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Your Group Life Insurance Benefits are Changing

You have time sensitive decisions to make. Here’s how to take action

We’re here to help you understand your Group Life insurance benefit options

Your life insurance coverage will decrease or end soon. You have choices to make and timing is critical to continue your benefits. The good news is you can get the help you need to understand each of your options below and make the right decisions.

Guidance when you need it most

As part of your group life insurance benefit, MetLife and your employer have an arrangement with Barnum Financial Group giving you access to specially trained third-party financial professionals who can review your life insurance options. They can help you understand your current plan, explain your coverage and pricing options, walk you through the application process and timeframe to act.

To set up a meeting with a third-party financial professional, it’s as easy as a click   Click Here

Understanding you may have questions and decisions to make beyond your life insurance coverage, you can also meet with a Barnum Certified Financial Planner. During this free consultation, your CFP will review your financial priorities to develop a transitional plan that meets your specific situation. To take advantage of this offer, let your financial professional know you are interested in scheduling a Transitional Planning appointment.

Meet with a Barnum financial professional

Click on the video to learn what to expect when you meet with a Barnum financial professional. Or call MetLife at 877-275-6387 to set up a meeting, Monday – Friday from 9:00 a.m. to 6:00 p.m. Eastern time.

WATCH VIDEO

Conversion

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

Portability1

  • Term policy
  • No medical questions for standard rates
  • Must apply within short timeframe

Individual

  • May be lower than conversion rates
  • You choose your policy type
  • Health questions may be required
  • Application can be submitted at any time

We are here to help you with:

  • Making a decision in the required timeframe
  • Deciding what type of policy and how much coverage is right for you
  • Finding lower cost alternatives
  • Determining adequate coverage for other insurance and financial needs

Fill out this form and a Barnum Financial Group financial professional will contact you. 

What you need to know

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

Rates for an individual policy are calculated based on a number of factors including your age and insurability when you apply, and therefore may be lower than a standard conversion or portability rate. 

For conversion and portability, you generally have 31 days from when your benefits end to continue your coverage. Refer to your paperwork for specific information about your policy. You can apply at any time for an individual policy.

A financial professional is experienced and specially trained to provide personalized guidance and advice. He or she can help you navigate the application process and has access to the information and required forms you may need.

Conversion Portability Individual
No. No, not for standard rates. Yes.
Conversion Portability Individual

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.

The minimum coverage amounts that can be continued are:

Employee:
    $20,000

Spouse / Domestic Partner:
    $2,500 for Spouse (with portable employee/insured 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 $1 million.

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

You generally have more flexibility in your policy options.

Minimums and maximums are subject to the policy chosen.

Conversion Portability Individual

Convert your Group Life insurance benefits to a permanent, Individual Whole Life insurance policy2 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 its submitted within the application timeframe

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 with no medical questions as long as it’s submitted within the application timeframe.

You may qualify for an individual policy at any time with evidence of insurability.

Not limited to a qualifying event

Policy includes a range of selections.

 

*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 Subject to state availability. To take advantage of this benefit, coverage of at least $20,000 must be elected. Increases, decreases, minimum and maximum coverage amounts are subject to state availability. There is no stand-alone Dependent Life or AD&D portable coverage; an employee life coverage must be ported with Dependent Life and/or the companion term life coverage with AD&D.

2 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

MetLife administers the Transition Solutions program, but has arranged to have specially-trained third party financial professionals offer financial education and, upon request, provide personal guidance to employees and former employees of companies providing Transition Solutions through MetLife.

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 your MetLife Group Representative for costs and complete details.