Group Universal Life - Voluntary Employee Paid

Group Universal Life - Voluntary Employee Paid  

Group Universal Life Insurance

Helps you Protect your Family's Financial Health and Build Savings for Future Needs.

Overview

 

Help preserve your family’s lifestyle.

Having adequate insurance is not only the basis for a sound financial plan, but it helps provide the additional financial protection you need to help you feel confident that your home, family, and finances can be more protected if you or your spouse should die prematurely.

Group Universal Life (GUL) insurance can help preserve your family’s lifestyle by providing your family with generous amounts of life insurance and also with a way to save money by contributing to the optional Cash Accumulation Fund (CAF) which earns tax-deferred interest.

 

What You Get From Group Universal Life Insurance

  • Large coverage, small price. Depending on your age, you could receive a maximum of $1,000,000 in coverage for as little as $42.00 a month
  • Yours for the asking. Apply within 60 days of your eligibility date and you may not have to provide proof of good health.
  • Ease of payroll deductions. While an active Cornell University employee, your GUL insurance premiums and CAF contributions are deducted from your paycheck using after-tax dollars.
  • Take it with you if you change jobs. You can keep your coverage even if you leave, retire or change employers.
  • Additional protection without payments. Money within the CAF can help you maintain your insurance coverage in the event that a covered injury or financial hardship that prevents you from making your monthly premium contributions.
  • Money for you now. You can use your GUL CAF for withdrawals or for low-interest loans if you’ve built up enough cash value.
  • Money for you later. Save through the CAF, earn tax-deferred interest on your savings.

 

Please read the Plan Information for a full disclosure of plan provisions, benefits, exclusions, limitations, and effective dates of coverage prior to making your selections.

You can Enroll for Group Universal Life Insurance online by using the "Enroll Online" button. Or, you can Complete An Enrollment Application and submit to Cigna.

Option 1


Enroll Online

In order to seamlessly access online enrollment, you must be connecting to this website through Workday

 

Option 2


Download Your Enrollment Application

Complete, sign and date the enrollment application and return to Cigna at the address shown on the form.

 

If you have questions, please call 1.800.231.1193 to speak to a Cigna representative (Monday through Friday, 8 AM to 5 PM CST or 9 AM to 6 PM EST).

My Benefits

  • Who is Eligible for Coverage and How Much Can You Buy?

    It’s a family matter. Subject to any applicable restrictions or limitations in the GUL policy, coverage options for you and your family are summarized as follows.

     

    Coverage for You

    You are eligible for GUL insurance as long as you are a regular full-time or part-time Cornell University employee and you are actively at work at least 20 hours a week or a minimum of 17.5 hours per week for County Extension Services employees.

    • Coverage amounts available: 1, 2, 3, 4, 5, 6, 7, 8, 9, or 10 times your annual base salary, rounded to the next higher $1,000. The maximum coverage amount is 10 times your base annual salary or $2,000,000, whichever is less.
    • Guaranteed issue amount1 available within 60 days of your eligibility date without proof of good health: 5 times your base annual salary, rounded to the next higher $1,000, or $1,000,000, whichever is less.


    If you provide proof of good health, you can:

    • Purchase more than the guaranteed issue amount–up to 10 times your base annual salary, rounded to the next higher $1,000, or $2,000,000, whichever is less.
    • Increase your life insurance coverage at any time, up to the maximum allowed.

     

    Coverage for Your Spouse or Domestic Partner2

    You can purchase coverage for your eligible spouse in the following amounts:3

    • In $10,000 units, up to the maximum of $250,000.
    • Guaranteed issue amount available for your spouse during your first 60 days of eligibility without proof of good health: $50,000.
    • The guaranteed issue amount is also available for your new spouse within 60 days of your marriage date without proof of good health.

     

    If your spouse/domestic partner provides proof of good health, you can purchase:

    • Coverage up to $250,000.

     

    To be eligible for coverage, your spouse must be younger than age 95. For coverage to become effective, you must be actively at work and your spouse must not be hospitalized, confined at home under the care of a doctor, or unable to perform the normal daily activities of a person of the same age and gender.

