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?
In order to transfer my CPA Life Insurance coverage what needs to be done and do I have to submit to medical underwriting?
If I transfer to the GVUL Plan, can my Dependent Child Coverage and Waiver of Contribution Election stay in force?
Am I eligible to apply for Select Status if insured under the GVUL Plan?
What is Select 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 Securities Corporation 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.
In order to transfer my coverage to the GVUL Plan what needs to be done and do I have to submit to medical underwriting?
You need to fill out the GVUL Request for Coverage/Enrollment Form. On the 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. You do not have to show evidence of insurability in order to transfer your coverage from the CPA Life Insurance Plan to the GVUL Plan unless you are 70 years of age or older.
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.
Am I eligible to apply for Select Status if insured under the GVUL Plan?
Yes, Select Status is available to GVUL Participants age 45-79.
What is Select Status?
Select Status offers lower gross contribution rates and net costs for participants who submit evidence of good health. If approved, gross premium rates are lowered for a ten-year period, but not beyond age 79. Select Status can be continued at the end of each ten-year period with submission and approval of updated medical evidence. If you are not approved for Select Status, coverage will be continued, however it will be at the standard rate.
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.
- 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.
Group Variable Universal Life Insurance (contact series 89759) is issued by:
The Prudential Insurance Company of America (Prudential),
751 Broad Street,
Newark, NJ 07102-3177
and is distributed by:
Prudential Investment Management Services LLC (PIMS)
Three Gateway Center, 14th Floor
Newark, NJ 07102-4077
each being a Prudential Financial Company. GVUL is offered and administered through:
Aon Securities Corporation, Member FINRA/SIPC
159 E. County Line Rd.
Hatboro, PA 19040-1218
1-800-223-7473
The Plan Agent of the AICPA Insurance Trust is Aon Insurance Services. Aon Securities Corporation and Aon Insurance Services are not affiliated with either Prudential or PIMS.
To obtain a fund prospectus prior to enrolling, please call Aon Securities at 1-800-223- 7473. Remember, the value of your investment will fluctuate with changing market conditions.
The booklet-certificate you will receive contains all details, including any policy exclusions limitations and restrictions, which may apply.
Underwritten by The Prudential Insurance Company of America.
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