
Group Universal Life Insurance Rates
Age |
Monthly Cost |
Age |
Monthly Cost |
Under 30 |
$0.038 Per $1,000 |
55-59 |
$0.270 Per $1,000 |
30-34 |
$0.045 Per $1,000 |
60-64 |
$0.420 Per $1,000 |
35-39 |
$0.050 Per $1,000 |
65-59 |
$0.683 Per $1,000 |
40-44 |
$0.075 Per $1,000 |
70-74 |
$1.665 Per $1,000 |
45-49 |
$0.105 Per $1,000 |
75 over |
$2.530 Per $1,000 |
50-54 |
$0.165 Per $1,000 |