Originally Posted by
Snaplock
Sorry if I missed the answer to these questions that I have.
1. Do we have to go through a medical/underwriting process to get the GVUL?
2. I have the term life maxed out right now. I pay out of pocket to have more coverage on top of what is free from the company. Can I get covered to that same amount with the GVUL? Would that require underwriting if that option is available?
3. Is it possible to keep my full term plan and opt in to the GVUL too?
Thanks
1. No, unless you previoiusly reduced the level of coverage and are now raising it back up (which in your case is N/A).
2. The GVUL simply replaces all but $50k of your
company paid policy. It has nothiing to do with, nor any overalp with, any 'extra' coverage you buy.
3. If you are talking about the company policy: No, it is one or the other. You can have GVUL and any optional/additional term if you so desire.
Check out the Engage Podcast episode DALPA put out. It's referenced in this thread, and is also available anywhere you get podcasts (Spotify, Pandora, Apple, etc).
Editorial comment: there is literally
no downside to selecting GVUL for the company paid policy. None. And it will save you taxes on the lower imputed income. Just remember it's a 2-step process.