Group Universal Life Insurance | MetLife

Group Universal Life Insurance | MetLife
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Group Universal Life Insurance

Helps provide a financially secure future for your loved ones along with a cash fund you can access during your lifetime.1
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Here's what you need to know

Group Universal Life (GUL) Insurance delivers valuable financial security for your family with an additional cash fund feature for you.

 

Loved ones may rely on you for living expenses like a mortgage or rent, car loan, credit cards, groceries, and more. Your income is also essential for financing savings for future goals such as college for children and retirement. What happens if your “safety net” isn’t large enough?

 

GUL will provide a benefit check to your family in the event you and your income are no longer there to support them. And unlike some other types of life insurance policies, this plan also has a cash fund feature that you can use during your lifetime. Once you’re enrolled, features of GUL include:

 

  • Cost and convenience. Since you are applying for coverage through your employer’s benefit program, you have access to group rates. Along with these rates, you have the convenience of payroll deduction. Payments are automatically taken from your paycheck on a post-tax basis.
  • Coverage for you – You are guaranteed up to 2 times your base pay (not to exceed $400,000) when you act within your qualifying enrollment period.2
    • Additional coverage is available from 1 to 8 times your base pay (not to exceed $2,000,000). Evidence of Insurability may be required.
  • Coverage for your spouse – You can request guaranteed $10,000 in coverage for your spouse when you act within your qualifying enrollment period. 2
    • You may elect higher amounts of coverage for your spouse of any amount between $10,000 and $250,000 (in increments of $10,000). Evidence of Insurability may be required.
  • Coverage for your children – You or your spouse must participate in the program to elect coverage for your children. You can request $5,000 or $10,000 in guaranteed coverage for your eligible children when you act within your qualifying enrollment period.2

 

As you plan for your future, one of the best ways to protect your family is to have robust life insurance in place. And because you have the advantage of the cash fund feature, this plan delivers even more value for you and your family.

 

This coverage is a wise way to plan for life’s “what if” situations. What if you leave your job and need to keep your life insurance? What if you get a diagnosis in the future and can’t qualify for more coverage? What if you need a source of cash for something unexpected or something important you want to have?

 

There are 2 ways to use GUL coverage to your advantage:

 

  • Use it to create/strengthen the financial game plan you have in place for your family in the event you (and your income) aren’t there to support their current and future plans.
  • Use the cash fund to grow savings that you can use during your lifetime, with an interest rate guaranteed to never go below 3% (your actual rate may be even higher). This can be an easy way to save for retirement, a down payment on a house, or even your next vacation getaway. You can save extra money automatically at the same time your premiums are paid. Or just send in deposits as you have extra money in your budget. You can borrow against it or withdraw it at any time.3,4

 

The bottom line: having this coverage is a safety net to help your family survive and thrive while they adjust to life without you and your income—while also being a way to grow your savings during your lifetime.

You can enroll anytime during the year after answering health questions. Evidence of Insurability may be required.

 

These are the periods when you may not have to answer medical questions or provide Evidence of Insurability in order to enroll:

 

  • Within your new hire enrollment period
  • During special enrollment periods as offered by your employer and the insurance provider.
  • If you have a qualifying life event (you get married, have a baby, etc.)

 

Check with your employer’s human resources/benefits team for specifics about these timeframes.

How It Works

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You enroll in coverage

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Start saving money in your cash fund 

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Death benefit is paid upon your passing 

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Family uses money to help pay bills and adjust 

You’re making a plan to ensure your family has solid financial footing.

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You purchase Group Universal Life Insurance and start saving.

Your coverage works doubly in your favor: it has a life insurance death benefit and a cash fund benefit that’s tax-deferred and grows at a guaranteed 3% minimum rate.

Frequently Asked Questions

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  • Who is the provider?

    MetLife

     

    With over 150 years of experience, MetLife is a leading innovator and a recognized leader in protection planning and retirement & savings solutions. 

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  • Who needs life insurance?

    Everyone needs life insurance.

    Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

     

    You've recently graduated from college.

    You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

     

    You're the parent of young children.

    You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

     

    Your grown children are on their own.

    Your adult children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

     

    Your spouse may be depending on your income for retirement.

    But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

     

    Like many families, you rely on two incomes to make ends meet.

    You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.

     

    You want to be sure your children can protect their futures, too.

    Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

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  • Who in my family is eligible for this program?

    You can enroll if:

    • You are actively at work on the date your Enrollment Form is signed and coverage begins.
    • You are scheduled to work at least 30 hours per week.
    • You meet the eligibility requirements on the Enrollment Form.
    • Are a U.S. citizen or U.S. permanent resident on U.S. payroll.

     

    You can also enroll these family members:

    • Your spouse.
    • Your eligible dependent children or those of your spouse.

     

    You or your spouse must participate in the program to elect child coverage. 

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  • How much does this coverage cost?

    Your cost is based on several factors, including your age, any special features you select, and the amount of coverage you want. See the Rate Chart in the Forms & resources tab.
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  • Do I have to answer health questions or take a medical exam?

    If you do not apply for yourself and your eligible family members during your initial eligibility period or during a special enrollment period, you will be required to answer a more comprehensive health questionnaire and be approved by MetLife before coverage can begin.
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  • What if my employment status changes?

    Good news! If you leave or retire from your current employer, you can continue your coverage without interruption (subject to applicable law and the plan’s terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply. 
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  • Are there other benefits included with this plan?

    Accelerated benefit rider.

    • An advance payment of your life insurance benefits is available if you are diagnosed with a terminal illness with a life expectancy of 12 months or less (may vary by state).
    • You can request payment up to 80% of your coverage amount, up to a maximum of $500,000.
    • Advance payment permanently reduces the death benefit.
    • This benefit is available to you and your covered spouse.

     

    Children's portability privilege.

    • Children who reach the limiting age can convert their coverage to an individual policy with MetLife. 
    • This option is not available for a disabled child. Children's coverage may be continued for a disabled child as a rider to an existing adult Supplemental Life Insurance Plan certificate. The dependent rider may remain in effect as long as the employee or spouse maintains coverage.
    • Please contact Mercer Voluntary Benefits for additional information and to request continued coverage for a disabled child.

     

    MetLife AdvantagesSM.

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  • Are there other tax advantages to this plan?

    Yes. The money that grows in your plan’s cash fund is “tax-deferred,” which means it’s not subject to tax while it’s growing, only at the time you take any money out.3 Additionally, your family doesn’t pay federal income tax on any life insurance benefit check they receive.

     

    Always check with your financial advisor about anything related to tax status.

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  • Can I get this life insurance in addition to other policies I have? Will it pay in addition to those?

    Yes. The benefit your beneficiary receives is paid in addition to any other coverage you may have.
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  • When would my coverage start?

    If you are applying during one of the qualifying enrollment periods and Evidence of Insurability is not required:

    • Coverage is effective the 1st of the month in which your first payroll deduction begins.

     

    If you are applying outside of the qualifying enrollment periods and Evidence of Insurability is required:

    • Coverage is effective on the 1st of the month after coverage is approved by MetLife.
    • If you enroll during a special enrollment period, coverage begins when stated in the offer.

     

Are you ready To Enroll?

To enroll in Group Universal Life Insurance, please complete, sign and return the Enrollment Form to:

Mercer Voluntary Benefits
PO Box 9122
Des Moines, IA 50306-9122
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Do You Need Help?

Our team is ready

M-F 8a-5p CT

Phone Number: 1-800-578-5696

  • Legal Disclaimers

    1To the maturity age specified in your Certificate.

     

    2You and your dependents must meet eligibility requirements and must provide favorable answers to questions to qualify. Any coverage requiring evidence of insurability will take effect on the date MetLife agrees in writing to cover you or your dependents.

     

    3In general, participants may withdraw cash value equal to premiums paid without tax consequences although less favorable rules may apply in the first 15 years. However, if the funding of the certificate exceeds certain limits, it will become a “modified endowment contract” (MEC) and become subject to “earnings first” taxation on withdrawals and loans. An additional 10% penalty for withdrawals and loans taken before age 59½ will also generally apply. We will notify you if a contribution would cause your certificate to become a MEC. Withdrawals and loans reduce the death benefit and cash value, thereby diminishing the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age.

     

    4Earnings within your GUL coverage grow income tax free while the policy stays in force. Please consider your time horizon, tax rates, and the effect of fees and expenses, including any premium expense charge, when evaluating the benefit of GUL tax deferral.  See your Certificate for complete information.