Group Universal Life Insurance | Prudential

Group Universal Life Insurance | Prudential
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Group Universal Life Insurance

Helps provide a financially secure future for your loved ones along with a cash fund you can access during your lifetime.1

 

Effective 2024 OE: All employees may add or increase coverage by 1x annual earnings not to exceed the guaranteed issue amount of $500,000 without Evidence of Insurability. This is strictly for employee's coverage only. After the 2024 OE, future OE will also allow employees to increase coverage by 1x annual earnings not to exceed the guarantee issue amount of $500,000 without Evidence of Insurability.

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Take a look at our FAQ section to answer any questions you may have.

 

Take a look at our FAQ section to answer any questions you may have.

 

Take a look at our FAQ section to answer any questions you may have.

 

How It Works

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Enroll in coverage

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Start saving money in your cash fund 

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Death benefit is paid upon your passing 

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Family uses money to help pay bills and adjust 

Here's what you need to know

Group Universal Life (GUL) Insurance delivers valuable financial security for your family with an additional cash fund feature for you.

 

Loved ones may rely on you for living expenses like a mortgage or rent, car loan, credit cards, groceries, and more. Your income is also essential for financing savings for future goals such as college for children and retirement. What happens if your “safety net” isn’t large enough?

 

GUL will provide a benefit check to your family in the event you and your income are no longer there to support them. And unlike some other types of life insurance policies, this plan also has a cash fund feature that you can use during your lifetime. Once you’re enrolled, features of GUL include:

 

  • Cost and convenience. Since you are applying for coverage through your employer’s benefit program, you have access to group rates. Along with these rates, you have the convenience of payroll deduction. Payments are automatically taken from your paycheck on a post-tax basis.
  • Coverage for you – You are guaranteed up to 2 times your base pay (not to exceed $300,000) when you act within your qualifying enrollment period.2
    • Additional coverage is available from 1 to 8 times your base pay (not to exceed $4,000,000). Evidence of Insurability may be required.
  • Coverage for your spouse/domestic partner – You must participate in the program to elect spouse/domestic partner coverage. You can request guaranteed $50,000 in coverage for your spouse/domestic partner when you act within your qualifying enrollment period. 2
    • You may elect higher amounts of coverage for your spouse/domestic partner of any amount between $50,000 and $150,000 (in increments of $1,000). Evidence of Insurability may be required.
  • Coverage for your children – You or your spouse/domestic partner must participate in the program to elect coverage for your children. You can request guaranteed $10,000 in coverage for your eligible children when you act within your qualifying enrollment period.2

 

As you plan for your future, one of the best ways to help protect your family is to have robust life insurance in place. And because you have the advantage of the cash fund feature, this plan delivers even more value for you and your family.

 

This coverage is a wise way to plan for life’s “what if” situations. What if you leave your job and need to keep your life insurance? What if you get a diagnosis in the future and can’t qualify for more coverage? What if you need a source of cash for something unexpected or something important you want to have?

 

There are 2 ways to use GUL coverage to your advantage:

 

  • Use it to create/strengthen the financial game plan you have in place for your family in the event you (and your income) aren’t there to support their current and future plans.
  • Use the cash fund to grow savings that you can use during your lifetime, with an interest rate guaranteed to never go below 4% (your actual rate may be even higher). This can be an easy way to save for retirement, a down payment on a house, or even your next vacation getaway. You can save extra money automatically at the same time your premiums are paid. Or just send in deposits as you have extra money in your budget. You can borrow against it or withdraw it at any time.3

 

The bottom line: having this coverage is a safety net to help your family survive and thrive while they adjust to life without you and your income—while also being a way to grow your savings during your lifetime.

You can enroll anytime during the year after answering health questions. Evidence of Insurability may be required.

 

These are the periods when you may not have to answer medical questions or provide Evidence of Insurability in order to enroll:

 

  • Within your new hire enrollment period
  • During special enrollment periods as offered by your employer and the insurance provider.
  • If you have a qualifying life event (you get married, have a baby, etc.)

 

Check with your employer’s human resources/benefits team for specifics about these timeframes.

