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 faculty and staff.

• 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: Faculty and Staff need to notify NYL GBS when their last child is no longer eligible for the coverage due to the fact that NYL GBS 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

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.

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:

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. 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:

*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.

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.

*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

How to Calculate Your Payroll Deduction for Group Universal Life Insurance

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 NYL GBS 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.

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.

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

$100 monthly Contributons Scenario

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.

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 NYL GBS. Or if you prefer, you can call the NYL GBS Customer Service Center at the number located on “Contact Us”.
• If you want to take out a loan, call the NYL GBS 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.

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.