If you are eligible for retiree group insurance when you retire, you may choose to continue or convert your life insurance through MetLife. Retiree life insurance coverage does not include Accidental Death and Dismemberment benefits. Optional Life coverage is eligible for conversion or continuation; Basic Life and Dependent Life coverage are eligible for conversion.
PEBA sends a bi-weekly file with employee status changes to MetLife. MetLife will use this information to mail a conversion/continuation packet to eligible retirees. Packets are sent via U.S. mail three to five business days after MetLife receives the file.
The continuation and conversion application period is time-sensitive. You have 30 days from the date your coverage as an active employee ends to continue coverage. You have 31 days from the date your active employee coverage ends to convert coverage. If you miss these deadlines, you will forfeit your right for retiree group life insurance.
If you have questions about your options for life insurance in retirement, contact MetLife at 888.507.3767 once you receive your conversion/continuation packet.
You may continue your Optional Life coverage upon retirement. The rates match what you paid while you were an employee.
The minimum amount that can be continued is $10,000. You cannot increase your coverage, but you can decrease it. Rates are based on your age and will increase when your age category changes. Your coverage will reduce at ages 70, 75 and 80. When your coverage reduces or ends, you can convert the amount of reduced or lost coverage within 31 days as described in the Conversion section below.
MetLife will mail you a conversion/continuation packet. Packets are sent via U.S. mail three to five business days after MetLife receives the eligibility file from PEBA. To continue your coverage, follow the instructions included in your packet from MetLife. Coverage must be continued within 30 days of the date of coverage is lost due to approved retirement or approved disability retirement.
If you have questions about your options for continuing your insurance coverage once you receive your conversion/continuation packet, contact MetLife at 888.507.3767. If you continue your coverage, you will receive a bill and pay your premiums directly to MetLife.
When you elect to continue your Optional Life coverage upon retirement, you will need to designate a beneficiary on the Retiree Life Continuation Enrollment Form that you receive in your conversion/continuation packet from MetLife.
Once you are enrolled, you may review or update your beneficiary designation information by visiting MetLife’s website at metife.com/mybenefits. Register and create your own unique user ID and password. Using the website will allow you to make designations quickly and easily, limiting paperwork and speeding up processing time.
You may convert your Basic, Optional and Dependent Life coverage upon retirement to an individual whole life insurance policy, a permanent form of life insurance, without providing evidence of insurability. Your premium for the new policy will be set at MetLife’s standard rate for the amount of coverage that you wish to convert and your age. You may not apply for more than the amount of life insurance you had under your terminated group life insurance.
MetLife will mail you a conversion/continuation packet. Packets are sent via U.S. mail three to five business days after MetLife receives the eligibility file from PEBA.
MetLife has contracted with Massachusetts Mutual Life Insurance Company (MassMutual) to help with converting coverage. To apply, contact MassMutual at 877.275.6387 and refer to the Conversion Notice included in the packet. The policy will be issued without medical evidence if you apply for and pay the premium within 31 days. If you miss the deadline, you will forfeit your right to convert your life insurance.