MetLife is the leading provider of Group Life Insurance, with more than $1.7 trillion of group life insurance in force1 and over 29,000 Group Life customers, covering more than 38 million participants.2 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
MetLife Estate Resolution ServicesSM,3 offers the beneficiary and/or executor of an employee’s estate access to personal legal advice and consultation, with a Hyatt Legal Plans’ participating attorney in connection with settling the insured’s will and estate. The estate representative has access to actual probate services. This comprehensive estate probate service comes at no additional cost for participating attorney services, which can help alleviate financial and administrative burden while giving beneficiaries a sense of security in their time of need.
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 10,000 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 500+ 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 12 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 $20,000 of coverage, insureds may accelerate a portion of the face amount up to 50% of their insurance to a maximum of $500,000.
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. "Waiver of Premium" 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. |
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