Main page content
With the enhancements to the Voluntary Group Term Life (VGTL) plans for September 1, 2016, there was a surge in election activity during the past Annual Enrollment period.
As you see illustrated in the table below, enrollment increased for employees and retirees for both the number of people covered and the amount of coverage held. It’s clear employees took advantage of the opportunity to add 1-3X salary without EOI. The increase of Retiree VGTL from $50k to $100k maximum raised the average Retiree VGTL coverage level around 10%.
Voluntary Group Term Life (VGTL) |
|||
|
June 2016 |
September 2016 |
Program Trends |
|
|
Number of Employees with VGTL |
44,248 |
51,127 |
15.5% ▴ |
|
Number of Employees with 1X, 2X, or 3X VGTL |
31,789 |
35,585 |
11.9% ▴ |
|
Average Times Salary Employee VGTL |
3.19 |
3.28 |
2.8% ▴ |
|
Number of Retirees with VGTL |
12,705 |
13,272 |
4.5% ▴ |
|
Average Retiree VGTL |
$30,357 |
$33,823 |
10.0% ▴ |
