Group Universal Life - Voluntary Employee Paid

Group Universal Life - Voluntary Employee Paid  

Group Universal Life (GUL) Insurance

You can worry, or you can plan. Planning's better.

Help preserve your family’s lifestyle.

Eligible Employees have the opportunity to purchase GUL insurance to help provide the additional financial protection they need to feel confident that their home, family, and finances can be protected in the event of a premature death.

 

The content in this portal is for informational purposes only and contains words and phrases that have special meanings. These words and phrases appear in the General Definitions section. The Certificate of Insurance (Certificate), provided to you once coverage has been issued, will contain the specific information on each benefit and additional information (including the eligibility rules for participation) can be found in the Insperity Welfare Benefits Plan Summary Plan Description (SPD).

 

Note: The information provided in this section is for voluntary (employee-paid) life insurance. If you want information for basic (employer-paid) life insurance, access Insperity PremierTM, or call the Insperity Contact Center at 866.715.3552.

 

My Benefits

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

    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

    If you are an Eligible Employee, you may purchase coverage in the following amounts:

    • Coverage amounts available: 1-6 times your Covered Earnings (as paid by Insperity), rounded to the next higher $1,000, if not already an even multiple of $1,000. The maximum coverage amount is 6 times your Covered Earnings, or $2,500,000, whichever is less.
    • Guaranteed Issue* amount available within 30 days of your Benefits Eligibility Date without proof of good health: 3 times your Covered Earnings, rounded to the next higher $1,000; or $500,000, whichever is less.
    • If you provide proof of good health, you can:
      • Purchase more than the Guaranteed Issue amount—up to 6 times your Covered Earnings, rounded to the next higher $1,000, if not already an even multiple; or $2,500,000, whichever is less.
      • Increase your life insurance coverage at any time, up to the maximum allowed.

     

    If you apply for coverage during a Guaranteed Issue period and your request for coverage exceeds the Guaranteed Issue levels or amounts, only the coverage amounts ABOVE the Guaranteed Issue limits will be subject to insurability requirements. Below is an example showing the amounts above Guaranteed Issue limits that would be subject to insurability requirements:

     

    Covered
    Earnings
    Covered Earnings
    Multiple Elected
    Total Coverage
    Requested
    Amount
    Guaranteed
    Amount Subject
    to Approval
    $50,000 6 times $300,000 $150,000 $150,000
    $300,000 2 times $600,000 $500,000 $100,000

     

    If you apply for coverage during your eligibility waiting period, coverage will be issued based on your most recent application as of your eligibility date. If you experience a change in your Covered Earnings prior to your eligibility date, your Covered Earnings verified by Insperity as of your eligibility date will be used to process your application elections.

     

    Coverage for Your Spouse/Domestic Partner

    You can purchase coverage for your eligible Spouse/Domestic Partner in the following amounts:

    • $10,000, $20,000, $30,000, $40,000, $50,000, $100,000, $150,000, or $200,000. Coverage for a Spouse/Domestic Partner cannot exceed 100% of the employee’s eligible coverage amount.
    • Guaranteed Issue amount available for your Spouse/Domestic Partner within 30 days of your Benefits Eligibility Date without proof of good health: $10,000 or $20,000.
    • The Guaranteed Issue amount is also available for your new Spouse/Domestic Partner within 30 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 the lesser of $200,000 or 100% of the employee’s eligible coverage amount.

     

    To be eligible to enroll for coverage, your Spouse/Domestic Partner must be younger than age 65. For coverage to become effective, your Spouse/Domestic Partner must not be: hospitalized, confined at home under the care of a doctor, receiving disability benefits, or unable to perform the normal daily activities of a person of the same age and sex.

     

    Coverage for Dependent Children

    If you elect GUL for yourself or for your Spouse/Domestic Partner, you may also purchase insurance for all of your dependent children from live birth to 26 years of age (or dependent children 26 years of age or older who are primarily supported by you and incapable of self-sustaining employment because of a mental or physical disability).*

     

    • You can enroll for coverage amounts of $5,000 or $10,000. For just one premium, all of your dependent children will be covered in the amount selected.

     

    Once a child no longer qualifies as a dependent, eligibility to enroll for coverage as an adult is available. Note: Employees must notify Cigna when each child is no longer eligible for coverage because Cigna does not collect personal data on children covered under the policy.

     

    A Dependent Child(ren) may be covered under the Insured Employee or the Insured Spouse/Domestic Partner, but not under both.

     

    For dependent child coverage to be effective, the dependent child 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.

