If you have (& intend to keep) the company-paid policy in any amount over the minimum ($50K?) to the maximum ($1.3M?), it's a complete no-brainer: switch to the GVUL. You have the same coverage for the same direct cost ($0) to you--but your imputed income (and therefore your total taxable income) will be less.

The more complicated bits are where information has been sorely lacking. In essence, it's a whole life policy funded by pre-tax money. Where it gets interesting--and where I'm not nearly smart enough to figure optimum strategy--is that your basis includes ALL premiums paid, to include those paid on your behalf (i.e., by the company). Any additional money you put in, only the gains are taxable--and those gains are offset by that total premium. This is the part where I want someone WAY smarter than me to analyze....