Life/Disability Insurance
Group Universal Life (GUL) Insurance
GUL Insurance Through Minnesota Life
Group Universal Life insurance coverage is an insured policy through Minnesota Life. Coverage can be elected at any time by going to www.LifeBenefits.com. If you do not enroll when you first become eligible, evidence of insurability will be required. This is a post tax benefit.
Your user ID and initial password are:
User ID: FC + your six digit Ceridian Clock Number (e.g.; FC123456)
Note: Your Ceridian Clock Number is provided to you by your Farm Credit HR Representative.
Initial Password: Your date of birth + the last four digits of your social security number (e.g.; mmddyyyy####)
Employee Coverage
- You have the opportunity to elect GUL coverage in multiples of one to 10 times your Total Compensation*, to a maximum of $1,500,000.
- GUL coverage of one times your Total Compensation up to a maximum of $500,000 is guaranteed — no health questions or medical exam required — as long as you elect coverage within 45 days of your hire date or within 31 days after your date of marriage.
* Total compensation is equal to your current base salary plus all prior year variable pay. As a new employee, your total compensation is your current base salary.
Coverage for Your Spouse
- Your spouse is eligible to elect GUL coverage in increments of $25,000 up to $250,000.
- Spouse GUL coverage of up to $50,000 is guaranteed — no health questions or medical exam — as long as you elect coverage within 45 days of your hire date or within 31 days after marriage.
GUL for New Hires
You may apply for one times your total compensation up to a maximum of $500,000 without proof of good health if you apply within 45 days of your initial eligibility. If you apply for more than one times your total compensation, or if one times your salary is more than $500,000 you may need to go through underwriting.
Group Universal Life Insurance Rates |
|
Age |
Monthly Cost |
Under 25 |
$0.038 Per $1,000 |
25-29 |
$0.038 Per $1,000 |
30-34 |
$0.045 Per $1,000 |
35-39 |
$0.050 Per $1,000 |
40-44 |
$0.075 Per $1,000 |
45-49 |
$0.105 Per $1,000 |
50-54 |
$0.165 Per $1,000 |
55-59 |
$0.270 Per $1,000 |
60-64 |
$0.420 Per $1,000 |
65-69 |
$0.683 Per $1,000 |
70-74 |
$1.665 Per $1,000 |
75 over |
$2.530 Per $1,000 |
What is Cash Value?
Your Group Universal Life insurance through Farm Credit Foundations has a cash value feature. This feature lets you contribute premium in addition to the amount you pay for your insurance coverage. The money can stay in the policy to increase the death benefit or be used during your lifetime for long term financial goals, such as retirement, college, a down payment on a home, remodeling our any other expense.
Building cash value in a group life insurance policy is attractive because:
- You can make contribution at any time.
- Your after tax contributions grow tax deferred at a competitive rate of interest – guaranteed at a minimum 4.0 percent
- You may access cash accumulated in the policy by withdrawal or loan for any reason
Looking for More Information?
View the Group Universal Life Insurance Plan Description.