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:
Answers about the plan, including eligibility, options, enrollment, customer service and more.
Who needs life insurance?
Who is the provider?
Who is eligible?
You can enroll if you:
If you can enroll, you can also enroll these family members:
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?
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.
Rates effective 11/1/2023
Monthly Cost of Insurance Per $1,000 Coverage**
|Age of Adult||Non-Smoker||Smoker|
$10,000 of child(ren) coverage: $1.56 per month covers all eligible children, regardless of the number of children in the family. $5,000 of child(ren) coverage is available for only $0.78.
**Use age as of the prior May 1. Rates for age 75 and older are available upon request to Mercer Voluntary Benefits. Rates are adjusted on the May 1 program anniversary date to reflect the age of the insured adult. These amounts may be adjusted to reflect the experience of the active group, but not before April 30, 2028.
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 Accumulated cash value, if any, can be withdrawn tax-free up to an amount equal to your cost basis.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 $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:
The accelerated life insurance benefits offered under your certificate are intended to qualify for favorable tax treatment under the Internal Revenue Code of 1986. If the accelerated benefits qualify for such favorable treatment, they will be excluded from your income and not subject to federal taxation. Tax laws relating to accelerated benefits are complex. You are advised to consult with a qualified tax advisor about circumstances under which you could receive accelerated benefits excludable from income under federal tax law. Receipt of accelerated benefits may affect your eligibility, or that of your spouse or family, for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary Social Security income (SSI), and drug assistance programs. You are advised to consult with social services agencies concerning the effect receipt of accelerated benefits will have on public assistance eligibility for you, your spouse, or your family.
When would my coverage start?