Voluntary Group Level Term Life Insurance
Underwritten by Metropolitan Life Insurance Company New York, NY
Members of the Independent Business Owners Benefits Association have the opportunity to enroll for Group Level Term Life Insurance underwritten by MetLife. A level term plan means that both the premium and amount of your benefit remain level for a specific term of time such as ten or twenty years . Your premium will not increase during the term of the coverage. Once the term of the coverage has been reached, and if you want to renew another term, a new premium rate will apply. All eligible IBOs who are a citizen or legally able to work in the United States have an opportunity to enroll for this valuable coverage.
Coverage Highlights
Coverage Options
- IBO only
- IBO and Non-IBO spouse
- IBO, Non-IBO spouse and child(ren)
- IBO and child(ren)
If both you and your spouse are IBOs, you both may enroll by completing separate enrollment forms; you both may also insure your eligible child(ren).
Definition of IBO Eligibility
You must be a current IBO, a member of the Independent Business Owners Benefits Association, a citizen or legally able to work in the United States and able to perform normal activities and not be confined at home. Additionally, the age guidelines are as follows:
Ten Year Level Term: You must be under the age of 60 at time of enrollment
Twenty Year Level Term: You must be under the age of 50 at time of enrollment
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IBO Member
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Non-IBO Spouse
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Child(ren)
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Minimum
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$25,000
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$25,000
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$5,000
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Maximum
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$1,000,000
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100% of IBO member's benefit, up to $250,000
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$10,000
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The Group Level Term Life Insurance plan is not available to IBOs (or spouses) engaged in Non-Preferred Industries. If you are engaged in any of the Non-Preferred Industries, please contact USI Affinity at 1-800-254-2327 for other life insurance options.
Note: If both you and your spouse are IBOs, each of you may apply for the maximum amounts shown above. In order to purchase life insurance coverage for your non-IBO spouse and/or dependent child(ren), you must purchase coverage for yourself.
Additional Benefits & Features
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.
Will Preparation
You (and a covered spouse) will have access to a Will Preparation service that provides unlimited access to more than 14,000 attorneys . The Will Preparation service includes preparation of a will, living wills and power of attorney.
Estate Resolution Services
Available to your beneficiaries are Estate Resolution Services offered attorneys to assist in dealing with the complex process of probate after a claim is filed.
Effective Date
Coverage for you and your dependent(s) will begin, subject to payment of required premiums, on the first day of the month that follows the latest of the day:
- Following the approval of Evidence of Insurability and members written request to enroll for insurance.
- The member acquires an eligible dependent(s).
- Able to perform normal activities of a person of like age, gender and occupation or retired status on that date
Conversion
If your group level 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.
Dependent Coverage
If you elect Group Level 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 (supported by you) and not disabled or hospital confined. If your spouse is also a current IBO, he/she should complete their own enrollment form.
How to Enroll
Eligibility
View Rates
Group Level Term Life Insurance is 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 is subject to underwriting approval. Please contact your plan administrator at 1-800-254-2327 for details.
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