This plan complements other types of life insurance and will not replace any other existing life insurance included in an employee benefits program. What this product can do for employees Only 43 percent of adults have individual life insurance policies 1 . With this plan, employees can own a universal life insurance policy that helps protect their families' financial assets. Employees have tax-free access to any cash value available after the first policy year through policy loans. Employees can choose from a variety of coverage amounts.
Employees can increase or decrease their face amounts and premiums, subject to certain limitations.
They can choose to pay excess premiums, within IRS guidelines, to make the cash value grow at a faster rate. Employees may choose a level or an increasing death benefit option. Employees' cash value builds at current interest rates. Important features Employers do not have to meet participation requirements to offer this plan. Employees, spouses and children qualify for this plan with limited underwriting on an open enrollment basis.