A group universal life insurance plan is available to permanent employees who work 20 or more hours per week. The universal life insurance plan offers a flexible, financial product at low group rates with a cash savings opportunity available.
Interest paid on the cash savings is tax deferred and earns interest based on a competitive rate.
The plan also offers an increasing death benefit that consists of term coverage plus the tax-advantaged savings fund. The plan offers a loan provision and continuation of plan after termination or retirement. Coverage is offered at one, two or three times the employee's basic annual salary as the benefit amount. Term insurance protection is available to spouses and children of enrolled employees.