FEATURED STORY
Understanding Term vs. Whole Life Insurance
Term life insurance offers protection for your family for a specific period of time, while whole (or permanent) does not expire.
Term Life Insurance
Loss of life is something we avoid thinking about, but it's important to plan for the unexpected so your family can be cared for.
Term Life Insurance Policy Benefits
- Basic Term Life: Often an employer-paid coverage option that is offered for a set period of time and provides your beneficiaries with crucial financial protection.
- Supplemental Term Life: An employee-paid coverage option that allows you to purchase additional protection as your needs change over time. Dependent, spouse, or domestic partner coverage may also be available.
- Dependent Term Life: This option provides coverage for your spouse, civil union partner, domestic partner, and eligible children.
Protect and Prepare Your Loved Ones
The death of a loved one is not only emotionally devastating, but affects every aspect of an individual’s life. Suddenly, everyday expenses are much harder to afford. Planning ahead by selecting the right life insurance option is the first step to protecting and preparing your family for whatever is ahead. Find a flexible, comprehensive coverage option that will secure your loved ones’ financial future.
Term Life insurance coverage provides financial protection for your loved ones throughout your working years when your cost of insurance is typically less expensive. Its death benefit pays the money directly to your beneficiaries in order to help with funeral costs and ongoing financial obligations, such as daily living expenses, your children’s education, and future mortgage payments.
For complete details of the best plan for you and your family, talk to your company’s benefits administrator or contact MetLife directly for more information.
FEATURED STORY
DID YOU KNOW?
63% of employees worry about the financial security of their families in the event of their premature death1
An Introduction to Life
Life insurance is a protective policy that pays out a sum of money to the insured's beneficiaries after they have passed away.
FAQ
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Life insurance is a cost-effective way to protect your family and finances. Should something unforeseen happen to you, it helps ensure that short- and long-term financial obligations can be met.
If you have a spouse or a family (domestic partner and/or children), they may rely on you to help keep the household running. Life insurance gives you confidence that your family would be financially prepared without you to handle expenses.
Life insurance comes in two main types – term and permanent – which may both be available through your workplace.
Term life insurance pays a specific lump sum to your loved ones, providing coverage for a specified period of time – typically until a change in active employment status (e.g. retirement, change in employers). If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port, meaning you can take the coverage with you if you leave your company.
- Generally, you should consider a term life insurance policy to:
- Get valuable coverage at a cost-effective price
- Help cover specific financial responsibilities like a mortgage or college expenses
- Supplement a permanent policy
Permanent life insurance policies do not expire. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means the value of the policy may grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of policy is typically portable so coverage can continue if employment terminates.
Consider a permanent insurance policy if you want:
- Protection for life
- Payments that stay the same each year
- To put additional money into the policy on a tax-favored basis
- Cash value you can use while you are living
Getting life insurance through work can be an easy way to protect your family. If your employer offers a group plan, consider signing up for advantages that may include:
- Competitive group rates2
- Guaranteed issue3, meaning you can get a certain amount of coverage without answering health questions or taking a medical exam
- Convenient payroll deductions
- Easy access to enrollment and educational tools that can help you make decisions about the type and amount of insurance that’s right for you
- The confidence of knowing that your employer has reviewed and selected the plan
All you have to do is sign up, and sometimes enrollment is automatic.
Everyone is different, but it may be more than you have now. The insurance you need changes as your life changes — for example, getting married, starting a family or buying a home may change the type or amount of coverage you need. Many people are surprised to learn that they may not have enough life insurance to cover the many expenses their loved ones will face.
It’s simple to determine the amount of coverage you may need now. Just go to www.metlife.com/lifeneeds.com to calculate how much life insurance may be right for you.
It may be less expensive than you think. MetLife’s group life insurance plans are an economical way for you to provide for your family with competitive group rates and a wide range of coverage options to choose from. Exact rates can be found in the enrollment materials.
It may be less expensive than you think. MetLife’s group life insurance plans are an economical way for you to provide for your family with competitive group rates and a wide range of coverage options to choose from. Exact rates can be found in the enrollment materials.
NEXT STEPS
Contact your employer for more information.