MetLife's Group Universal Life (GUL) product is a voluntary, portable1 group life insurance product designed to supplement your existing benefits programs by providing your employees with an additional means of helping to provide financial protection to their families.
GUL is easy to administer and generally an employee-pay-all (voluntary) program, so your administrative workloads are reduced and costs minimized. In addition, attractive program features will be appreciated by employees and show your concern for their financial protection.
MetLife's Group Universal Life: A voluntary life insurance coverage that includes a tax-deferred cash fund.2
MetLife's GUL allows you to offer additional methods of employee life insurance and cash accumulation, and relieves you from the day-to-day administrative tasks often associated with life insurance. Participants will benefit from flexibility, competitive interest rates, tax advantages, options at retirement, loan and withdrawal privileges.3
Plan Enhancements
MetLife Estate Resolution ServicesSM,4 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 Preparation4: 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 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.
Portability1: 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.
Waiver of Premium: Allows covered employees to continue death benefit coverage 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.
