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GROUP UNIVERSAL LIFE (GUL) & ACCIDENTAL DEATH & DISMEMBERMENT (ADD) PROGRAM FREQUENTLY ASKED QUESTIONS (FAQs) MAY 2015 Minnesota Life is the underwriter of the State of Delawares GUL and ADD Program.
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What is group universal life gul?
Group Universal Life (GUL) is a type of life insurance policy that covers a group of individuals, typically employees of a company, and provides them with a death benefit and potentially cash value accumulation.
Who is required to file group universal life gul?
Employers or plan sponsors who offer Group Universal Life (GUL) insurance to their employees are required to file the necessary paperwork related to the policy.
How to fill out group universal life gul?
To fill out Group Universal Life (GUL) paperwork, employers or plan sponsors need to provide information about the insured employees, the coverage amounts, premiums, and any other relevant details specified by the insurance provider.
What is the purpose of group universal life gul?
The purpose of Group Universal Life (GUL) insurance is to provide employees with life insurance coverage and potentially build cash value over time. It can also serve as a benefit offered by employers to attract and retain talent.
What information must be reported on group universal life gul?
Information such as the names of insured employees, coverage amounts, premium payments, beneficiaries, policy details, and any changes to the policy must be reported on Group Universal Life (GUL) paperwork.
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