Voluntary Life Insurance

MetLife

http://mybenefits.metlife.com

Additional Life Insurance is provided by MetLife.

Enrollment:

This life insurance is available without examination to all new regular full-time employees, if application is made within 60 days of employment. If application is made after the 60 day enrollment period medical evidence of insurability must be provided.

Coverage:

Employees may purchase coverage on themselves, their spouse, and their unmarried dependent children. The following lists the amount of coverage available:

Employee Coverage: You may elect from 1 to 5 times annual pay or in increments of $50,000 whichever is greater, or 2,3,4, or 5 times annual pay rounded up to the next higher increment of $10,000, not to exceed $1,400,000. Amounts exceeding the lessor of 3 times your basic annual pay or $500,000 require a Statement of Health form to be completed.

Spouse Coverage: You may elect a multiple of $10,000 minimum up to 2 times employee's annual pay rounded up to the next higher increment of $10,000, not to exceed $150,000

Dependent Children's Coverage: $10,000 each eligible child, regardless of number. Dependent Children’s Coverage cost is $1 per month.

Cost:

Premiums are paid by the employee through monthly payroll deductions. The cost of insurance rates are adjusted on January 1st to reflect the age of the insured adult. Cost is dependent on the level of coverage chosen and the age of the employee and/or spouse. To calculate the amount of premium due click here: Monthly Cost of Insurance Table

Portability:

You may keep your coverage upon termination or retirement as long as the group policy remains in effect; however, premiums will not be at group rates but market rates. Upon retirement the insurance can be continued at group rates. Premiums will be paid directly to MetLife on a quarterly basis. Once children cease to be dependent (age 19 or age 25 if unmarried, full-time student) they have a 31 day portability period to continue as long as the group plan is still in effect.

Contact Information:

If you have any questions about the MetLife Program, or need to make changes in your policy, please call MetLife toll-free at 866.492.6983 (between 8:00 a.m. and 8:00 p.m. EST) or visit their website.