     

    Qualified Life Events (QLE)

    If a Qualified Life Event happens, the employee is eligible to enroll for an additional 1 times their Covered Earnings (up to the maximum allowed). A Qualified Life Event are defined as any of the following events:

    • Marriage, legal separation, annulment, or divorce;
    • Birth or adoption of a child;
    • Purchase of a primary home;
    • Death of a Spouse/Domestic Partner or child; or,
    • An Insperity benefits package change which causes you to lose eligibility for basic (100% employer-paid) Life insurance

     

    If you have current coverage and have experienced a Qualified Life Event, please contact Cigna at 800.231.1193 for assistance.

  • Monthly Cost of Insurance

    To determine the cost of coverage, find your age or your Spouse’s/Domestic Partner’s age in the left column of the chart below, then read across to find the monthly cost of insurance for each $1,000 of coverage. Premiums are paid with after tax dollars and do not reflect any contributions made to the CAF. Rates are subject to change but will not exceed the guaranteed maximum cost of insurance shown in your Certificate. You pay your premiums through payroll deduction unless you are on an unpaid leave of absence, in which case you will be required to pay via check.

     

    Age of Employee or
    Spouse/ Domestic Partner*
    Monthly Cost of Insurance
    (Rates per $1,000)
    Under 25 $0.045
    25-29 $0.054
    30-34 $0.072
    35-39 $0.090
    40-44 $0.126
    45-49 $0.198
    50-54 $0.360
    55-59 $0.585
    60-64 $0.882
    65-69 $1.476
    70+ $1.854

     

    *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.
    Rates are subject to change.

     

    Dependent Child Coverage Rates
    $5,000 of coverage for all your dependent children $0.90 per month
    $10,000 of coverage for all your dependent children $1.80 per month
  • Other Benefit Features

    Your GUL insurance has several options that help you maintain adequate insurance levels as your needs and circumstances change as well as save money for future retirement needs.

     

    Automatic Increase Option (AIO)

    With the Automatic Increase Option, your GUL coverage will increase automatically (up to $25,000 annually, not to exceed the maximum allowed) on each January 1, if you have qualifying salary increases. Your payroll deduction amount will also be increased to cover the higher amount of protection.

     

    If your qualifying salary increase causes your coverage to exceed the $25,000 Automatic Increase maximum, you may be eligible for a coverage increase due to a change in Covered Earnings.

     

    Coverage Increase due to a change in Covered Earnings

    You may have additional opportunities to increase your GUL insurance outside of the Automatic Increase Option. An increase in coverage can be requested within 30 days following an increase to your Covered Earnings. The increase will not be subject to proof of good health except for any portion of the requested increase that exceeds $100,000.

     

    • To request this change, click the Covered Earnings/Coverage Change form in the Forms section to download the request form. Complete, sign, and return to Cigna at the address shown on the form.

     

    Accelerated payment benefit

    If you or your covered Spouse/Domestic Partner become terminally ill and the life expectancy is a year or less, you can receive a maximum of 50% 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 or your Spouse/Domestic Partner’s life expectancy 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 for dependent children coverage. Your premium obligation continues on the full amount of coverage if this benefit is exercised.

  • The Cash Accumulation Fund (CAF)

    Saving money isn’t easy, but the secret to saving is simple…set aside a certain amount out of each paycheck before you receive it. And you can do it painlessly with your GUL CAF. Even a small amount set aside on a regular basis can add up to significant savings over time.

    You can contribute through convenient payroll deductions or lump-sum payments. 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. Under current tax law, the competitive interest you earn on your CAF 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.

     

    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 800.231.1193 and a customer service representative will calculate the maximum contribution for you.

     

    Tax-deferred accumulation

    Under current tax law, the competitive interest you earn on your CAF 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 tax-deferred guaranteed minimum interest rate of 4% (Column 2) when compared to a traditional savings account earning the same, non-tax-deferred 4% interest rate (Column 5). 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
        TRADITIONAL SAVINGS ACCOUNT
    COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5
    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 Contribution Scenario
        TRADITIONAL SAVINGS ACCOUNT
    COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5
    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 $22,778.55 $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

    You can borrow against your CAF 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 CAF contributions).

     

    If you want to take out a withdrawal, complete the Funds Withdrawal form located in the Forms section below.

     

    If you want to take out a loan, call the Cigna Customer Service Center at 800.231.1193 and ask for the appropriate form. You’ll be assessed 8% interest annually on the outstanding loan amount, but will continue to be credited 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.

  • When Does Coverage Begin and End?

    For You (and your Dependent(s), if applicable), coverage will begin on the later of your Benefits Eligibility Date or the date we receive the completed and signed application/payroll authorization form, if:

    • You meet the eligibility requirements.
    • You apply within 30 days of your Benefits Eligibility Date.
    • You do not apply for more than the Guaranteed Issue amount.

