Group Universal Life (GUL) Insurance
Life insurance benefits provide your family with financial security in the event of your death.
Eligibility is defined as:
- regular full-time or part-time employees of Cornell University and County Extension Services who are appointed to work a minimum of 20 hours per week over a period of at least six months
- members of the faculty or exempt staff who are appointed for 50% or more for at least one semester, with Cornell salary, or on an approved leave of absence without Cornell salary; not to include AD White Professors at Large.
Coverage
amounts:
Coverage amounts are available from 1 through 10 times your base annual
salary rounded to the next higher thousand.
The maximum amount of guaranteed insurance available within 60 days of your hire date, without evidence of insurability, is 5 times your base annual salary, or $1,000,000, whichever is less.
During these initial 60 days, you may also purchase coverage for your spouse/same-sex partner in the amount of $20,000 without medical evidence of insurability.
Coverage is available for children who are at least 15 days of age to 19 years old. Children can be covered through the age of 24 if they are a full time college student. Coverage amounts are:$2,000, $4,000, $6,000, $8,000 and $10,000. It is the employee's responsibility to notify CIGNA Group Insurance when their child is no longer eligible for the benefit.
With satisfactory evidence of insurability, you can also:
- purchase employee coverage over the guaranteed amount – up to 10 times your base annual salary, or $2,000,000, whichever is less
- purchase spouse/same-sex partner coverage up to $100,000 in $10,000 increments.
The rate structure allows for employees and spouses to pay for their insurance based on their individual ages.
You have the option of contributing to a Cash Accumulation Fund, which can be used as financial needs arise. You can borrow against the money in your account or make a withdrawal. The interest earned is income tax deferred as long as it remains in your account, presenting a tax-planning opportunity.
For questions or concerns regarding this insurance, please call CIGNA’s Customer Service Center at 1-800-231-1193.
Basic Life Insurance
Endowed employees: the university provides one half your annual salary
up to a maximum of $50,000.
Contract College employees: if you are enrolled in NYSERS, basic life
insurance is provided under the NYSERS death benefit. If you are enrolled
in ORP, basic life insurance is provided by CIGNA.