Helps you Protect your Family's Financial Health and Build Savings for Future Needs.
Having adequate insurance is not only the basis for a sound financial strategy, 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.
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 NYL GBS.
Download Your Enrollment Application
Complete, sign and date the enrollment application and return to NYL GBS at the address shown on the form or via email at DSM_NYLGBSCustomerSupport@infymccservices.com.
If you have questions, please call 1.800.231.1193 to speak to a NYL GBS representative (Monday through Friday, 8 AM to 5 PM CST or 9 AM to 6 PM EST).
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.
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 faculty and staff.
If you provide proof of good health, you can:
You can purchase coverage for your eligible spouse in the following amounts:3
If your spouse/domestic partner provides proof of good health, you can purchase:
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.
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:
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.
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.
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 NYL GBS, 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.
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 NYL GBS customer experience |
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. NYL GBS 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, higher 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 | $0.0220 | $0.0203 |
35-39 | $0.0315 | $0.0291 |
40-44 | $0.0385 | $0.0355 |
45-49 | $0.0615 | $0.0568 |
50-54 | $0.0910 | $0.0840 |
55-59 | $0.1600 | $0.1477 |
60-64 | $0.1760 | $0.1645 |
65-69 | $0.2290 | $0.2114 |
*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.
Amount of coverage for all your dependent children |
Semi-Monthly (24 week) Cost |
Bi-weekly (26 week) Cost |
---|---|---|
$2,000 | $0.21 | $0.1938 |
$4,000 | $0.42 | $0.3877 |
$6,000 | $0.63 | $0.5815 |
$8,000 | $0.84 | $0.7754 |
$10,000 | $1.05 | $0.9692 |
$12,000 | $1.26 | $1.1631 |
$14,000 | $1.47 | $1.3569 |
$16,000 | $1.68 | $1.5508 |
$18,000 | $1.89 | $1.7446 |
$20,000 | $2.10 | $1.9385 |
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
Otherwise, your and your dependent’s coverage will take effect on the date NYL GBS agrees in writing to cover you and your dependents.
*This is the date your coverage actually begins. You are fully covered from this date.
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 NYL GBS Customer Service Center at 1.800.231.1193 and a customer service representative will calculate the maximum contribution for you.
What Are Your Goals?
Tax-Deferred Accumulation
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.
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 |
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.
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
How Do I Pay My Premium?
How Your Claims Are Paid?
Below are steps to Access your Coverage Information:
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?
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.
If you submit your enrollment application via a paper form, we will enter it into the NYL GBS Benefits Guide website so you can view it online through My Account.
If you submit your beneficiary designation via a paper form, we will enter it into the NYL GBS Benefits Guide website so you can view it online through My Account.
GUL/PAI Beneficiary Designation 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.
Use this form to make cancel/surrender your or your spouse’s coverage.
Use this form to withdraw funds from your Cash Accumulation Fund or to cancel your contributions.
Below are steps to Access your Beneficiary Designations:
Can I keep this insurance if I leave my employer?
Do I have to complete proof of good health?
Who can enroll for life insurance?
How do I designate a beneficiary?
Are there any other programs I should know about?