Spouse and dependent children coverage is also included in the term life insurance. Employees pay premiums. The premiums are higher than a term life insurance plan because it includes cash accumulation, a loan provision and paid-up features. The universal life insurance plan has a level premium which means the premiums do not increase as the participant's age increases. The universal plan does not include coverage on children.
Employees pay premiums.
Benefits based on salary and years of service. U.S. Savings Bonds can be purchased through payroll deduction.