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:
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.
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 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?
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:
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:
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.