Coverage Guide
Yourlife
| Group Term |
GVUL | |
| Benefit Coverage Amounts in Excess of $50,000: |
Typically, $1,046,000 for 2024 (2500 x 12 year hourly captain rate) |
Same |
| Taxation: | Taxed on an amount equal to the cost of group-term life insurance coverage based on IRS Table I rates to the extent the coverage exceeds $50,000. | Taxed on actual Delta premiums, resulting in much lower taxable income vs group term for all ages and coverage amounts based on current GVUL rates. |
| Portability: | Not Portable | GVUL coverage is fully portable at the applicable retiree/terminated pilot rates |
| Delta-Provided Retiree Life Benefit: | Access to Delta provided retiree life benefit applies | Access to Delta provided retiree life benefit unimpacted by choice of GVUL |
| Investment Options: | N/A | Ability to invest in an interest-bearing account and 20 variable funds |
| Federal Income Tax Free Death Benefit: | Face amount only | Face amount + any accumulated cash value |
| Investment/Tax Advantages: |
|
Delta's premium counts towards pilot's cost basis (more details to follow in upcoming education webinar and pilot meetings) |
Coverage needs
Review these examples and then use our online calculator to get your coverage recommendation.
What to consider when determining your coverage:
- Mortgage payments
- Estate expenses
- Daily living expenses
- Medical bills
- Outstanding debt
- Child care expenses
01
Married with children and one income
Tom, 40, is the primary income earner and his wife Julie, also 40, works full time in the home taking care of their kids — ages 3 and 6. Tom and Julie want to make sure their life insurance will cover Tom’s income. The most important thing to them is that Julie can continue to stay at home with the children. They want coverage that pays off their mortgage and any outstanding debt and also provides for their children's education.
Income: $180,000
Future Education: $300,000
Savings: $30,000
Debt: $350,000
Monthly Expenses: $5,500
This couple should consider $1,900,000 to replace income, pay off mortgage and debt and fund college expenses.
Income: $180,000
Future Education: $300,000
Savings: $30,000
Debt: $350,000
Monthly Expenses: $5,500
This couple should consider $1,900,000 to replace income, pay off mortgage and debt and fund college expenses.
02
Single parent with one child
Philippa, 38, is the sole income earner. She wants to make sure her life insurance gives her daughter financial security.
Income: $80,000
Future Education: $100,000
Savings: $17,000
Debt: $150,000
Monthly Expenses: $3,500
This single parent should consider $800,000 to replace income, pay off debtand fund college expenses.
Income: $80,000
Future Education: $100,000
Savings: $17,000
Debt: $150,000
Monthly Expenses: $3,500
This single parent should consider $800,000 to replace income, pay off debtand fund college expenses.
03
Empty nesters
Dave, 56, and Rachel, 52, are planning for retirement. They are looking for a life insurance program that can provide them with income protection as well as supplement their retirement savings. Since they both work, they know they each need coverage to meet their retirement goals should something happen to either one of them.
Income: $210,000
Future Education: N/A
Savings: $225,000
Debt: $0
Monthly Expenses: $3,500
This couple should consider $735,000 each to replace income and supplement retirement savings.
Income: $210,000
Future Education: N/A
Savings: $225,000
Debt: $0
Monthly Expenses: $3,500
This couple should consider $735,000 each to replace income and supplement retirement savings.
How much life insurance do you need?
Info Session
Attend an online information session to learn more about GVUL and the investment options.
Enroll or update coverage
[ENROLL][APPLY][UPDATE] NOWTo speak with a GVUL Benefits Specialist, call 800-756-0124,
Monday - Friday, 7:00 am - 7:00 pm CT