METLIFE EXPANDS OFFERINGS FOR ASSOCIATIONS AND AFFINITY MEMBERS WITH ENHANCED GROUP LEVEL TERM LIFE INSURANCE COVERAGE
New York, February 02, 2012
Members of associations and affinity groups are increasingly looking for value-added benefits from their relationships, including easy and affordable access to insurance products. MetLife, the largest life insurer in the United States, today announced that it has enhanced its Group Level Term Life Insurance portfolio for association and affinity groups. The MetLife Group Level Term Life Insurance, which is customizable, can provide added peace of mind for the members of association and affinity groups and their families and offers features beyond a death benefit, such as will preparation and estate resolution services.
“Research shows that association and affinity group members’ access to insurance products is among the key drivers of perceived value of their membership,” said David Brennan, vice president, Association and Affinity Business at MetLife. “In fact, more than one-third of the members surveyed stated that, if offered, they would be interested in purchasing insurance through these groups. This presents an opportunity for association leaders to leverage their purchasing power and engage their members with beneficial offerings that meet a real need.”
Nearly one-third of U.S. households go without any life insurance at all according to LIMRA.
Flexible Options, Key Benefits, Optional Riders
With MetLife’s enhanced Group Level Term Life Insurance product, association and affinity benefits administrators can help to address their members’ concerns about financial protection. This cost-effective product offers members and their dependents benefits that include:
- 10-, 15-, or 20-year level term life insurance, depending upon their age, with no increase in premium;
- Coverage amounts range from $50,000 to $2 million for the member, up to $1 million for a spouse;
- Preferred rates with evidence of insurability;
- Accelerated Benefits Option, which allows for a portion of the life benefit to be paid before death when a terminal illness has been diagnosed;
- Will Preparation Services including Living Wills and Powers of Attorney;
- Estate Resolution Services, which allows the executor of the estate access to personal legal advice and consultation when settling the insured’s will and estate;
- Optional Riders such as spouse and child coverage and waiver of premium.
Accidental Death and Dismemberment coverage is also available for members, spouses, domestic partners and eligible dependents that provides benefits for covered accidents that result in loss of life, speech, hearing or sight, paralysis and more.
The Group Level Term Life insurance coverage complements MetLife’s suite of competitive financial protection product offerings available to association and affinity groups that include dental insurance, auto and homeowners insurance (underwritten by MetLife affiliate Metropolitan Property and Casualty Insurance Company and its affiliates), and disability insurance. Associations and affinity groups also benefit from MetLife’s streamlined enrollment and easy-to-use application programs that help members make educated, informed decisions about how to best protect themselves and their families.