Life Insurance
Life insurance pays your beneficiary in the event of your death.
You can easily protect your family’s future–today
We know how important it is to protect the health and safety of loved ones. It's why you work hard, continue to save what you can, and try your best to plan for what's next. Looking after those you care for should not be a financial burden. By providing your loved ones with the financial protection only life insurance offers, you’ll know that the life you’re working hard to build for them will continue to move forward, no matter what happens.
Basic Term Life:
Harvard provides with group term Basic Life Insurance coverage equal to one-half your annual base salary, rounded to the nearest $1,000 at no cost* to you. If eligible, you are automatically enrolled in this coverage.
Supplemental Term Life Insurance:
- Can provide your loved ones with valuable financial protection.
- Pays a monetary benefit to your beneficiary in the event of your death.
- Money can be used for a wide variety of purposes, including final expenses, income replacement, paying off mortgage and other debts, childcare and education costs and other short- and long-term expenses.
- Spouse Term Life Insurance Help cover future day-to-day needs and long- term expenses: Life insurance coverage for spouses or domestic partners ensures financial security for loved ones in case of unexpected events.
- Dependent Term Life Insurance Protecting your loved ones: Provides financial protection for your dependent children, in the event of their death, helping to cover expenses like funeral costs.
80% of people think life insurance is more expensive than it actually is.1
Life may change, but the need to protect your loved ones doesn't
You can get Supplemental Term Life Insurance coverage to protect those you care about most, and the life you’re building today. Be sure to check your beneficiary designation regularly to ensure your loved ones are covered.
How much life insurance should you have?
METLIFE ADVANTAGES
Services to help navigate what life may bring, at no additional cost to you.
Life Insurance FAQs
While having Basic Insurance provided by your employer is a great benefit, it’s possible that it may not be enough to adequately provide for your loved ones. Additional life insurance can give your designated beneficiaries greater financial security if you are no longer here to earn a paycheck.
Individual needs vary, but you may need more than you have now. The insurance you need changes as your life changes (for example, getting married, starting a family, or buying a home). Many people are surprised to learn that they don’t have enough life insurance to cover the many expenses their loved ones may face in their absence.
It’s simple to determine the amount of coverage you need now:
Go to metlife.com/lifeneeds to calculate how much life insurance may be right for you.
It may be less expensive than you think. MetLife’s group life insurance plans can be an economical way for you to provide for your loved ones with competitive2 group rates and a wide range of coverage options to choose from. Exact rates can be found HARVie.
Premiums are conveniently paid through payroll deduction, so you don’t have to worry about writing a check or missing a payment.
- You get competitive2 group rates and a wide range of coverage options to choose from.
- Proceeds are generally income tax-free and can be paid to your beneficiary in a lump-sum payment.
- You get the convenience of having premiums automatically deducted from your paycheck.
Your Supplemental Life Insurance coverage is never reduced while you are actively employed unless you request a reduction. However, your Basic Life Insurance coverage amount is reduced by 35% on the January 1st following your 67th birthday. This coverage is reduced by another 35% on the January 1st following your 70th birthday. It is reduced an additional 35% every five years, on the January 1st following the year in which you turn an age that triggers the reductions (e.g., 75, 80, etc.). You will have the opportunity to port or convert the reduction amount and will receive information on this from MetLife via mail.
You have the option to port or convert your coverage. With portability, you can take your life insurance benefits with you without a gap in coverage. You can continue your Group Life insurance coverage with MetLife should you leave the University for any reason. Competitive2 rates apply but will likely be higher than your current rates. MetLife will bill you directly. You also can generally convert your group life insurance benefits to an individual whole life insurance policy if your coverage terminates in whole or in part due to: retirement or termination of employment or a change in your employee classification. Conversion is available on all group life insurance coverages.
VIDEO
Protect what matters most
Life insurance can help your loved ones cover future day-to-day needs and long-term expenses.
* The imputed cost of coverage exceeding $50,000 is considered taxable income. Imputed cost, if any, will be shown on your paycheck.
1 LIMRA http://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/LIAM/PDF/Infographic_TrueCost.pdf
2 Cost of insurance rates are determined using methodologies that vary by company. These rates can vary and will generally increase with age. Rates for active employees may be different than those available to terminated or retired employees. It’s important to look at all factors when evaluating the overall competitiveness of rates and the value of life insurance coverage.
3 All coverage amounts are subject to applicable state laws. To take advantage of this benefit, coverage of at least $10,000 or $20,000 (depending on your plan design) must be elected.
If you enroll for certain Supplemental Insurance, a portion of your contributions for such insurance will be allocated to reduce the [employer’s/policyholder’s] cost of certain non-contributory Insurance under the Group Policy.
Nothing in these materials is intended to be advice for a particular situation or individual. Please consult with your own advisors for such advice. Like most group insurance policies, insurance policies offered by MetLife contain certain exclusions, exceptions, waiting periods, reductions, limitations and terms for keeping them in force. Please contact your benefits administrator or MetLife for costs and complete details.
MetLife Group Term Life insurance is issued by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166, under Policy Form GPN99/G2130-S.