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Plan Benefits

Group Universal Life Insurance

Group Universal Life Insurance: One policy, two benefits

Group Universal Life combines valuable life insurance protection with an optional savings feature. So, in one policy, you can provide financial protection for your loved ones in the event of your death and build cash savings that you can use during your lifetime such as – child’s education, buying a home or living comfortably in retirement.

  • Life Insurance is an essential part of an overall financial plan. It’s important you plan ahead with enough life insurance coverage to help ensure a continued lifestyle for those who may depend on you. And, your financial plan doesn’t end when you change jobs or retire, so it’s important to have life insurance that doesn’t end at that time as well. Your GUL insurance coverage is an individually-owned and portable1 policy, which means you have the freedom to take it with you if you retire or leave UUP – at competitive group rates. Life insurance coverage up to $1.2 million is available.
  • Savings Feature builds Cash Savings for the Future. Your GUL policy helps you build cash value by providing you the option to contribute after-tax dollars, in addition to the life insurance premium, into your policy. The money you contribute to the policy earns a competitive interest rate that is guaranteed3 not to fall below a certain minimum. All interest on those dollars grows tax-deferred, so you get to keep more of what you’ve earned. Current interest crediting rate is 3%.4

MetLaw®

Legal coverage through MetLaw means added peace of mind for you and your dependents.

Having to hire an attorney can be very stressful if you don’t know where to go or how much it will cost. MetLaw makes it very simple to get the legal advice and the representation you need without draining your finances. This group benefit features:

  • Affordable assistance for a wide range of legal needs, including wills and other estate planning documents, real estate matters, traffic offenses, adoptions, debt collection defense and much more
  • One low monthly cost for unlimited use and no copays when using a Network Attorney
  • Members can cover parents and parents-in-law for certain services5
  • Easy access to more than 14,000 professionally selected Network Attorneys

GUL DISCLAIMERS:

To the maturity age specified in your certificate.   

Coverage is subject to review and approval by MetLife based upon its underwriting rules.

All guarantees are dependent on the financial strength and claims paying ability of Metropolitan Life Insurance Company.

Interest rates are set annually. Interest will never go below 1.5% per year.

Like most group life insurance policies, MetLife group policies contain exclusions, limitations, exceptions, reductions, waiting periods and terms for keeping them in force.  Please contact MetLife for costs and complete details.

Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MetLife, its agents and representatives may not give tax advice and this document should not be construed as such. Please seek advice based on your particular circumstances from a qualified tax advisor.

The MetLife Group Universal Life Plan (GUL Plan) is a United University Professions (UUP)  Member Services Trust-endorsed program.  The Member Services Trust receives an amount equal to ten percent (10%) of the Cost of Insurance received by MetLife with respect to the GUL Plan to defray the costs of administering the GUL Plan.

Member Services reminds you that the benefits provided under the GUL Plan are provided by MetLife and neither UUP nor the Member Benefits Trust is responsible or liable for any of the benefits or services you receive or claim thereunder.  Please contact Member Services at 800-342-4206 if You experience a problem with any endorsed program.

METLAW DISCLAIMERS:

Coverage for parents and parents-in-law is a limited set of services and not the same coverage available for UUP members.

Group legal plans are provided by Hyatt Legal Plans, Inc., a MetLife company, Cleveland, OH. In certain states, group legal plans are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company, Warwick, RI.  Payroll deduction required for group legal plans. Benefit programs offered by MetLife and its affiliates contain certain exclusions, exceptions, reductions, limitations, waiting periods, and terms for keeping them in force.  For costs and complete details of the coverage, call or write the company.

The Hyatt Legal Services Plan (MetLaw®) is a United University Professions (UUP) Member Services Trust-endorsed program.  The Member Services Trust receives an amount equal to ten percent (10%) of the Participation Fee received by Metropolitan with respect to the Group Legal Services Policy to defray the costs of administering the Group Legal Service Policy.

Member Services reminds you that benefits provided under the Group Legal Services Policy are provided by Hyatt Legal Plans, Inc.  and neither UUP nor the Member Benefits Trust is responsible or liable for any of the benefits or services you receive or claim thereunder.  Please contact Member Services if You experience a problem with any endorsed program.