* Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MetLife, its agents and representatives may not give tax advice and this website should not be construed as such. Please seek advice based on your particular circumstances from a qualified tax advisor.
**The maximum death benefit payable for a MetLife Employee is $25,000,000, which includes Company Paid Group Term Life Insurance, employee-paid coverage (Optional Group Term Life or GVUL) and VAD&D coverage.
***All applications for coverage are subject to review and approval by MetLife. If you choose to apply for increased coverage, the increase may be subject to underwriting. MetLife will review your information and evaluate your request for coverage based upon your answers to the health questions, MetLife’s underwriting rules and other information you authorize us to review. In certain cases, MetLife may request additional information to evaluate your request for coverage
1 To the maturity age specified in your certificate. In some program designs, if your employer replaces MetLife GVUL with another group life insurance plan or otherwise terminates the MetLife group contract, your coverage may also be terminated, even after separation from employment or retirement. If you have ported or otherwise continued your coverage after retirement or separation from employment and the plan sponsor later terminates the group policy, cost of insurance rates may increase as a result of such termination.
2 If you choose to apply for increased coverage, the increase may be subject to underwriting. We may ask you a few health questions. Increase amounts are subject to program rules.
3 In general, participants may withdraw cash value equal to premiums paid without tax consequences although less favorable rules may apply in the first 15 years. However, if the funding of the 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 you if a contribution would cause your certificate to become a MEC. Withdrawals and loans reduce the death benefit and cash value, thereby diminishing the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age. Withdrawals are subject to an administrative fee of 2% of the amount withdrawn, not to exceed $25.
4 Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although they seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
5 Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
Company paid life insurance, group term life, dependent life and voluntary accidental death & dismemberment coverage (VAD&D) are Company-sponsored ERISA plan benefits while GVUL is a product issued by Metropolitan Life Insurance Company as insurer and is not a Company-sponsored employee benefit subject to ERISA. Company paid life insurance, group term life, dependent life and VAD&D coverage are Company-sponsored plan benefits.