Group Term Life Products
MetLife is the leading provider of Group Life Insurance, with more than $1.9 trillion of group life insurance in force1 and over 38,000 Group Life customers, covering more than 29 million participants2. Our financial strength and experience allow us to offer you several group term life insurance options (based on individual state requirements.)
Basic Term Life: One year renewable group term life insurance that provides a scheduled benefit amount or multiple of pay to an employee™s beneficiary in the event of the employee™s death. You will appreciate our generous maximum and non-medical issue amounts.
Supplemental Term Life: Employee-pay-all (voluntary) protection that offers employees additional amounts of group life with portability (portability feature subject to state availability).
Dependent Term Life: A voluntary enhancement to life plans that offers employees the opportunity to purchase group term life insurance for their spouses and/or dependent children at group rates.
Plan Enhancements
Will Preparation3: To help insureds protect their assets and secure their families™ financial future, Will Preparation offers insureds and their spouses access to Hyatt Legal Plans™ network of over 9,000 participating plan attorneys, and fully covers the legal fees associated with preparing or updating a will, when using a participating attorney. Will Preparation is available to companies with 1,000+ lives to active employees and retirees who participate in MetLife™s Supplemental Life Insurance, and is offered by Hyatt Legal Plans, a MetLife company.
Portability4: Plan provision which allows employees to continue their coverage when employment ends due to voluntary termination, retirement, or dismissal; or when they are no longer classified as an eligible class for benefits.
The Accelerated Benefits Option (ABO): To help ease the financial burden that often accompanies a serious illness, ABO allows terminally-ill insureds (employees and spouses) with a life expectancy of six months or less to receive an advanced pay-out of a percentage of their group life insurance face amount of coverage. Available to covered individuals with a minimum $10,000 of coverage, insureds may accelerate a portion of the face amount up to 50% of their insurance to a maximum of $250,000.
Waiver of Premium: Allows covered employees to receive death benefit coverage after life insurance coverage ends, if they become totally disabled and are not at work due to such disability. "Continued Protection" waives premium for the disabled employee after a specified waiting period.
Total Control Account® (TCA): The TCA Money Market Option is the standard settlement option for group life claims of $5,000 or more. The TCA helps protect the financial security of beneficiaries and offers immediate access to and control of their insurance proceeds via check-writing privileges. The money in the TCA, plus the interest earned, is fully guaranteed by MetLife.
In addition, our concerns for the financial security of your employees are echoed in our Life Advice® program, available at no cost.
Like most group life insurance policies, MetLife group policies contain certain exclusions, limitations, and reductions of benefits and terms for keeping them in force. Please contact us for costs and complete details.
1 Based on inforce premiums, AM Best Life/Health Volume 2005, #7.
2 MetLife Company Relationship Datamart, as of 12/31/2004. 3 Will Preparation is offered by Hyatt Legal Plans, Inc., Cleveland, Ohio. In certain states legal services benefits are provided through Insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and Affiliates, Warwick, Rhode Island. Availability is subject to regulatory approval. Texas residents are not currently eligible for Will Preparation services. 4 Portability is subject to state availability and plan provisions.