GVUL
Options and Features
Dependent Child Coverage
For an annual cost of just $6, this coverage provides $10,000 of term life insurance coverage for each eligible child.
Your child's coverage begins at birth - there is no waiting period and no evidence of insurability is required. Coverage is effective on the day your own coverage commences, and new dependents are automatically covered as they become eligible. The benefit is paid to the Plan participant and the cost of coverage is deducted from any future cash refunds.
Waiver of Contribution During Disability
If you become totally disabled, the last thing you need to worry about is paying for your life insurance. This provision allows the life insurance to continue with no further contributions from you if you become totally disabled before age 60. It extends your death benefit protection for the first year and for subsequent years with periodic proof that your total disability continues. Even if you have not made required contributions or submitted proof of disability, your death benefit will still be paid if you die within a year of your total disability. However, written notice must be given to Prudential within one year of death. This extension of coverage does not apply to the Accidental Death and Dismemberment portion of your coverage, nor to any Dependent Child coverage you may have. Click here to see the rates.
Accelerated Benefit Option
A no-cost feature of the Plan, this option allows participants who become terminally ill while covered to receive a portion of their life insurance benefit, generally tax-free, in a lump sum. Your death benefit will be reduced by the amount you receive. Currently you may elect to receive a portion not to exceed 75% of your life insurance amount or $1,000,000, whichever is less.
Optional Accidental Death and Dismemberment (AD&D) Insurance
AD&D insurance is 24-hour, around-the-world accident coverage. If elected, this option will double your life insurance benefit amount if you die by accident or if you suffer the loss of: both hands, both feet, sight in both eyes, one hand and one foot, one hand and sight in one eye, or one foot and sight in one eye. One-half the amount is payable for the covered loss of: one hand, one foot, or sight in one eye. The total payment for any accident will not be more than the full amount of the AD&D insurance. Proceeds for loss of life are payable to the beneficiary. Proceeds for other losses are payable to you. The AD&D insurance benefit is payable in addition to any other insurance. AD&D coverage terminates when you reach age 75. The exclusions listed on this web site apply. See the rates for optional AD&D here.
Accelerated Death Benefit option is a feature that is made available to group life insurance participants. It is not a health, nursing home, or long-term care insurance benefit and is not designed to eliminate the need for those types of insurance coverage. The death benefit is reduced by the amount of the accelerated death benefit paid. There is no administrative fee to accelerate benefits. Receipt of accelerated death benefits may affect eligibility for public assistance and may be taxable. The federal income tax treatment of payments made under this rider depends upon whether the insured is the recipient of the benefits and is considered "terminally ill" or "chronically ill". You may wish to seek professional tax advice before exercising this option.
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