    Otherwise, coverage will start on the date Cigna agrees in writing to cover you (and your dependents, if applicable). Proof of good health is required if you apply more than 30 days after your Benefits Eligibility Date or you apply for more than the Guaranteed Issue amount.

     

    If you are not actively at work on the date coverage would become effective, coverage will become effective on the first day you return to an active full-time status unless you do not return to work prior to a loss and subsequent regain of eligibility, which generates a new application opportunity as defined in the certificate of coverage.

     

    For You (and your Spouse/Domestic Partner, if applicable), coverage will end on whichever comes first:

    • You cancel the coverage.
    • Insperity 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/Domestic Partner die.

     

    Dependent children coverage will end on whichever comes first:

    • Your coverage ends (or, when your Spouse's/Domestic Partner's coverage ends, if the child's coverage is attached to the Spouse/Domestic Partner's certificate).
    • You surrender or cancel their coverage.
    • They are no longer eligible for coverage.

     

    Portability

    If your employment with Insperity ends, you can keep your coverage, but higher rates may apply.

     

    Your coverage is portable, meaning you do not have to apply to continue your coverage after your employment ends. Cigna will automatically bill you directly for the cost of your GUL insurance at portable rates. Any additional contributions you make to the Cash Accumulation Fund may also be included in this payment.

     

    You will receive your first bill within 60 days from your employment termination date. Portability rates are available upon request from the Cigna Customer Service Center.

  • Exclusions

    A refund of premiums will be made, minus any outstanding loans or cash withdrawals if an insured commits suicide (while sane or insane), within two years of your coverage effective date, or within two years of the effective date of an increase in coverage, unless limited by applicable state law.
  • 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.

    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.

     

    Need To Access Or Designate Your Beneficiaries?

    Below are steps to access your beneficiary designations online:

    • Click on the My Account tab.
    • 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.

     

    You can also designate and/or change beneficiaries using the paper Beneficiary Designation form.

  • General Definitions

    Understanding these words and phrases may be helpful as you read through the information about GUL insurance.

     

    Active Service

    An employee is in active service on a day which is one of the employer’s scheduled work days if either of the following conditions are met.

    • The employee is performing his or her regular occupation for the employer on a full-time basis at one of the employer’s usual places of business or at some location to which the employer’s business requires an employee to travel.
    • The day is a scheduled holiday or vacation day and the employee was performing his or her regular occupation on the preceding scheduled work day.

     

    An employee is in active service on a day which is not one of the employer’s scheduled work days only if he or she was in active service on the preceding scheduled work day.

     

    Affordable Care Act (ACA)

    The federal health care reform legislation that was enacted in 2010, as amended.

     

    Applicable Large Employer (ALE)

    An employer that employed, on average, at least 50 full-time employees (including full-time equivalent employees), as defined by the ACA, on business days during the preceding calendar year. Contact Insperity if you have questions concerning ALE determinations and whether you are an employee subject to these rules.

     

    Benefits Eligibility Date

    The first date you are eligible to become covered following satisfaction of any required waiting period (as provided in your enrollment materials).

     

    Covered Earnings

    For Full-Time employees, Covered Earnings is your base annual salary, plus actual earnings for the previous 12 months. For part-time employees, this is actual earnings for the previous 12 months. If the employee has been employed for less than 12 months, actual earnings will be annualized.

    Covered Earnings includes commissions, piece-work and fee based work. It does not include bonuses, overtime pay, special pay or another form of extra compensation.

     

    Domestic Partner

    A person (of the same or opposite sex as the eligible employee) engaged in a spouse-like relationship with the eligible employee characterized by mutual caring and dependency. In addition, the eligible employee and domestic partner have to (a) be registered as domestic partners under any governmental law or ordinance or civil union law creating legal rights and obligations similar to marriage; or (b) satisfy all of the following requirements:

    • Reside in the same residence, share financial obligations (including basic living expenses) and have been each other’s sole and exclusive partner (and have publicly represented themselves as such) consistently for the prior 12-month period.
    • Not be related by blood or marriage to a degree of closeness that would prohibit marriage under the laws of the state in which they reside.
    • Be at least 18 years of age and less than 65 years of age.
    • They are each mentally competent to consent to contract.
    • Neither is in the relationship solely for the purpose of obtaining benefits coverage.
    • Be engaged in a committed relationship of mutual caring and support and be jointly responsible for their common welfare and living expenses, as evidenced by documentation from at least two of the following sources:
    • Common ownership of real property (joint deed or mortgage agreement) or a common leasehold interest in real property.
    • Common ownership of a motor vehicle. — Proof of a joint bank account or credit accounts.
    • Proof that the domestic partner is the eligible employee’s primary beneficiary for life insurance or retirement benefits, or the primary beneficiary under the eligible employee’s will, or vice versa.
    • Proof that the employee or domestic partner has executed a durable power of attorney or health care power of attorney, naming the other as attorney-in-fact.
    • Registration of a domestic partnership under a domestic partner or civil union law that does not create rights or obligations similar to marriage.