Contact Our Team

1-877-345-2232

M-F 9a-6p ET

 

Email

employerbenefitsinquiries.service@mercer.com

Frequently Asked Questions

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  • Who is the provider?

    Prudential

     

    For over 140 years, The Prudential Insurance Company of America (Prudential) has helped individual and institutional customers grow and help protect their wealth.

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  • 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 young 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.

    Your adult 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 them to cover the cost of hiring someone to take care of the things they generally handle.

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  • Who in my family is eligible for this program?

    You can enroll if:

    • You are actively at work on the date your Enrollment Form is signed and coverage begins.
    • You are scheduled to work at least 20 hours per week.
    • You meet the eligibility requirements on the Enrollment Form.
    • Are a U.S. citizen or U.S. permanent resident on U.S. payroll.

     

    You can also enroll these family members:

    • Your spouse/domestic partner.
    • Your eligible dependent children or those of your spouse/domestic partner.

     

    You or your spouse/domestic partner must participate in the program to elect child coverage.

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  • How much does 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. 
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  • Do I have to answer health questions or take a medical exam?

    If you do not apply for yourself and your eligible family members during your initial eligibility period or during a special enrollment period, you will be required to answer a more comprehensive health questionnaire and be approved by Prudential before coverage can begin.
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  • What if my employment status changes?

    Good news! If you leave or retire from your current employer, you can continue your coverage without interruption (subject to applicable law and the plan’s terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply. 
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  • Are there other benefits included with this plan?

    Automatic coverage increase.

    • Each year on January 1, your employee coverage may go up based on an increase in your annual pay as of the prior October 1.
    • Coverage increases automatically just once per program year. You must be actively at work on the effective date of your increase to qualify.

     

    Children's portability privilege.

    • Children who reach the limiting age can convert their coverage to an individual policy with Prudential. 
    • This option is not available for a disabled child. Children's coverage may be continued for a disabled child as a rider to an existing adult Supplemental Life Insurance Plan certificate. The dependent rider may remain in effect as long as the employee or spouse/domestic partner maintains coverage.
    • Please contact Mercer Voluntary Benefits for additional information and to request continued coverage for a disabled child.
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  • Are there other tax advantages to this plan?

    Yes. The money that grows in your plan’s cash fund is “tax-deferred,” which means it’s not subject to tax while it’s growing, only at the time you take any money out.3 Additionally, your family doesn’t pay federal income tax on any life insurance death benefit check they receive.

     

    Always check with your financial advisor about anything related to tax status.

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  • Can I get this life insurance in addition to other policies I have? Will it pay in addition to those?

    Yes. The benefit your beneficiary receives is paid in addition to any other coverage you may have.
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  • When would my coverage start?

    If you are applying during one of the qualifying enrollment periods and Evidence of Insurability is not required:

    • Coverage is effective the 1st of the month in which your first payroll deduction begins.

     

    If you are applying outside of the qualifying enrollment periods and Evidence of Insurability is required:

    • Coverage is effective on the 1st of the month after coverage is approved by Prudential.
    • If you enroll during a special enrollment period, coverage begins when stated in the offer.

     

Are you ready to enroll?

Act now so Group Universal Life Insurance is in place no matter what unfolds in the future.
Enroll
Once enrolled, you will receive a benefit summary by mail that will contain a unique identification number and a link to the member portal to get started. The letter will have information on how to register and set up your account.

Do You Need Help?

Our team is ready

M-F 9a-6p ET

Phone Number: 1-877-345-2232

  • Legal Disclaimers

    1To the maturity age specified in your Certificate.

     

    2You and your dependents must meet eligibility requirements and must provide favorable answers to questions to qualify. Any coverage requiring evidence of insurability will take effect on the date The Prudential Insurance Company of North America agrees in writing to cover you or your dependents.

     

    3Withdrawals and unpaid loans generally reduce death benefits. In general, loans are not taxable, but withdrawals are taxable to the extent they exceed cost basis in the Certificate. Loans outstanding at certificate lapse or surrender prior to the death of the insured will cause immediate taxation to the extent of gain in the Certificate.

     

    ​Group Insurance coverage is issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ.  The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply.  Contract Series: 96945.

     

    ​Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

     

    1075023-00001-00

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