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Group Universal Life (GUL) insurance coverage is an insured policy through Minnesota Life. Coverage can be elected or cancelled 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.
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 up to three (3) 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.
* 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.
You may apply for up to three (3) 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 three times your total compensation, or if three times your salary is more than $500,000 you may need to go through underwriting.
$0.030 Per $1,000
$0.036 Per $1,000
$0.040 Per $1,000
$0.060 Per $1,000
$0.084 Per $1,000
$0.132 Per $1,000
$0.215 Per $1,000
$0.335 Per $1,000
$0.544 Per $1,000
$1.327 Per $1,000
$2.015 Per $1,000
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 or 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
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