I thought this was a potential REPLACEMENT for the company provided Term Life insurance. The one the company pays all the premiums for an we just get the imputed income. By my understanding, the Company would pay all the premiums for this product, our imputed income is lower, and we get the investment opportunities for it. Makes the whole argument for buying term vs whole life go out the window. Am I wrong in my understanding of how it is going to work?

I generally agree though, if you are paying the premiums term vs whole is the conventional wisdom winner.

Hopefully we can get some more info from the Company and Union on this new product. A podcast on it, plus the other changes like the new dental options, would be great before open enrollment.