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Prudential Insurance Group Universal Life All states
And MetLife last year began offering estate resolution services as a standard feature to its supplemental term life, group universal life and group variable universal life, available through employers in a number of states.
Question--Can "group universal life insurance programs" (sometimes referred to as "GULP") be used in a Section 79 group-term plan?
Answer--As its name implies, group universal life combines the economy of scale and other advantages of group coverage with the flexibility and potential for gain of a universal life contract.
In most carve-out plans, the employer pays enough premiums to cover the cost of group universal life or group variable UL insurance, as the employer does for group term life.
A separate comprehensive discussion of group universal life in chapter 33 on Group Life Insurance is well done and adds significantly to the general knowledge on the subject.
Other provisions of the 3-year contract include a $3 increase in the $22 a day payment for work outside the employee's normal base; a 35-cent-an-hour night shift differential, replacing 25- and 30-cent rates; new group universal life insurance, with a cash accumulation provision; and employee eligibility for the company's savings and investment plan, beginning in 1990.
Group Universal Life Insurance w/Accelerated Death Benefit for LTC Rider
Corcoran said that the way an employer sets up this type of plan is to offer a group universal life or group variable universal life plan for the basic benefit, and employees make a side-fund contribution to build up a cash value.
One type of pool-rated life insurance program, which is marketed effectively by some carriers, is group universal life insurance.
In addition, emphasis is placed on new and emerging employee benefit concepts such as the environment of employee benefit plans, group universal life insurance, and postretirement benefit issues.
Group universal life insurance is a permanent product with a cost of insurance component (term costs) that's usually paid for by the employer and included as income to the executive.