     

    Coverage for Your Children

    If you elect GUL for yourself or your spouse, you may also purchase insurance for all of your unmarried, dependent children who are at least 14 days old and younger than 19 years old, or through age 24 if the child is a full-time student and primarily supported by the employee, or 19 years of age or older and primarily supported by the employee because of a mental or physical handicap3.

    For just one premium, you can cover all of your dependent children for the following amounts:

    • You can obtain up to $20,000 in guaranteed issue amounts of term insurance coverage, in $2,000 units.
    • When your child(ren) no longer qualifies as a dependent, they are eligible to enroll for GUL coverage as an adult.
      Note: Employees need to notify Cigna when their last child is no longer eligible for the coverage due to the fact that Cigna does not collect personal data on children covered under the policy.
    • For your children’s coverage to be effective, they must not be hospitalized, confined at home under the care of a doctor, or unable to perform the normal daily activities of a person of the same age and gender.

     

    1The face amount of coverage that an insured may purchase in certain situations without satisfying the proof of good health requirement.
    2Domestic Partner is defined in the group policy. For the purpose of this brochure, whenever the term Spouse appears it shall also include Domestic Partner.
    3Please note that in certain states, restrictions may apply, and ages may vary.

     

    Life Status Change

    If a life status change happens, the employee is eligible for an additional 2 times their base annual salary up to $300,000, not to exceed the plan maximum, if the coverage elections are made within 60 days of a life event itself. You can also obtain an additional guaranteed coverage amount of $40,000 for your spouse, if currently insured, not to exceed the plan maximum. A Life Status Change is defined as any of the following events.

    • Change in marital status;
    • Birth or adoption of a child;
    • Purchase of a primary home;
    • Termination of a spouse’s employment;
    • Change in the benefit plan available to the employee’s spouse;
    • Change in the employee’s or spouse’s employment status that affects either person’s eligibility for benefits; or
    • Death of a spouse or child
  • Other Benefit Features

    How much life insurance do you need today? How much will you need in two years? Five years? What if you can’t afford to continue paying your premiums due to a financial hardship? At Cigna, we’ve thought about these questions and have developed options that can help you maintain adequate insurance levels as your needs—and your circumstances—change.

     

    Automatic Increase Option

    With the Automatic Increase Option, your GUL coverage will increase automatically (not to exceed the maximum allowed) on January 1 of each year, if you have qualifying salary increases. With this option, you reduce your risk of becoming underinsured. Your payroll deduction amount will also be increased to cover the higher amount of protection. 

     

    The following example illustrates how this feature works:

    Ted is 32 years old, makes $45,000 a year and has GUL coverage equal to three times his salary, or $135,000. He gets a salary increase of $4,700. With the Automatic Increase Option, his insurance coverage would be increased to $150,000 ($49,700 x 3 = $149,100 rounded to the next higher $1,000). Accordingly, his payroll deduction amount would be automatically increased for this additional coverage.
     

    This is a fictitious example used for illustrative purposes only. Not an actual Cigna customer experience

     

    Accelerated Payment Benefit

    If you or your covered spouse/domestic partner becomes terminally ill and the life expectancy is a year or less, you can receive a maximum of 75% of your coverage amount—potentially tax free*. The money is paid out in a lump sum, directly to you or anyone you designate, to use however you wish.

     

    To qualify to receive the benefit, you must provide medical certification from two unaffiliated physicians that your life expectancy or that of your spouse is 12 months or less. Cigna will send payment as soon as your request, medical certification, and supporting evidence are reviewed and approved.

     

    This benefit is only available one time, and is not available on dependent child coverage.

     

    Your premium obligation continues on the full amount of coverage if this benefit is exercised.

     

    The following example illustrates how this feature works:

    Payment of Benefit Monthly Premium

    $100,000 of GUL coverage

    $12.50

    - $ 75,000 (75% potentially tax-free, lump-sum payment)

     

    $ 25,000 remaining death benefit amount

    $12.50

     

    *You may want to seek advice from your personal legal or tax advisor before exercising this option.

     

    Actual coverage and benefit amounts will vary by policy design. Coverage is subject to all terms and conditions as specified in the policy.

  • How Much Will the Coverage Cost?

