MetLife's Group Universal Life (GUL) product is a voluntary, portable* group life insurance product designed to supplement existing benefits programs by providing 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 administrative workloads are reduced and costs minimized. In addition, attractive program features will be appreciated by employees and show concern for their financial protection.
MetLife's Group Universal Life: A voluntary life insurance coverage that allows employees the opportunity to build a tax-deferred cash fund.**
MetLife's GUL allows you to offer an additional method of employee life insurance that includes a cash accumulation feature and relieves you from the day-to-day administrative tasks typically associated with life insurance. Participants will benefit from flexibility, competitive interest rates, tax advantages, options at retirement, loan and withdrawal privileges.
Plan Enhancements
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 classsified as an eligible class for benefits.
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.
Will Preparation2: 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.
