Group Variable Universal Life Insurance
MetLife's Group Variable Universal Life (GVUL) insurance can help meet the diverse needs of today’s employees
GVUL provides portable, permanent life1 insurance for employees and their families, with features to help protect financial assets and build savings for future needs, including retirement.
With Group Variable Universal Life (GVUL) from MetLife, you can optimize the value of your coverage without adding significant cost.
Provide Tax-Advantaged Investment Opportunities
GVUL combines life insurance protection with tax-advantaged investment options for employees. Plan participants can:
Benefit from permanent1 coverage they can keep with the option to continue coverage through job changes or into retirement at competitive group rates.
Supplement their 401(k) or other qualified savings plans.
Have access to a wide variety of variable investment choices from nationally recognized money managers, including an interest-bearing account with a guaranteed minimum.2
Benefit from tax-deferred growth potential on their contributions and tax-free withdrawals.3
Access cash value before age 59½, without penalty or surrender charges.3
Pass wealth to future generations income taxfree.4
Added Value With Innovative Services
Will Preparation5: Participants and their spouse can receive will preparation services, including preparation of Wills, Living Wills and Powers of Attorney, through Hyatt Legal Plans' nationwide network of more than 13,000 participating attorneys.
MetLife Estate Resolution ServicesSM, 5: Allows the beneficiary or executor/administrator of the estate access to in person legal advice and consultation when settling the insured's estate.
1 To the maturity age specified in the certificate. In some program designs, if the employer replaces MetLife GVUL with another group life insurance plan or otherwise terminates the MetLife group contract, employees' coverage may also be terminated, even after separation from employment or retirement.
2Interest-bearing account backed by the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
3In general , if the funding of a certificate exceeds certain limits, it will become a "modified endowment contract' (MEC) and become subject to "earnings first" taxation on withdrawals and loans. An additional 10% penalty for withdrawals and loans taken before age 59½ will also generally apply. MetLife will notify a participant if a contribution would cause the certificate to become a MEC. Withdrawals will reduce the death benefit and cash value and thereby diminish the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as the insured ages.
4 In general, death benefits are received free from federal income tax. Federal and state estate tax may apply, depending on the circumstances.
5Will Preparation and MetLife Estate Resolution Services are offered by Hyatt Legal Plans, Inc., a MetLife company, Cleveland, Ohio. In certain states, legal services benefits are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and Affiliates, Warwick, Rhode Island. For New York sitused cases, the Will Preparation service is an expanded offering that includes office consultations and telephone advice for certain other legal matters beyond Will Preparation. Tax Planning and preparation of Living Trusts are not covered by the Will Preparation Service. Certain services are not covered by Estate Resolution Services, including matters in which there is a conflict of interest between the executor and any beneficiary or heir and the estate; any disputes with the group policyholder, MetLife and/or any of its affiliates; any disputes involving statutory benefits; will contests or litigation outside probate court; appeals; court costs, filing fees, recording fees, transcripts, witness fees, expenses to a third party, judgments or fines; and frivolous or unethical matters.
Like most group life insurance policies, MetLife group policies contain certain exclusions, reductions, limitations, and terms for keeping them in force. Please contact us for costs and complete details.
Prospectuses for Group Variable Universal Life insurance and its underlying portfolios can be obtained by calling 1-800-756-0124. You should carefully consider the information in the prospectuses about the contract’s features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. Please read the prospectuses and consider this information carefully before investing. Product availability and features may vary by state. All product guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
There is no guarantee that any of the variable options in this product will meet their stated goals or objectives. Cash value allocated to the variable investment options is subject to market fluctuations so that, when withdrawn or surrendered, it may be worth more or less than the amount of premiums paid.
Group Variable Universal Life insurance (GVUL) issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166, and distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). Securities, including variable products, offered through MetLife Securities, Inc. (MSI) (member FINRA/SIPC), 1095 Avenue of the Americas, New York, NY 10036. MLIC, MLIDC and MSI are MetLife companies.