    Use these charts to determine the cost of life insurance coverage only. To determine the cost of coverage, find your age or your spouse’s age in the left column of the rate chart below, then read across to find the semi-monthly or bi-weekly cost of insurance for each $1,000 of coverage. These costs do not reflect any money going into the Cash Accumulation Fund.

    Rates are subject to change but will not exceed the guaranteed maximum cost of insurance shown in your certificate. If you leave, retire, or change employers, high rates may apply.

    Age of Employee or Spouse* Semi-Monthly
    (24 week)
    Cost of Insurance
    (Rates per $1,000)
    Bi-weekly
    (26 week)
    Cost of Insurance
    (Rates per $1,000)
    Under 35 $0.0210 $0.0194
    35-39 $0.0300 $0.0277
    40-44 $0.0365 $0.0337
    45-49 $0.0585 $0.0540
    50-54 $0.0865 $0.0798
    55-59 $0.1525 $0.1408
    60-64 $0.1675 $0.1546
    65-69 $0.2180 $0.2012

     

    *Rates for age 70 and over are available upon request. Your age for calculating monthly cost of insurance will be updated on each January 1.
    GUL insurance premiums and CAF contributions are paid for with after-tax dollars.

     

    Dependent Child Coverage

    Amount of coverage
    for all your
    dependent children
    Semi-Monthly
    (24 week)
    Cost
    Bi-weekly
    (26 week)
    Cost
    $2,000 $0.20 $0.18
    $4,000 $0.40 $0.37
    $6,000 $0.60 $0.55
    $8,000 $0.80 $0.74
    $10,000 $1.00 $0.92
    $12,000 $1.20 $1.11
    $14,000 $1.40 $1.29
    $16,000 $1.60 $1.48
    $18,000 $1.80 $1.66
    $20,000 $2.00 $1.85

     

    How to Calculate Your Payroll Deduction for Group Universal Life Insurance

      You Your Spouse
    1. Show the amount of insurance desired (1 to 10 times your base annual salary, rounded to the next higher $1,000, and spouse coverage in $10,000 units) $_____ $_____
    2. Divide the insurance amount you selected by $1,000 to determine how many "units" of insurance you'll purchase _____
    units
    _____
    units
    3. Next, use the rate chart on this page to determine your Semi-monthly or Bi-weekly Cost of Insurance. Find your age and your spouse's age and enter the appropriate rate per $1,000 shown on the rate chart _____
    rate per $1,000
    _____
    rate per $1,000
    4. Multiply by the number of units of insurance from step 2 _____
    Semi-monthly
    or Bi-weekly
    Cost of Insurance
    _____
    Semi-monthly
    or Bi-weekly
    Cost of Insurance

     

    Determine your total Semi-monthly or Bi-weekly deduction by adding the following:    
    Semi-monthly or Bi-weekly Cost of Insurance _____
    (Step 4)
    _____
    (Step 4)
    Contribution to the Cash Accumulation Fund, if elected. + _____ + _____
    Dependent child(ren) coverage. Add to your or your spouse's Semi-monthly or Bi-weekly contribution, if elected. + _____ + _____
    Total Semi-monthly or Bi-weekly Deduction for GUL = __________
  • Coverage Start and End Dates

    Your and your dependent’s coverage will start* on the date we receive the completed and signed application and payroll authorization form, if:

    • You meet the eligibility requirements.
    • You enroll within 60 days of your eligibility date.
    • You do not apply for more than the guaranteed issue amount.
    • You do not need to provide proof of good health.

     

    Otherwise, your and your dependent’s coverage will take effect on the date Cigna agrees in writing to cover you and your dependents.

     

    You and/or your spouse’s coverage will end on whichever comes first:

    • You cancel the coverage.
    • Your employer cancels the group policy.
    • You don’t pay the premiums.
    • On your 99th birthday (or the January following your 99th birthday).
    • You or your spouse die.

     

    Dependent children coverage will end on whichever comes first:

    • Your coverage ends (or, when your spouse’s coverage ends, if the child’s coverage is on the spouse’s certificate).
    • You surrender or cancel their coverage.
    • They are no longer eligible for coverage.

     

    *This is the date your coverage actually begins. You are fully covered from this date.

