Voluntary Group Term Life Insurance
Underwritten by Metropolitan Life Insurance Company New York, NY
Open Enrollment for New Independent Business Owners
Additional Benefits
Living Care/Accelerated Death Benefits
In the event of a terminal condition, this benefit can help relieve some of your financial burden. If you are diagnosed with a terminal condition as having 12 months or less to live, you may request an advance payment of your life insurance death benefit.
You may get a lump sum of 80% of the amount of life insurance for you in effect at the time of the request or $500,000, whichever is less. Upon the event of your death, your beneficiary will receive the unpaid balance of insurance. Individuals should consult their personal tax advisor since the proceeds under this benefit may be taxable.
Accidental Death and Dismemberment (AD&D)
Provided you have elected some amount of life insurance, you have the option to elect an accidental death and dismemberment (AD&D) insurance rider available in coverage amounts ranging from $25,000 to $100,000, in increments of $25,000. This coverage is not available for dependents. AD&D coverage is available if you are injured or die as a result of an accident. Varying degrees of benefits are also available for loss of limb, sight, hearing, speech or paralysis.
Accident means a sudden, unexpected and unforeseeable event, independent of sickness and all other causes. Refer to your certificate of insurance for the details, limitations, and exclusions of these additional benefits.
Conversion
If your voluntary group term life coverage ends, conversion offers you an opportunity to continue your insurance with an individual life policy from MetLife without having to provide evidence of insurability. You are responsible for requesting the conversion within 31 days from when your group coverage ends as well as paying the premium. Conversion is not available for the AD&D rider.
Dependent Coverage
If you elect voluntary group term life insurance coverage, you may also enroll your non-IBO spouse and/or child(ren) for limited amounts of the same coverage. Dependent child(ren) must be 14 days up to age 26, dependent upon you for support and not disabled or hospital confined. If your spouse is also a current IBO, he/she should complete their own enrollment form.
Return to Group Term Life Coverage Highlights
Voluntary Term Life Insurance and Accidental Death and Dismemberment insurance underwritten by Metropolitan Life Insurance Company New York, NY. Group Policy Form: 162250-1-G
Like most insurance policies, MetLife policies contain certain exclusions, waiting periods, reductions, limitations and terms for keeping them inforce. All policies and riders may not be available in all states, at all issue ages and to all occupational classes. Coverage may be subject to underwriting approval. Please contact your plan administrator at 1-800-254-2327 for details.
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