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Portability & conversion for Life Insurance

Plan Details

You know that life insurance is a critical part of your overall benefits plan.  When you leave your employment, you have options to continue your current Group Life coverage and maintain this important protection for you and your family.

Portability & Conversion Fact Sheet

Portability Rates PDF

 

Portability1

  • Term policy2
  • No medical questions for standard non-preferred rates
  • Medical questions for preferred rates and increases in coverage
  • Must apply within short timeframe

Conversion

  • Permanent Whole Life policy3
  • No medical questions
  • Must apply within short timeframe

What you need to know

Yes. Rates for portability and conversion are calculated based on your age at the time you convert or port your coverage. Portability rates may change while conversion rates will remain the same for the life of the policy.

For portability and conversion, you generally have 31 days from when your benefits end to continue your coverage. Refer to your paperwork for specific information about your policy.

Portability: No, not for standard non-preferred rates.

However, medical questions4 must be answered to apply for lower preferred rates and for increases in coverage. If approved by MetLife, you will be billed using the lower preferred rates.

Conversion: No.

Portability Conversion

The minimum coverage amounts that can be continued are:

Employee:
   $10,000

Spouse / Domestic Partner:
   $2,500 for Spouse (with portable employee/insured coverage)
   $10,000 for Spouse Only (if employee does not elect portable coverage)

Child(ren):
   $1,000 for children

The maximum coverage amount that can be continued is generally limited to the amount you had at the time group benefits ended, or $2 million.

Refer to your Election of Portable Coverage Form for specific information about eligible continuation amounts.

Generally, the minimum is $1,000. However this is subject to the Individual Life plan features.

The maximum coverage that can be continued is generally the amount lost at the time your group coverage ends. 

However, that can vary based on: 

The reason group benefits ended.

The amount of group insurance you have.

Your eligibility for any other group benefits.

Specific state regulations.


Refer to your conversion notice for specific information about eligible continuation amounts.

Portability Conversion

Port your Group Life and Accidental Death & Dismemberment (AD&D) insurance benefits to a term policy based on a qualifying event.* May be available on some Group Life insurance coverages including Basic Life, Optional Life, Spouse Life and Child Life. Refer to your paperwork for eligible portability options.

AD&D coverages may also be eligible for portability. Refer to your paperwork for eligible portability options.

Coverage is guaranteed at standard (non-preferred) rates with no medical questions as long as it’s submitted within the application timeframe.

Preferred rates may be available for those who qualify based on completing a Statement of Health (SOH)4 form.

Lower preferred rates may be available for those who answer medical questions and Statement of Health (SOH)4 approval from MetLife.

Convert your Group Life insurance benefits to a permanent, Individual Whole Life insurance policy5 based on a qualifying event.*

Available on all Group Life insurance coverages including Basic Life, Optional Life, Spouse Life and Child Life.

Conversion is not available on Accidental Death & Dismemberment (AD&D) coverage.

Coverage is guaranteed with no medical questions as long as it is submitted within the application timeframe.

*A qualifying event is a loss of group life or AD&D coverage due to termination, retirement, a scheduled decrease of coverage, a dependent spouse or child’s eligibility changed (i.e. child reached plan’s maximum age or age limit, death of employee, divorce or termination of domestic partnership), class or plan eligibility change, or the group policy ended. 

1 All coverage amounts are subject to applicable state laws.  To take advantage of this benefit, coverage of at least $10,000 must be elected.

2 Term Life insurance provides coverage to a specified age (age 100 for employee, note that life insurance coverage amount reduces to 50% at age 70 for employee; age 70 for Dependent Spouse; and age 25 for Dependent Child under MetLife’s ported coverage), and has no cash value.

3 Whole Life insurance is a life insurance product that builds cash value, and provided premiums are paid, provides coverage through a specified age (age 120 for MetLife’s converted coverage).

4 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.  Coverage will be effective in accordance with the applicable policy and certificate after approval by MetLife. Only applicants who reside in a US state, the District of Columbia, or Guam, Northern Mariana Islands, Puerto Rico or US Virgin Islands are allowed to complete their SOH form online (where available). Otherwise, applicants will be provided with a paper SOH form.  Individuals residing outside of the US or in certain US territories must be on US payroll and be approved by MetLife before being provided with an SOH form.

5 A non-renewable term life policy may precede a whole life conversion policy for a period of one year if your group coverage is issued in New York or West Virginia.

AD&D insurance does not include payment for certain losses as described in more detail in your certificate.  Specific information pertaining to your insurance can be obtained by contacting your benefits administrator.

Nothing in these materials is intended to be advice for any 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 and AD&D is issued by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166 under Policy Form GPN99/G2130-S 

Insurance is issued by Metropolitan Tower Life Insurance Company, 5601 South 59th Street Lincoln, Nebraska 68516. Policy Form GPNP19MTL-3T. Certificate Number GCERT19MTL-01