This new group term life insurance plan is designed to provide an innovative retiree-paid life insurance solution for employees who are entering retirement and throughout their retirement years. Retirees and their spouses will have access to three simple plan options as well as valuable features including: face-to-face Will Preparation1, face-to-face Estate Resolution Services1, and Total Control Account (TCA)2.
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Available on basic group life insurance programs at no additional cost, MetLife's grief counseling service, provided by Harris, Rothenberg International (HRI), Inc., provides employees, their dependents and beneficiaries with counseling to help them cope with grief following the death of a loved one or a major life change such as divorce, loss of employment, or financial hardship. The service provides five confidential counseling sessions per event — either face-to-face or by telephone.
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MetLife Introduces more flexible underwriting for Group Customers effective 1/1/2013
For groups with 10 - 999 lives: New hires and employees who have a change in family status throughout the year will now have until their next annual enrollment to make new Life Insurance elections for themselves and their dependents. With an extended enrollment period, employees will have more time to evaluate how much life insurance to purchase - without having to make these important decisions immediately after joining a new company or experiencing key life events.
For groups with 100 - 999 lives: New modified open enrollment guidelines are in place. At takeover of an existing voluntary life plan or for first-time plans that meet certain criteria, MetLife is offering active employees (both new and current participants) and their dependents the ability to increase their coverage levels or purchase first-time coverage in their voluntary plan with no medical questions.
MetLife launches WillsCenter.com4
Available exclusively through MetLife, anyone may create a will, living will and power of attorney documents via www.willscenter.com. This online service is easy to use, secure, and available 24 x 7 along with access to technical assistance via phone and online assistance through a dedicated support portal.
How Benefit Communications Can Narrow the Gender Gap
In large part, you can measure the success of a group life insurance program by employee participation rates. Not only do you need to consider how many employees participate, but also what amounts of supplemental coverage they buy. Working men and women may have similar financial responsibilities, but research demonstrates that their life insurance ownership amounts are different. This phenomenon isn't readily explained simply because job positions and incomes may differ, because women are even more underinsured than men. To view full article.
To learn how employers can maximize the perceived value of their benefits programs and connect with their women workforce, click here.
1Will 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.
2Subject to state law, and/or group policyholder direction, the Total Control Account is provided for all 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. Regardless of the investment experience of such assets, the interest credited to Total Control Accounts will never fall below the guaranteed minimum rate. Guarantees are subject to the financial strength and claims-paying ability of MetLife.
3 Subject to state regulatory approval. Grief Counseling services are provided through an agreement with Harris, Rothenberg International (HRI), Inc. HRI is not an affiliate of MetLife, and the services HRI provides are separate and apart from the insurance provided by MetLife. HRI has a nationwide network of approximately 46,700 counselors. Counselors have master's or doctoral degrees and are licensed professionals with extensive experience working with people who have suffered a loss.
4 WillsCenter.com is a document service provided by SmartLegalForms, Inc., an affiliate of Epoq Group, Ltd. SmartLegalForms, Inc. is not affiliated with MetLife and the WillsCenter.com service is separate and apart from any insurance or service provided by MetLife. The WillsCenter.com service does not provide access to an attorney, does not provide legal advice, and may not be suitable for your specific needs. Please consult with your financial, legal, and tax advisors for advice with respect to such matters.
Like most group life insurance policies, MetLife group policies contain certain exclusions, limitations, and reductions of benefits and terms for keeping them in force. Please contact us for costs and complete details.