Group Universal Life Insurance | MetLife

Group Universal Life Insurance | MetLife

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

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 1 times your annual earnings (not to exceed $150,000) when you act within your qualifying enrollment period.2
    • Additional coverage is available from 1 to 8 times your annual earnings (not to exceed $2,000,000). Evidence of Insurability may be required.
  • Coverage for your spouse/domestic partner – You can request guaranteed $10,000 in coverage for your spouse/domestic partner when you act within your qualifying enrollment period. 2
    • You may elect higher amounts of coverage for your spouse/domestic partner of any amount between $10,000 and $200,000 (in increments of $10,000). Evidence of Insurability may be required.
  • Coverage for your children – You or your spouse/domestic partner must participate in the program to elect coverage for your children. You can request guaranteed $10,000 in 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.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Life Insurance Calculator

 

Rate Chart

 

Enrollment Form

 

Beneficiary Change Form

 

Customer Service Request Form

 

Authorization Form

 

MetLife Privacy Notice

 

Quotation Form

How It Works

Number one Enroll now icon

You enroll in coverage

Number two Right hand holding coins icon

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.

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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Are you ready to enroll?

Act now so Group Universal Life Insurance is in place no matter what unfolds in the future.

Do You Need Help?

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Phone Number: 1-800-528-1245