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Permanent Life Insurance

Permanent Life Insurance1

Some employees may need a different type of coverage.  Permanent Life insurance, in addition to the death benefit, provides flexible financial solutions that offer your clients' employees tax-advantaged savings or investment opportunities to prepare for whatever life brings. Two types of plans are available:  Group Variable Universal Life (GVUL) with variable and fixed investment components; and Group Universal Life (GUL) with a fixed savings component.

 

MetLife's Group Variable Universal Life (GVUL) insurance can help meet the diverse needs of today's employees. GVUL provides portable, permanent1 life insurance protection for employees and their families. We work closely with our customers to help identify the right Group Life products and services to meet the needs of their entire employee population - from the broad-based to the highly compensated and retirees - today and as needs evolve.

With Group Variable Universal Life (GVUL) from MetLife, you can help your customers optimize the value of their coverage without adding significant costs.

Provide Tax-Advantaged Investment Opportunities
GVUL combines life insurance protection with tax-advantaged investment options for employees. Plan participants can:

  • Supplement their 401(k) or other qualified savings plans.
  • Invest additional premiums, above the cost of insurance, into variable investment portfolios managed by nationally recognized money mangers.
  • Invest in an interest-bearing account with a guaranteed minimum rate.2
  • Benefit from earnings growth, generally tax-deferred, on their contributions.
  • Access cash value before age 59½, without penalty or surrender charges.3

MetLife has a number of value-added services available with this product, including:
Will Preparation4
MetLife Estate Resolution Services4

 

 

MetLife's Group Universal Life (GUL) is an easy-to-administer insurance program that helps protect your employees' future.  GUL povides portable, permanent1 life insurance protection for employees and their families that includes features to help protect financial assets and build savings for future needs, including retirement. We work closely with our customers to help identify the right Group Life products and services to meet the needs of their entire employee population - from the broad-based to the highly compensated and retirees - today and as needs evolve.

Provide Flexible Financial Solutions to Your Employees
GUL offers life insurance protection while allowing employees to participate in the Cash Fund - a way to build cash value for the future by contributing additional premiums, above the cost of insurance, into a tax-deferred, interest-bearing account. The Cash Fund offers:

  • A fixed rate of return guaranteed never to fall below a certain minimum2.
  • The ability to save for future expenses and the option to purchase paid-up life insurance, or an annuity at retirement.

MetLife has a number of value-added services available with this product, including:
Will Preparation4
MetLife Estate Resolution Services4

 

With both GVUL and GUL MetLife offers the flexibility to include Accidental Death & Dismemberment (AD&D) coverage that provides additional benefits for accidental loss of life, limbs, speech, hearing or sight, paralysis and more.

1 To the maturity age specified in the certificate. In some program designs, if the employer replaces MetLife GUL or 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.

2 Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.

3 Withdrawals 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 you age. In 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. We will notify certificate holders if a contribution would cause their certificate to become an MEC.

4 Will Preparation services 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 insurance policies, MetLife group policies contain certain exclusions, limitations, exceptions, reductions, waiting periods and terms for keeping them in force. Please contact MetLife for costs and complete details.

Pursuant to IRS Circular 230, MetLife is providing you with the following notification:
The information contained in this brochure is not intended to (and cannot) be used by anyone to avoid IRS penalties. This brochure supports the promotion and marketing of GVUL. You should seek advice based on your particular circumstances from an independent tax advisor.

Prospectuses for Group Variable Universal Life insurance and its underlying portfolios can be obtained by calling (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 its 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), New York, NY 10036. 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.

Group Universal Life (GUL) is issued by Metropolitan Life Insurance Company, New York, NY.

 

 

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