1 To the maturity age specified in the certificate. In some program designs, if the plan sponsor replaces MetLife GVUL or GUL with another group life insurance plan or otherwise terminates the MetLife group policy, coverage may also be terminated, even after retirement or separation from employment. If coverage is ported or otherwise continued after retirement or separation from employment and the plan sponsor later terminates the group policy, cost of insurance rates may increase as a result of such termination.
2 To the maturity age specified in the certificate. In some program designs, if the employer replaces MetLife GUL or GVUL with another group life insurance plan or otherwise terminates the MetLife group contract, employees’ coverage may also be terminated, even after separation from employment or retirement.
3 Withdrawals reduce the death benefit and cash value and thereby diminish the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age. In general, if the funding of a 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 59 will also generally apply. We will notify certificate holders if a contribution would cause their certificate to become an MEC. Withdrawals are subject to an administrative fee of 2% of the amount withdrawn, not to exceed $25.
4 MetLife’s Study of the Financial Impact of Premature Death, 2020.
* MetLife’s 19th Annual U.S. Employee Benefits Trends Study was conducted in December 2020-January 2021 and consists of two distinct studies fielded by Rainmakers CSI – a global strategy, insight, and planning consultancy. The employer survey includes 2,500 interviews with benefits decision-makers and influencers at companies with at least two employees. The employee survey consists of 2,651 interviews with full-time employees, ages 21 and over, at companies with at least two employees
Group Term Life is issued by Metropolitan Life Insurance Company, New York, NY 10166. Policy Form GPNP99.
MetLife Rapid Term Life insurance is issued by Metropolitan Tower Life Insurance Company, New York, NY 10166, policy form #8D-29-17.