    Important Note: In order to file a claim for benefits, proof of the domestic partnership as indicated above must be furnished the same as proof of a marriage. If you are applying for domestic partner coverage, it is recommended that you retain a notarized affidavit along with the documentation set forth above, or proof of your domestic partner registration, in case required for a claim submission. Claim payment may be delayed if this information is not on file with the insurer at the time the claim is made. An Affidavit of Domestic Partnership form may be found on the Insperity PremierTM Platform (portal.insperity.com), or by contacting Insperity toll-free at 866.715.3552.

     

    Eligible Employees

    The Plan administers two sets of eligibility rules – one for employees of a non-ALE company and one for employees of an ALE company, as described below and in the SPD.

     

    Employees of a Non-ALE Company

     

    You are an Eligible Employee if your benefits package from Insperity includes coverage under the Plan and you are:

    • A Full-Time Employee. A full-time employee of Insperity who is working 30 hours or more per week (20 hours in Hawaii) on average.
    • A Full-Time Employee on a Leave of Absence. A full-time employee of Insperity who meets the requirements for continuing eligibility during an approved leave of absence.

     

    Employees of an ALE Client Company

     

    You are an Eligible Employee if your benefits package from Insperity includes coverage under the Plan and if you are:

    • A Full-Time Employee. A full-time employee of Insperity who is working 30 hours or more per week (20 hours in Hawaii) on average.
    • A Part-Time or Seasonal Benefits Eligible Employee. A part-time or seasonal employee of Insperity who is also employed by an ALE Client Company and has been determined to be eligible for benefits as described below.
    • An Employee on a Leave of Absence. An employee in either of the two categories described above, who meets the requirements for continuing eligibility during an approved leave of absence.

     

    Eligibility for employees of an ALE Client Company will be determined based on hours worked during the employee’s Measurement Period. Once the employee is determined by Insperity to be eligible for benefits, eligibility will be retained during the Stability Period associated with that Measurement Period (regardless of any changes in hours worked during the Stability Period).

     

    Certain exclusions may apply. Please see the Certificate for more information.

     

    Guaranteed Issue

    An amount of insurance you can buy during the application period without having to provide proof of good health.

     

    Maximum Coverage

    The highest amount of GUL insurance that Cigna provides to you.

     

    Proof of Good Health

    Evidence of your good health. As an example, your responses to medical questions on an insurance application.

     

    Spouse

    For the purpose of eligibility for insurance, the lawful spouse of an employee.

  • Apply Today - Important Tips for Applying for Coverage Online

    You can apply For Group Universal Life Insurance Online by using the "Apply Now" button to the right. Or, you can Complete An Application and submit to Cigna.

     

    Important Tips For Applying For Coverage With Cigna Trusted Advisor

    • Online applications for each voluntary benefits program will open in separate browser windows.
    • Online applications for each voluntary benefits program will need to be completed, electronically signed and submitted individually.
    • Once an application has been submitted, close the application window and start the next application by clicking “Apply Now” below.
    • For your protection, an online application will time out after 30 minutes of inactivity; any un-submitted applications will NOT be saved.
    • Do not use the “Back” button in your browser; you will have the option to edit your application when you see the “Edit Application” button before each application is completed.
    • In the event you need to access Insperity PremierTM, it will remain open in a separate Internet browser window (you may be asked to log in again, depending upon the length of inactivity).

Option 1


Apply
Now


Option 2


Download a Paper Application

Complete, sign and date the enrollment application and return to Cigna at the address shown on the form or via email at DSM_CignaCustomerSupport@infymccservices.com.

 

If you have questions, please call 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).

FAQs

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

    Yes. You can keep your GUL insurance coverage after you leave your employer providing that your employer’s group policy is in effect. You will no longer be eligible for payroll deductions; instead, Cigna will bill you directly for the cost of your GUL insurance 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 provide proof of good health?

    You only need to provide proof of good health if you are applying for coverage above the guaranteed issue amount or after your initial eligibility period has ended.
  • Are there any other programs I should know about?

    Yes. Our Group Universal Life insurance plan includes many value-added programs, offered at no additional cost, to help you and your family maintain your health, well-being and sense of security throughout your lifetime. To see which programs are available to you select Value-Added Programs from the menu above.