Group Universal Life Insurance
Do you need to make sure your loved ones are financially secure if something happens to you? Through Allstate Benefits we are offering Universal Life Insurance (with Long-Term Care included).
About the Benefit
- You choose the coverage that’s right for you and your family up to the maximum offered.
- With planning, the death benefit can pass to your beneficiaries free from state or federal estate taxes. Be sure to consult with your tax advisor for specific information.
- Premiums are payroll deducted and added to the fund value. Premiums are flexible and you can choose to pay as much or as little as you can afford, subject to coverage minimums and maximums.
- Expenses and cost of insurance charges are deducted from the fund value and any excess in the fund continues to earn interest of at least 4% annually. (Interest is not taxed as income until it is withdrawn)
- Coverage may continue if you leave your job.
- Tax benefits, withdrawals, and loans are available. However, penalties and taxes may affect your decision.
- Access your benefit information and claims using a secure online portal.
- Additional coverage included for the following:
- Accelerated Death Benefit for Terminal Illness
- Accelerated Death Benefit for Long-Term Care
- Extension of Benefits for Long-Term Care
- Optional Children’s Term Life
Note: Coverage offered at Guaranteed Issue during the initial enrollment (certain limitations apply).
How are Benefits Paid?
- You decide who receives your benefit.
- Cash benefits paid in a lump-sum.
- Fund value can be used while you are living.
- Pays a death benefit regardless of any other life coverage you may have.
- Your beneficiary chooses how to use the death benefit.
Come learn more at the Faculty/Staff Benefits Fair, or by contacting the Office of Human Resources at 6-6616.