Group Universal Life

Group Universal Life  

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%. 
  • Low-interest loans. You can call on your plan for low-interest loans if you build up enough cash value.
  • Guaranteed benefit opportunities. You can receive up to 3 times your annualized base compensation or $250,000, whichever is less. Your spouse/domestic partner can receive $50,000 (not to exceed 3 times your annualized base compensation), and your eligible children are guaranteed $10,000 or $20,000.1
  • Easy enrollment. Apply within 60 days of your eligibility date and you may not have to answer medical questions or provide evidence of insurability.
  • Generous coverage amounts available.You can enroll in coverage for any amount between 1 – 6 times your annualized base compensation, not to exceed $5,000,000. You can enroll your spouse/domestic partner in any amount between $10,000 and $500,000, not to exceed 3 times the employee’s annualized base compensation, and your children in the amount of $10,000 or $20,000. Evidence of insurability may be required.
Enrollment

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

 

 

Determine how much life insurance you might need.
 

Life Needs Estimator Tool

 

NOTE: For Potential NEW ENROLLEES the following paragraph applies to you if you wish to enroll Group Universal Life(GUL) coverage.

 

Coverage in the Group Universal Life (GUL) program must be delayed until Prudential receives all necessary regulatory policy form approvals. In the interim and with your employer’s consent, Prudential has agreed to provide you with life insurance protection under an Optional Term Life Insurance Plan until the receipt of the necessary form approvals. Optional Term Life Insurance provides a death benefit protection the same as GUL but unlike GUL, Term Life Insurance does not offer a Cash Accumulation Fund.

 

Premiums for the Optional Term Life Insurance plan are the same as they are for the GUL Plan. You will be direct billed monthly for your Optional Term Life Insurance premiums and you will be able to remit those premiums by check or EFT. Upon receipt of the requisite approval, Prudential will coordinate transference of the face amount of your Optional Term Life Insurance coverage to GUL coverage. Once that transfer occurs, payroll deduction will automatically begin and you will be able to commence contributions to your Cash Accumulation Fund. If you choose not to enroll at this time, the plan’s rules for late enrollment will apply.

How It Works

Contact Us

 Address
Mercer Voluntary Benefits
12421 Meredith Drive
Urbandale, IA 50398
 Phone
1-800-222-1623
 Hours
 M-F 9 AM-6 PM ET
 Email
employerbenefitsinquiries.service@mercer.com

FAQ's

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/domestic partner 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/domestic partner. Even if your spouse/domestic partner stays at home, you should consider life insurance on your spouse/domestic partner to cover the cost of hiring someone to take care of the things your spouse/domestic partner 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?

    For over 140 years, Prudential Financial has helped individual and institutional customers grow and protect their wealth.

  • Who is eligible?

    You can enroll if:

    • You are actively at work on the date your Enrollment Form is signed and coverage begins.
    • Actively at work: An individual is regularly working and is physically able to perform the normal duties of one’s occupation.
    • Perform normal duties: An individual is not hospitalized, nor confined at home for a sickness or injury, and not receiving or entitled to receive disability or sick pay income from any source due to illness or injury.

     

    You can also enroll these family members:

    • Your spouse/domestic partner to 99 years old. To enroll your domestic partner, you must complete an Affidavit of Domestic Partnership.
    • Your dependent children 14 days to 19 years (25 if an unmarried, full-time student)
  • 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:

    1. Within 60 days of your initial eligibility date.
    2. During special enrollment periods as offered by your employer and the insurance provider.
    3. Within 31 days of marriage.
    4. 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.
  • Do I have to meet any medical requirements?

    If you do not apply for yourself and your eligible family members during your initial eligibility date or during a special enrollment period, you will be required to answer a more comprehensive health questionnaire and be approved by the insurance company before coverage can begin.

    If you apply when first eligible:

    • For a full-time employee, you can enroll in coverage up to $250,000 not to exceed 3 times your annualized base compensation.
    • You can apply for up to $50,000 for your spouse/domestic partner.
    • You can apply for $10,000 or $20,000 for your children with no health questions.
  • 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.

  • 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. You will be billed directly for your cost of coverage at portable rates. Portable rates may be higher.

  • 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. Withdrawals are often paid out tax-free. 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 $250.

  • 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 on January 1, your employee coverage will be updated based on your salary as of the prior November 1.
    • Accelerated Benefit Rider:
      • -An advance payment of your life insurance benefits is available if you are diagnosed by two unaffiliated physicians with a terminal illness with a life expectancy of 12 months or less.
      • -You can request payment up to 90% percent of your coverage amount, up to a maximum of $500,000.
      • -Advance payment permanently reduces the death benefit.
      • -Premiums must continue to be paid on the remaining coverage amount after an advanced payment.
    • 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.
  • When would my coverage start?

    If evidence of good health is required...
    Coverage is effective on the first of the month after coverage is approved by Prudential.

    If evidence of good health is not required...
    Coverage is effective the first day of the month in which your first payroll deduction begins.

Group Universal Life Information & Forms

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

 

Enrollment Form
Beneficiary Change Form
Customer Service Request Form
Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.