When you separate or retire from IBM, or you have a dependent that no longer qualifies, you will receive an informational packet in the mail from MetLife explaining the details of the options available to you. The options are all individual policies that would be paid for entirely by you, regardless of whether IBM paid for the corresponding coverage when you were an IBM employee. As part of a special employee financial education program, MetLife has arranged for specially-trained financial professionals from Barnum Financial Group (Barnum), answer your questions and provide you with information about continuing your group life insurance either before or after you receive the packet from MetLife. This might include identifying other lower-cost alternatives and assisting you with other financial decisions you may need to make at this time.
Portability and Conversion options are available to continue the MetLife OTL coverages upon separation from IBM by paying MetLife directly. The Portability feature provides a more affordable continuation option, but the cost is likely more than you are paying today. The terms and conditions of these Conversion and Portability policies are defined entirely by MetLife, rather than IBM, and may differ from the OTL policy and include coverage limitations and reduced coverage amounts, so be sure to read the policies carefully before choosing to continue coverage.
If you retire from IBM, you will also have the opportunity to enroll for Voluntary Retiree Life (VRL) insurance.
If you retired from IBM before January 1, 2015, your amount of IBM-provided Group Life Insurance did not change with the move to MetLife. No action was needed by you to maintain coverage. You are not eligible for the MetLife OTL or AD&D coverages. However, if your retiree GLI coverage is reducing due to you turning age 65, you will have the option to convert the difference between your original insurance amount and $5,000.
If your employment with IBM ends as a result of a resource action or Individual Separation Allowance Plan (ISAP), you will be able to continue your GLI based on your years of service as of the date your employment ends per the bullets below. You will have the opportunity to exercise your Portability and Conversion options after such time period ends.
- Less than 5 years……………………..................... 3 months
- 5 years or more, but less than 25 years......…6 months
- 25 years or more……………………………........... 12 months
If you retire as a result of a resource action or Individual Separation Allowance Plan (ISAP), you will not be considered a retired employee for the purposes of your GLI or OTL insurance until after the applicable time limit shown above. You will have the opportunity to exercise your Conversion option, your Portability option, or enroll for Voluntary Retiree Life (VRL) insurance after such time period ends.