Universal Life Insurance

Universal Life Insurance  

Overview

What would happen to your family if you were no longer there to provide for them? Do you have enough life insurance for them to keep their home, pay all the monthly bills, afford college for your children, and other future expenses?

 

With Universal Life Insurance you can replace the worrying about your family’s financial security. Universal Life Insurance allows you to create a "safety net" for your family and help provide the resources for them to carry on. Features of Universal Life Insurance include:

  • You choose the death benefit amount to leave behind
  • Coverage for spouse and children through a separate certificate or rider*
  • Premiums are affordable and conveniently payroll deducted
  • Tax benefits, withdrawals and loans are available. However, penalties and taxes may affect your decision**
Enrollment

You are eligible to enroll during any qualifying event (new hires, life events) or during the voluntary open enrollment period.

 

To enroll, call 1-800-698-2849, or click the “Enroll Now” button below.

 

 

 

 

How It Works

References

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Universal Life Insurance Brochure
Universal Life Insurance Claim Form
My Benefits Website

FAQ's

Answers about the plan, including eligibility, options, enrollment, customer service and more.
  • Who needs life insurance?

    Everyone needs life insurance.
    Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.


    You've recently graduated from college.
    You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.


    You're the parent of small children.
    You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.


    Your grown children are on their own.
    But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.


    Your spouse may be depending on your income for retirement.
    But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.


    Like many families, you rely on two incomes to make ends meet.
    You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.


    You want to be sure your children can protect their futures, too.

    Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

  • Who is the provider?

    Allstate Benefits is a leading provider of employee benefits. They are committed to delivering superior products and services with cutting-edge technology, exceptional customer service and compassionate claims administration. With over 40,000 groups in force and insuring more than three million employees, they uphold the GoodHands® promise every day.
  • How does Universal Life coverage work?

    If the insured dies while the coverage is in force, the death benefit will be paid to their designated beneficiary. If the insured survives to maturity (attained age 95) and the coverage is still in force, the net surrender value is paid to the certificate holder and coverage terminates.
  • Do premiums vary based on age?

    Yes. Suggested premiums at issue are based on the age at which coverage is effective. Coverage remains in force as long as the net surrender value is sufficient to cover the expense and cost of insurance deductions that are assessed each month. Premiums may need to be increased in later years to maintain coverage to maturity.
  • What is the maximum age that employees are eligible to sign up for coverage?

    Employees can sign up for coverage if they are between the ages of 18 and 80. Because spouses are eligible for coverage, the same ages apply to spouses. An application for coverage for dependent children can be made up to age 25. 

  • When does coverage for me and/or my dependents begin?

    Coverage begins 11/1/19 when you sign up during the initial voluntary open enrollment period. As a new hire or with a Qualified Life Event, coverage begins the first of the month following the enrollment or life event date.

  • If I leave the company, can I keep my life coverage? What is the cost, and how do I go about keeping the plan?

    You can continue coverage for yourself and your dependents (whether or not the plan stays active) as long as you make premium payments directly to Allstate Benefits. Payments need to be received by Allstate Benefits within 30 days of the plan termination date (portability).
  • How do I submit a claim?

    You can obtain a claim form by visiting the Allstate Benefits website at https://www.allstatebenefits.com/Individuals/Resources or by calling Allstate Benefits at 1-800-521-3535.

  • When a claim is filed and benefits are paid by Allstate Benefits, who receives the certificate proceeds?

    Claim payments are sent to your beneficiary unless otherwise assigned to someone else. Visit https://www.allstatebenefits.com/Individuals/Resources to obtain the appropriate form.

*Coverage for spouse and child(ren) may be limited to a percentage of the employee’s face amount in some states.

**Partial withdrawals, surrenders, non-qualified additional benefit rider charges and loans from life insurance policies may be subject to ordinary income taxes and possibly an additional 10% federal tax penalty. Outstanding loan balances and withdrawals generally reduce the death benefit and cash value. With proper planning, the death benefit can pass to your beneficiaries free from state or federal estate taxes. Please consult with your tax advisor for specific information.

Contact Us

 Address
Cook County Voluntary Benefits
12421 Meredith Drive
Urbandale, IA 50398
 Phone
1-800-698-2849
 Hours
 M-F 8a-5p CT
 Email
customer.service@mercer.com
Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.