Group Life Insurance

Choosing a group life insurance conversion:

• Is quick and easy—simply meet with a MetLife Advice Representative to complete the conversion application and pay the required premium within the conversion period.

• Does not require you to provide evidence of insurability.

• Is especially valuable if you have a pre-existing medical condition because you’re eligible for coverage without underwriting.

• Your coverage amount cannot exceed your current group insurance coverage, and you can only convert to certain types of permanent insurance policies.

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.

The following types of life insurance are available to you if you choose to convert:

• Whole Life —provides a death benefit and a cash value, depending on your age and health, with certain amounts 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 additional premium in various investment options. [link to 1.1.1.3]

* 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

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?

• 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.

Yes, you will receive a conversion notification at the time your benefits are terminated. If you do not, please contact your former employer.

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.

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. You will be contacted within three to five business days from the date of your initial call or email.

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.