The CIGNA Group Universal Life Insurance is a traditional term insurance plan where the premium is determined by employee age and gets more expensive each year. The amount of coverage can be purchased in increments of $10,000 from a minimum of $10,000 up to a maximum of three times the employee's salary without evidence of insurability and up to five times the employee's salary with evidence of insurability. The plan is strictly voluntary and coverage begins immediately. The coverage is portable upon separation from employment at the group rate. The employee may also purchase this life insurance for dependent children or a spouse. This plan also has an optional savings plan through payroll deductions in which the employee may set aside money in a cash accumulation fund. Interest earned on the cash value is tax deferred as long as the interest remains in the account.
Any questions regarding enrollment, claims and coverage, please call Charles Dyson at 860-429-9000.