Results for Life Insurance
Supplemental Life Insurance Details
Life insurance pays a benefit to your beneficiary if you die. You can buy Supplemental Life Insurance for yourself, your spouse/domestic partner and your children.
1 – 8 times your annual benefits pay ($2,000,000 maximum)
Annual benefits pay is your annual base pay, or your total targeted compensation (sales employees only), as of Oct. 1, 2020.
|Your Spouse/Domestic Partner|
$10,000 – $100,000 (in $5,000 increments)
Either $5,000 or $10,000 per child
Life Insurance and Imputed Income
For 2021 coverage, the cost is based on your age as of Dec. 31, 2020, and your smoker status. During Annual Enrollment, any Basic Life Insurance you receive over $50,000 and any Supplemental Life Insurance you purchase will be reported as imputed income based on IRS regulations.
Evidence of Insurability (EOI)
You may be required to submit Evidence of Insurability, and it must be approved, before Supplemental Life Insurance coverage takes effect.
Your designated beneficiaries for Basic Life Insurance, Employee Supplemental Life Insurance and Accidental Death & Dismemberment are the same. Make sure you review and update your beneficiaries on Your Benefits™ each year to ensure you designate the right people to receive your life and accident insurance benefits.
Increasing Supplemental Life Insurance
You can increase your Supplemental Life Insurance at any time, but have to provide evidence of good health. You can do this by completing the Evidence of Insurability process. Any new coverage will not go into effect until your Evidence of Insurability is approved.
Life Insurance Accelerated Benefit
If you or your spouse is diagnosed with a terminal illness, you can take an accelerated benefit from your Supplemental Life Insurance coverage and take a trip or vacation to spend some quality time together paid for by your coverage.
Coverage If You Leave or Retire From the Company
You may continue to have Supplemental Life and Voluntary Accidental Death and Dismemberment coverage in one of two ways. Portability means that you can continue coverage under the same or a similar group policy and be billed directly by MetLife. Alternatively, you may convert Supplemental Life insurance coverage to a non-group, individual policy. Conversion means that you can elect coverage without proving that you are in good health.