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Your Group Life Insurance Benefits are Changing

You have time sensitive decisions to make. Find out how to take action here.

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

Your group 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 and make the decisions that are right for you.

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, and walk you through the application process and timeframe to act.

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, the Certified Financial Planner will review your financial priorities to help develop a transitional plan that meets your specific situation. To take advantage of this offer, let us know you are interested in scheduling a Transitional Planning appointment.

Call 877-275-6387 to set up a meeting with a third-party financial professional.

Meet with a Barnum Financial Professional

Watch the video to learn about what to expect when you meet with a Barnum Financial Professional. You can also call MetLife at 877-275-6387 to schedule an appointment, Monday through Friday from 9:00 a.m. to 6:00 p.m. EST.

We are here to help you with:

  • Making a decision in the required time frame 
  • 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
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"I want to thank you for helping me pick out the best policy. It meant a lot to me to know that you weren’t trying to get me to get a policy but breaking down everything so that I would better understand.”

 

“[The financial professional] was incredibly clear and helpful! He didn’t muddy policies or pressured me in any one direction I told him, “I wish everyone were a master of their class like he is” and meant it.”

 

“What a pleasure to speak with a financial professional regarding transitioning my life insurance. You are the Gold Standard of customer service and support: Friendly, professional, knowledgeable, and made me feel well taken care of. Having the various options made it easy and a great relief!”

 

“[The financial professional] was incredibly clear and helpful! He didn’t muddy policies or pressured me in any one direction I told him, “I wish everyone were a master of their class like he is” and meant it.”

What do you need to know?

There is personal assistance available when your group life insurance benefits change. Look at the correspondence you received in the mail and review the coverage that applies to you with a Barnum Financial Group Professional:

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

FAQs

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Life insurance protection is important — whether you’re working or not. There are many factors that go into the amount of insurance you should consider, as well as a variety of insurance types and solutions available in the marketplace. As a result, many people are confused on how to make decisions and how to proceed. A Barnum financial professional can help you sort it out.

Here are some of the topics and questions a specially trained financial professional canhelp you evaluate:

  • The benefits and characteristics of life insurance benefits through your employer versus personally owned options.
  • The differences and pros and cons of temporary versus permanent life insurance.
  • The role of life insurance in the context of a holistic financial set of goals or concerns.
  • If you promptly become re-employed, what are the types of benefits that will be provided by your next employer?
  • If you choose not to reenter the workforce, what benefit coverages will you need?
  • What is adequate protection for your other insurance needs?
  • What benefit does your life insurance policy offer with regard to accumulating cash value?

Yes. Rates for conversion and portability are calculated based on your age at the time you convert your coverage. Conversion rates will remain the same for the life of the policy. Rates for portability will increase as you age.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 policy.

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. 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.

However, depending on the type of portability you have, you may have the opportunity to answer some medical questions and apply for Preferred Life Rates (lower preferred rates) and for increases in coverage. If approved by MetLife, you will be billed using the Preferred Life Rates. Read your packet carefully to determine what options you may have.

 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 can vary, so review your packet carefully.  Generally the amounts that can be continued  are:

Employee:

  • 10,000 (minimum could be $20,000 depending on port type) 

Spouse / Domestic Partner:

  • $ 2,500 for Spouse (with portable employee/insured coverage) or $10,000 if porting alone (based on eligibility). 

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.

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.