|
What are some of the benefits and limitations of choosing a group life insurance conversion?
Choosing a group life insurance conversion:
Back to FAQ Questions What are some of the benefits and limitations when applying for an individual insurance policy?
Applying for an individual insurance policy:
- Offers you more coverage choices than under the conversion option - you choose the amount of coverage and the type of permanent or term insurance policy.
- Gives you the opportunity to qualify for more comprehensive coverage, including a variety of policies, additional coverage amounts, different product types, and possibly lower premiums if you are in good health.
- Requires medical underwriting and a more extensive application process.
Back to FAQ Questions What types of life insurance are available to me if I choose to convert?
The following types of life insurance are available to you if you choose to convert:
- Whole Life - provides a specific death benefit and a specific cash value, depending on your age and health, and these are guaranteed for the life of the policy, as long as the guaranteed level premiums are paid.
- Variable Universal Life* - offers you the flexibility of a universal life policy, plus the opportunity to invest your net premiums in various investment options similar to mutual funds.
* Subject to product requirements
Note: A non-renewable term life policy may precede a whole life conversion policy if your group coverage is issued in New York or West Virginia Back to FAQ Questions What are some other questions to consider when making a decision to convert?
Some other questions to consider include:
- Do you plan on getting another job? If so, when?
- If you plan to become promptly re-employed, will your next employer provide the same benefits?
- If you will no longer be employed, will you need the same benefits?
- Does your dependent(s) have group coverage as well? If so, they also have the option of converting.
- Do you have important decisions to make about other corporate-sponsored benefits, such as a lump sum severance payment or distributions from a qualified employer retirement plan or employee stock ownership plan?
- Does this coverage have a portability option?
Back to FAQ Questions What other options do I have besides conversion?
- You have the option to apply for your own medically underwritten life insurance policy, simultaneous with the conversion process. If you meet MetLife’s insurance underwriting guidelines, an individual underwritten life policy will be issued, rather than a conversion policy. If you do not meet these guidelines, your application will be declined and a conversion policy will be issued without any lapse in coverage.
- You may also have the right to port your group life coverage. Portability is a feature that is available on some group term life (basic life, optional life, dependent life) insurance plans which allows employees whose coverage would ordinarily end to continue their insurance on a self-paid basis without providing medical evidence of insurability. The amount of coverage you may port may be limited by state law. If available under your specific plan, your employer will provide you with the necessary forms and rates.
Back to FAQ Questions How many days do I have to convert my insurance?
You generally have 31 days from the date your group coverage terminates to apply to convert your basic life insurance to an individual policy; however this can vary depending upon the date notice of your right to convert your coverage was provided to you. For your particular situation, please refer to the conversion notice provided to you. Back to FAQ Questions When will I be contacted?
You will be contacted within three to five business days from the date of your initial call or email. Back to FAQ Questions How will I be contacted?
A MetLife Advice Representative will contact you by phone or email to set up an appointment to meet with you at a time that is convenient for you. Back to FAQ Questions How much does it cost to convert my coverage?
The cost of coverage is determined by your age and the amount of the life insurance you wish to convert. The MetLife Advice representative will provide you with an exact quote. Back to FAQ Questions Will I receive any kind of a conversion notification notice or letter?
Yes, you should have received a conversion notification at the time your benefits terminated. If you did not, please contact your former employer.
Back to FAQ Questions Can you help me look at alternatives to conversion that might provide less expensive coverage, or more product choices?
You may find that the individual insurance policy you can obtain through the conversion process does not meet your needs. In that case, you have the option to apply for your own medically underwritten life insurance policy, simultaneous with the conversion process. If you meet MetLife’s insurance underwriting guidelines, an individual underwritten life policy will be issued, rather than a conversion policy. If you do not meet these guidelines, your application will be declined and a conversion policy will be issued without any lapse in coverage. Back to FAQ Questions How can I contact MetLife for more information about Conversion and Portability?
For more information and to speak to a MetLife Advice representative call 1-866-492-6983 for Portability questions and
1-877-275-6387 for Conversion questions. Back to FAQ Questions
|
