TA: GVUL
10-15-2023 | 01:13 PM
#31
Line Holder
Joined: Mar 2019
Posts: 1,425
Likes: 169
I’ll freely admit I didn’t even know this was in the new contract. Can someone explain the options to me like I’m 5?
10-15-2023 | 01:35 PM
#32
Line Holder
Joined: Sep 2011
Posts: 1,098
Likes: 2
From: Hates Commuting
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....
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....
10-15-2023 | 02:12 PM
#33
Line Holder
Joined: Jun 2019
Posts: 646
Likes: 13
From: Currently freeloading
I didn't realize so many people didn't get/see the email. I don't mean that as a swipe, it just means some of the responses make more sense now, lol
https://www.metlife.com/gvul/DeltaAirLines/
https://www.metlife.com/gvul/DeltaAirLines/
10-15-2023 | 02:43 PM
#34
Gets Weekends Off
Joined: Jan 2014
Posts: 2,286
Likes: 18
I didn't realize so many people didn't get/see the email. I don't mean that as a swipe, it just means some of the responses make more sense now, lol
https://www.metlife.com/gvul/DeltaAirLines/
https://www.metlife.com/gvul/DeltaAirLines/
10-15-2023 | 09:52 PM
#35
Gets Weekends Off
Joined: Apr 2007
Posts: 5,613
Likes: 627
I think both of you guys are missing the point of the question. This isn't about whether whole/universal is better than term in general, or on the open market. The question is about our new choice in company paid insurance, negotiated under C19 (PWA 25.G.10 if you need the reference). We get to choose between regular term life, or GVUL, and the death benefit is the same (at least originally). Why, or why not, would you choose one over the other?
After reviewing the data from the links in the 9/27 Flt Ops email. It appears the GVUL policy provides the same death benefit amount with lower imputed income. On that basis it looks like a better option than the group term option. The jury is still out on the investment portion.
10-16-2023 | 04:13 AM
#37
Roll’n Thunder
Joined: Oct 2009
Posts: 5,148
Likes: 562
From: Pilot
Edit: This website also clearly states that both the current and GVUL payouts are tax free. It also says that the GVUL cash value payout is tax free as well.
https://www.metlife.com/gvul/DeltaAi...parison-chart/
10-16-2023 | 04:16 AM
#38
Line Holder
Joined: Jun 2009
Posts: 833
Likes: 5
From: Captain
I didn't realize so many people didn't get/see the email. I don't mean that as a swipe, it just means some of the responses make more sense now, lol
https://www.metlife.com/gvul/DeltaAirLines/
https://www.metlife.com/gvul/DeltaAirLines/
