Group Variable Universal Life
FAQ
What is the GVUL Plan?
What opportunities does the GVUL Plan give you?
How can I apply if I currently do not have any coverage?
How do I transfer my CPA coverage to the GVUL Plan?
If I transfer to the GVUL Plan, can my Dependent Child Coverage and Waiver of Contribution Election stay in force?
How can I make a payment?
What is Select Status?
What is Preferred Status?
How does my premium contribution get applied?
What are the significant tax advantages of the GVUL Plan?
What is the GVUL Plan?
GVUL is an insurance product whose goal - first and foremost - is to provide life insurance coverage to help secure your family's future. But GVUL is not traditional life insurance; it is a whole lot more. GVUL combines permanent life insurance coverage - up to age 100 - with a choice of tax-deferred investment options.
What opportunities does the GVUL Plan give you?
In addition to providing a death benefit to your beneficiaries, GVUL gives you benefits you can use, too. With GVUL, you get a choice of investment options, including a variety of stock and bond investment options from well-known fund families and a fixed account with a guaranteed minimum rate of return. The fixed account guarantee is based on the claims-paying ability of the issuing company.
How can I apply if I currently do not have any coverage?
Aon Benfield Securities, Inc. and Prudential offer this product by prospectus. The prospectus should be read carefully before investing or forwarding premiums or applying for coverage. Variable investment fund options are subject to investment risk. To obtain a prospectus, please call 1-800-223-7473.
How do I transfer my CPA coverage to the GVUL Plan?
You need to complete and submit the GVUL Request for Coverage/Enrollment Forms. To request the appropriate forms, call Aon Benfield Securities, Inc. at 1-800-223-7473. On the enrollment form, you allocate the percentages of the funds that you want to invest in and what amount of additional premium you might like to contribute. Participants, up to age 49, transferring from CPA to GVUL for the same coverage amount and optional features only need to complete an enrollment form. Participants transferring to GVUL are not required to complete a medical questionnaire or pass underwriting approval. Participants, age 50-74, transferring from CPA to GVUL for the same coverage amount and optional features, are required to complete an enrollment form, medical questionnaire, and pass underwriting approval.
If I transfer to the GVUL Plan, can my Dependent Child Coverage and Waiver of Contribution Election stay in force?
Yes, your Dependent Child Coverage and Waiver of Contribution election can stay in force.
How can I make a payment?
You can make an online payment using e-check in the Online Self-Service Center. Simply sign up at www.trustmyaccount.cpai.com. It only takes a few minutes to register to begin using this convenient online service. It's easy and secure. If you are not registered to use the Online Self-Service Center or enrolled in electronic funds transfer (EFT), you may pay via check or by bill-payment service through your bank. At this time, we are unable to accept checks-by-phone. Checks should be made payable to the AICPA Insurance Trust and sent to:
Aon Insurance Services
PO Box 0516
Carol Stream, IL 60132-0516
What is Select Status?
Select Status offers rates that are 25-50% lower than standard rates for participants age 45-79 who submit evidence of good health on the request form—in most cases a medical exam isn't needed. If approved, you'll maintain your Select Status for 15 years, or until you turn age 80. Only upon expiration of the 15-year period will you need to resubmit evidence of satisfactory health to Prudential to re-qualify for Select Status rates. Click here to see Select Status rates.
What is Preferred Status?
Preferred Status offers the lowest gross rates and net costs for participants age 50-79 who submit evidence of good health. If approved, you'll maintain your Preferred Status for 20 years, or until you turn age 80. Only upon expiration of the 20-year period will you need to resubmit evidence of satisfactory health to Prudential to re-qualify for Preferred. Click here to view GVUL Preferred Rates.
How does my premium contribution get applied?
Under GVUL, premium dollars have both insurance and investment components: your premiums cover the cost of your insurance coverage, plus you can put additional premium in GVUL's investment options or fixed account for the opportunity for tax-deferred growth.
What are the significant tax advantages of the GVUL Plan?
GVUL's tax benefits include:
- Tax-Deferred Earnings - Under current law, your investment earnings are tax-deferred, which can further add to your Certificate Fund's growth potential.
- Tax-Free Withdrawals - Because you withdraw the cost basis before any taxable amount, withdrawals from your account generally are tax-free. Interest, dividends and gains are tax-deferred and are generally not taxable as long as the amount of the withdrawal is less than your total contributions less any previous tax-free distributions. Loans and withdrawals will affect policy values and may have tax consequences. You should consult with your tax advisor.
In addition, if your contributions to GVUL exceed certain IRS limits and your GVUL certificate becomes a modified endowment contract (MEC), less favorable tax rules will apply for lifetime distributions such as loans and assignments. - Income Tax-Free Benefit to Your Beneficiaries - The death benefit, which is the face amount of the insurance plus the investment fund balance (less outstanding loans, interest and past due charges, if any), is paid to your beneficiaries.
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