     

    Exclusions

    If an insured commits suicide, while sane or insane, within two years of their policy’s start date, a refund of premiums will be made, minus any outstanding loans or cash withdrawals.

  • The Cash Accumulation Fund (CAF)

    Saving money isn’t easy, but the secret to saving is simple. All you have to do is set aside a certain amount out of each paycheck—before you receive it. Even a small amount set aside on a regular basis can add up to significant savings over time. And you can do it painlessly with your Group Universal Life Insurance Cash Accumulation Fund. You can contribute through convenient payroll deductions or lump-sum payments.

     

    You must be enrolled for GUL insurance to contribute to the CAF. Contributions to the CAF are optional and determined by you.

     

    Maximums are based on the Internal Revenue Code (IRC) limits and are subject to a 2% premium charge which represents a portion of the state and federal tax imposed on contributions made to the fund. Since contributions are subject to very specific IRC guidelines, dependent upon your age, cost of insurance, and effective date of your certificate, it is recommended that you contact the Cigna Customer Service Center at 1.800.231.1193 and a customer service representative will calculate the maximum contribution for you.

  • What Are Your Goals?

    What are your financial goals? Are you trying to save for retirement, college tuition or a down payment on a home? Whatever your goals, contributing to the Cash Accumulation Fund can help you reach them. The net cash value you build will earn interest that is income tax-deferred in most cases. The minimum rate will never be less than 4% - a rate of return any saver can appreciate.
  • Tax-Deferred Accumulation

    Under current tax law, the competitive interest you earn on your Cash Accumulation Fund is income tax-deferred as long as it remains in your account. And that means your interest compounds faster because it isn’t eroded by taxes each year.
  • Cash Accumulation Fund Growth Charts

    The charts below show how rapidly the CAF can grow at the guaranteed minimum interest rate of 4% when compared to a traditional savings account earning the same 4% interest rate. The numbers shown below are on a cumulative basis. The charts assume that the CAF contribution, cost of insurance and deposits to a traditional savings account are paid on a monthly basis.

    $50 monthly Contribution Scenario

    Years CAF 4% Traditional
    Savings
    Account 4%
    Total
    Cumulative Tax
    Amount Less Tax
    (savings - total tax)
    5 $3,253.60 $3,241.49 $80.50 $3,160.99
    10 $7,212.11 $7,009.41 $336.47 $6,672.94
    15 $12,028.24 $11,389.28 $796.43 $10,592.85
    20 $17,887.80 $16,480.46 $1,493.49 $14,986.97
    25 $25,016.85 $22,398.50 $2,466.17 $19,932.33
    30 $33,690.43 $29,277.66 $3,759.22 $25,518.44

     

    $100 monthly Contributons Scenario

    Years CAF 4% Traditional
    Savings
    Account 4%
    Total
    Cumulative Tax
    Amount Less Tax
    (savings - total tax)
    5 $6,507.21 $6,482.97 $160.99 $6,321.98
    10 $14,424.23 $14,424.23 $672.94 $13,345.88
    15 $24,056.48 $22,788.55 $1,592.85 $21,185.70
    20 $35,775.60 $32,960.93 $2,986.98 $29,973.95
    25 $50,033.70 $44,796.99 $4,932.33 $39,864.66
    30 $67,380.86 $58,555.32 $7,518.44 $51,036.88

     

    The CAF contribution scenario reflects a 2% premium charge. The traditional savings account scenarios assume a 25% tax bracket. The actual CAF interest rate can adjust quarterly but will never go below 4%. Current savings account interest rates are below 4%. Actual rates can be more or less favorable than shown. Savings account interest rates are not guaranteed, fluctuate with market conditions and vary among financial institutions. A CAF is not federally insured (FDIC). As an insurance product, it must comply with each applicable state’s specific insurance reserve requirements.

  • Easy Access to Your Money

    The money in your Cash Accumulation Fund is yours to use as financial needs arise. You can borrow against your Cash Accumulation Fund or make an outright withdrawal. The minimum loan or withdrawal amount is $250. You will be charged a $25 transaction fee for each withdrawal.

