METLIFE INTRODUCES VOLUNTARY RETIREE LIFE INSURANCE
New Benefits Solution Offers Retirees Valuable Protection through the Workplace
NEW YORK, April 8, 2014 – MetLife announced today the availability of its new Voluntary Retiree Life insurance. This new group term life insurance is designed to provide an innovative retiree-paid life insurance solution for employees who are entering retirement and throughout their retirement years.
“The number of baby boomers expected to retire in the next 15 years creates a big need—employees with life insurance provided through the workplace will be looking for ways to extend that insurance into retirement,” says Stephen Pontecorvo, Vice President at MetLife. “In response to this need, MetLife has developed a plan specifically for retirees that provides convenient life insurance plan options as well as valuable benefits retirees are likely to appreciate.”
Retirees and their spouses will have access to three plan options. The initial amounts for plan coverage options include up to $25,000 offered as guaranteed issue and up to $75,000 or $150,000 in coverage, both of which require medical evidence.
Additionally, the Voluntary Retiree Life product includes three features from MetLife AdvantagesSM, the company’s suite of value-added services: face-to-face Will Preparation and face-to-face Estate Resolution Services provided by Hyatt Legal Plans and the Total Control Account1, a safe and convenient life insurance settlement option. These features offer customers valued resources as they enter the retirement stage.
MetLife’s offer stands apart in the market. The retiree plan is separate from that of plan participants who are still actively employed so rates for current employees are not impacted.
To help employers provide appropriate voluntary life coverage options to retirees, MetLife will also provide full plan administration by: creating communication materials for enrollment; maintaining and managing all retiree and spouse records; maintaining all beneficiary information and preparing and delivering beneficiary claim packages; managing billing and providing MetLife’s toll-free customer service support.
“We know that more than three quarters of employees we surveyed in MetLife’s 12th Annual Employee Benefits Trend Study want a greater variety of benefits from which to choose, while 80% of those employees value benefits customized to their circumstance and age,” says Pontecorvo. “By providing Voluntary Retiree Life insurance, our clients are able to give employees more benefit choices as they are entering retirement.”
To learn more about MetLife’s life insurance options and MetLife’s Voluntary Retiree Life product, visit https://www.metlife.com/business/benefit-products/group-benefits/voluntary-life-insurance/index.html. Like most Group Life insurance policies, MetLife insurance policies have certain exclusions, limitations, reductions of benefits and terms for keeping them in force. A MetLife representative can provide you with costs and complete details.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
1 Subject to state law, and/or group policyholder direction, the Total Control Account is provided for Life and AD&D benefits of $5,000 or more. The TCA is not insured by the Federal Deposit Insurance Corporation or any government agency. The assets backing TCA are maintained in MetLife’s general account and are subject to MetLife’s creditors. MetLife bears the investment risk of the assets backing the TCA, and expects to earn income sufficient to pay interest to TCA Accountholders and to provide a profit on the operation of the TCAs. Guarantees are subject to the financial strength and claims-paying ability of MetLife.