Group Universal Life Insurance

Group Universal Life Insurance  

Overview

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:

  • Tax-deferred savings. A cash fund option that offers tax-deferred savings and a guaranteed minimum interest rate of 3%.1
  • Loans: You can call on your plan for loans if you build up enough cash value.
  • Easy enrollment. Apply within 31 days of your eligibility date and you may not have to answer medical questions or provide evidence of insurability.
  • Guaranteed benefit opportunities available. You can receive up to 2 times your annual salary or $400,000, whichever is less. Your spouse/domestic partner can receive $10,000 and your eligible children are guaranteed $5,000 or $10,000.2 You must meet eligibility requirements to qualify.
  • Generous coverage amounts available. You can enroll in coverage from 1 to 6 times your annual salary to a maximum of $1,500,000. You can enroll your spouse/domestic partner in any amount between $10,000 and $250,000. Evidence of insurability may be required.
Enrollment

Find coverage that's right for you and your loved ones!
Contact Us

 Address
Mercer Voluntary Benefits
PO Box 9122
Des Moines, IA 50306-9122
 Phone
1-866-826-3788
 Hours
 M-F 8a-5p CT
 Hours
employerbenefitsinquiries.service@mercer.com

FAQs

Answers about the plan, including eligibility, options, enrollment, customer service and more.

  • Who needs life insurance?

    Everyone needs life insurance.
    Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

    You've recently graduated from college.
    You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

    You're the parent of small children.
    You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

    Your grown children are on their own.
    But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

    Your spouse may be depending on your income for retirement.
    But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

    Like many families, you rely on two incomes to make ends meet.
    You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.

    You want to be sure your children can protect their futures, too.
    Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

  • Who is the provider?

    With 150 years of experience, MetLife is a leading innovator and a recognized leader in protection planning and retirement & savings solutions.

  • What’s the minimum amount of life insurance I should have?

    To help you get an idea of how much coverage you may need, try MetLife’s Life Insurance Calculator.

  • Who is eligible?

    You can enroll if you:

    • Are an active employee working at least 18.75 hours per week (must be able to perform normal activities).
    • Are actively at work on both the date the enrollment form is signed and the effective date of coverage.
    • Meet the eligibility requirements on the enrollment form.
    • Are not a US citizen or permanent resident as long as you are living in the US with an L1 visa and are on US payroll. However, If your spouse/domestic partner and/or children are not living in the US, they are not eligible for coverage.


    If you can enroll, you can also enroll these family members:

    • Your legal spouse/domestic partner age 17 to 95 (must be able to perform normal activities).
    • Your dependent children or those of your spouse/domestic partner age 14 days to 19 years, or 23 years if an unmarried, full-time student (must be able to perform normal activities). Once you have elected coverage for your first child, all of your other children are automatically covered. Employee or spouse/domestic partner must have coverage.

  • 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:

    • Within 31 days of your hire date
    • During special enrollment periods as offered by your employer and the insurance provider
    • Within 31 days of marriage
    • Within 31 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.
  • Do I have to meet any medical requirements?

    If you are enrolling during the initial enrollment period for employee, spouse/domestic partner*, or child coverage, you must complete the Hospitalization question on the Enrollment Form.

    If you answered “yes” to the Hospitalization question; if you are enrolling for more than 2 times your annual salary not to exceed $400,000 in new coverage for yourself; or if you are enrolling for new coverage for your spouse/domestic partner* that exceeds $10,000, or if you are enrolling after the initial enrollment period, you must also complete a Statement of Health form for that individual. Mercer Voluntary Benefits will mail a Statement of Health form to the address listed on the Enrollment Form for your completion.

  • 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.

     

    Employee and Spouse Coverage

     

    Monthly Cost of Insurance Per $1,000 Coverage**

    Age of Adult Non-Smoker Smoker
    Under 25 $0.039 $0.049
    25-29 $0.046 $0.059
    30-34 $0.061 $0.077
    35-39 $0.070 $0.089
    40-44 $0.078 $0.099
    45-49 $0.116 $0.147
    50-54 $0.179 $0.226
    55-59 $0.335 $0.424
    60-64 $0.498 $0.629
    65-69 $0.958 $1.210
    70-74 $1.667 $2.106

    $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, 2022.

  • What if my employment status changes?

    When you leave or retire from your current employer, you can continue your coverage without interruption as long as the group policy is in effect, subject to applicable law and the policies' terms and conditions. Although payroll deduction will no longer be available if you retire or leave your company, you can opt for other payment methods such as direct checking or bank account deduction, credit card billing or home billing.

  • Why choose Group Universal Life?

    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:

    • Automatic Coverage Increase: Each year, you will be eligible for an automatic coverage increase effective May 1, based on your annual salary as of March 1 if you are actively at work. You do not need to do anything to take advantage of this benefit. If you choose not to have your coverage increased annually, you simply need to contact Mercer Voluntary Benefits.
    • Accelerated Benefit Rider: Sometimes the diagnosis of a serious illness brings an avalanche of bills…before your death. That’s why this plan gives you the ability to receive up to 50% (up to a maximum of $250,000) of your life benefit early if your doctor diagnoses you with a terminal illness with less than 12 months to live. (May vary by state.)


      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.

    • Paid Up Life Insurance: You may purchase a paid-up life insurance policy equal to your insurance coverage at any time. You will then own the coverage for the rest of your life with no additional premium payments. Contact Mercer Voluntary Benefits for information.
    • MetLife AdvantagesSM MetLife Advantages is a comprehensive suite of meaningful services and benefits available at no cost to participants of the GUL program. Click on the links below to learn more about each of these valuable services.
  • When would my coverage start?

    Newly eligible employee’s coverage not requiring a Statement of Health form or MetLife’s approval is effective the first day of the month in which your first payroll deductions occur. All other coverage is effective on the first of the month after coverage is approved. You will be mailed a confirmation letter and a certificate schedule that explains your elected benefits.
Forms

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

Enrollment Form
Privacy Notice
GLBA Notice
Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.