    • When you do decide to withdraw your money, you’ll only pay taxes if the withdrawal amount exceeds the amount of your total contributions (cost of insurance plus Cash Accumulation Fund contributions).
    • To take money out of your GUL account, download a Withdrawal Form from the Forms section below, and mail it to Cigna. Or if you prefer, you can call Cigna’s Customer Service Center at the number located on “Contact Us”.
    • If you want to take out a loan, call the Cigna Customer Service Center at 1.800.231.1193 and ask for the appropriate form. You’ll be assessed 8% interest annually on the outstanding loan amount, but you will continue to be credited with 6% on the loan account value. You should not owe any income tax on your loan unless you cancel your coverage or your coverage lapses.
  • Designating Your Beneficiary

    You can designate your beneficiaries during the enrollment process and maintain your beneficiaries online once your coverage is issued by clicking on "My Account" at the top right corner of your screen.

     

    If the listed beneficiary is a trustee or a trust, you will need to enter the trustee's name, the name of the trust and the date of the trust agreement. The trust document must be presented in order for the claim to be processed.

  • Apply Today

    You can Enroll For Life Insurance online by using the "Enroll Online" button. Or, you can Complete An Enrollment Application and submit to Cigna.
  • How Do I Pay My Premium?

    You pay your premiums through payroll deduction. The total depends on how much coverage you select and your age.
  • How Your Claims Are Paid?

    Claim forms can be obtained online under the Forms section below or by calling the toll-free number listed on the 'Contact Us' page.

Need to Access your Coverage Information or Designate your Beneficiaries online?

Below are steps to Access your Coverage Information:

  • Click on the “My Account” link in the top right corner.
  • Click on one of the coverages from the list displayed.

 

If you are enrolled in GUL, contribute to the Cash Accumulation Fund and want to see your current fund balance (cash value), click on Group Universal Life Insurance from the list displayed.

 

Need a confirmation statement of current coverage?

  • Click on Print Summary icon underneath the list of coverages.

Forms

Enroll online by clicking on the “Enroll Online” link under Option 1 above; this will speed up your enrollment process.


These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing. Click here to download a free copy of Adobe Acrobat Reader.

 

Enrollment Applications

If you submit your enrollment application via a paper form, we will enter it into the Cigna Trusted Advisor® website so you can view it online through My Account.

Enrollment Application

 

Beneficiary Form

If you submit your beneficiary designation via a paper form, we will enter it into the Cigna Trusted Advisor® website so you can view it online through My Account.

GUL/PAI Beneficiary Designation Form

 

Change Forms

Service Life Change Form

Use this form to make changes to the features and benefits of your plan, including reducing your coverage or cancelling coverage for your children.

Surrender/Cancel Form

Use this form to make cancel/surrender your or your spouse’s coverage.

Withdrawal Form

Use this form to withdraw funds from your Cash Accumulation Fund or to cancel your contributions.

 

Claim Forms 

Group Universal Life Insurance Claim Form

Accelerated Payment Benefit Claim Form

Below are steps to Access your Beneficiary Designations:

  • Click on the “My Account” link in the top right corner.
  • Click on one of the coverages from the list displayed.
  • Click on Beneficiary Information link.
  • Click on “Edit” for whichever coverage you want to designate a beneficiary.
  • Read the agreement, check the box and click “Continue” to the Beneficiary Designation page.
  • Complete the information on the Beneficiary Designation page.
  • Print the confirmation for your records.

FAQs

  • Can I keep this insurance if I leave my employer?

    Your Group Universal Life coverage is yours even if you leave the company as long as the group policy is in effect. You will be billed directly for your cost of coverage at portable rates. Any additional contributions you make to the cash accumulation fund may also be included in this payment. Please note that when you take your coverage with you (port), the rates are higher than when you had this coverage with your employer.
  • Do I have to complete proof of good health?

    You only need to complete proof of good health if you are applying for coverage above the guaranteed issue amount or after your eligibility period.
  • Who can enroll for life insurance?

    You can enroll for yourself, your spouse/domestic partner and eligible dependents.
  • How do I designate a beneficiary?

    You can designate or change your beneficiary when you enroll for Group Universal Life Insurance online or you can complete a beneficiary designation form by going to the Forms section above, download and submit to Cigna. Once you have enrolled for Group Universal Life insurance, you can view and update your beneficiary online through My Account at the top right corner of this page.