Life Insurance Overview

MetLife’s Group Universal Life (GUL) insurance is a single policy with two features — life insurance and savings options — that enable you to maintain your family’s future financial security while letting you save today.

Group Universal Life (GUL)

This universal life insurance provided by MetLife and available through your employer combines life insurance protection with a tax-deferred savings feature.*
  • What's yours is yours. GUL is permanent1, portable, and individually-owned coverage that goes with you from one employer to the next at competitive group rates.
  • Flexible coverage options as your needs change over time.2
  • Protects loved ones with life insurance coverage.
  • Help secure your financial future by supplementing your retirement income.
  • Saving with the tax-deferred savings feature gives you:
    • Flexibility to start or stop your savings contributions, or make a lump sum contribution at any time during the year.3
    • Freedom to keep and spend more of what you’ve earned. You’ll have access to your cash savings when you need it through loans and withdrawals, with no early withdrawal penalties or surrender charges.3
    • Contribute to an interest-bearing fixed account with a guaranteed minimum interest rate.4

Understanding the GUL tax-deferred savings feature

Let's examine two scenarios that satisfy the same needs: financial protection and investment

 

Scenario 1: Purchasing Life Insurance while saving separately

  • All interest from the money invested are subject to tax
  
  • The life insurance premium is an expense only
   

Scenario 2: Enrolling in GUL where life insurance and tax-deferred savings are combined into one policy

With GUL, each dollar of life insurance premium offsets a dollar of potential taxable earnings. If, at the time of withdrawal, your cash value does not exceed your tax-free basis (premium for insurance coverage + additional cash fund contributions), your entire withdrawal will be tax-free

  • All interest grow tax-deferred
  
  • The life insurance premium turns an expense into potential tax savings by increasing the tax-free basis
   

An investor should consider his or her current and anticipated investment horizon and income tax bracket when making an investment decision, as the illustration may not reflect these factors. MetLife, its agents, and representatives do not provide tax and/or legal advice.

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*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.

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

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