How will I know how my policy is performing?
MetLife will send you confirmations, policy statements, updated prospectuses, annual and semi-annual reports outlining the overall performance of the investment divisions and the Separate Account. For immediate information, you can call our automated Equity Advantage VUL Information Hotline at 1-800-METLIFE or 1-800-638-8511 for daily index values, quarterly rates of return, or a quote on your policy's cash value. Of course, your registered representative can also assist you.
Can I transfer cash value from one funding option to another?
Yes, you can transfer cash value (or change your premium allocations) at any time. And best of all, these transactions are free.1
Can I borrow or withdraw money from my policy?
Of course. You may borrow against your policy's cash value at any time, or even make a withdrawal, subject to policy limits. However, you should keep in mind that loans or withdrawals will reduce the cash value and death benefit of your policy. And overuse of these features may seriously impair your long-term financial goals, and your guarantees.
Will the death benefit proceeds be subject to federal income taxes?
No. Equity Advantage VUL is a life insurance policy and your beneficiary will generally receive the death benefit proceeds federal income tax-free under current rules.
Will I have to pay taxes on withdrawals?
Generally, you don't pay taxes on withdrawals unless the total amount withdrawn exceeds the total premiums you paid into the policy or unless your policy is a Modified Endowment Contract2, in which case withdrawals/loans are taxable to the extent of any gain in your policy. Ordinary income tax rates will apply to the taxable portion of a withdrawal. You should check with your tax advisor before borrowing or withdrawing money from your policy.
What other benefits are available with this policy?
You can add coverage for your family (up to certain maximums) by selecting a spouse or children's term rider. You can also add benefits that will waive monthly policy costs if the insured becomes disabled, provide increased coverage if accidental death occurs, or accelerate payment of the death benefit in the event of terminal illness. The death benefit can also be guaranteed, in most states, to ages 65, 75 or 85.
What do I have to do to maintain my guarantee?
Your cumulative net premium payments must equal the total target premiums required to maintain the guarantee level you selected.
Can I increase my guarantee?
No. Once selected, you cannot increase your guarantee.
With the automated investment strategies, how often do transfers occur?
Equity Generator and Allocator transfers occur monthly. Equalizer, Rebalancer and Index Selector transfers occur quarterly.
What are the benefits of the Disability Waiver of Premium?
MetLife will pay your chosen premiums if the insured becomes disabled, so it is a way to maintain your policy during difficult times.
What happens if I lose my guarantee?
If you have a guarantee to ages 85 or 75, your guarantee will be adjusted to the next lowest guarantee for which you have sufficient payment.
Are there premium limitations with the Disability Waiver of Premium?
Yes. The minimum initial required premium at purchase is the minimum amount you can choose. The maximum is generally a guarantee to age 85 premium.
For more information, please contact your registered representative or call 1-800-METLIFE.
Variable insurance products, including variable annuities and variable life insurance, are offered by prospectus only. The prospectus contains information about the product's features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. Read the prospectus and consider this information carefully before you invest. Product availability and features may vary by state. All product guarantees are based on the claims-paying ability of the issuing insurance company.
Please click here for a prospectus, or call 800-MET-5000 or email lifeinfo@metlifeservice.com. Please read the prospectus carefully before investing or sending money.
