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Home > Life Insurance > Supplemental Life Insurance
Supplemental Life Insurance |
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While you were an active employee, supplemental life insurance coverage of at least one times
your pay was available on an optional contributory basis. Salaried employees who retired prior
to 2-1-2001 and hourly employees who retired prior to 8-1-2001 were eligible to continue coverage as described below.
Payment of Benefits
Supplemental life insurance benefits are paid to your beneficiary in a money market account.
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If you retired before age 65 prior to 2-1-2001 for salaried employees, or prior to 8-1-2001 for hourly employees and:
- you were eligible for an immediate pension benefit
and
- you had supplemental life insurance coverage for at least one year immediately preceding retirement.
You had the following options:
- continue your supplemental life insurance amount until age 65 by continuing to make your regular premium payments. After age 65, any difference between what was covered during active service and the reduced amount can be converted to an individual policy within 30 days from the date benefits were reduced by contacting any MetLife representative or by calling 1-877-275-6387 for the office nearest to you
or
- take the reduced supplemental life insurance amount immediately at no cost to you.
If you retired at age 65 or later prior to 2-1-2001 for salaried employees, or prior to 8-1-2001 for hourly employees
A reduced amount of supplemental life insurance coverage will continue for the rest of your life at no cost to you. The amount of coverage is based on your years of service as follows:
| Years of Service Prior to Retirement |
Insurance Amount |
|---|
| Less than one year | $0 |
| One year but less than five years |
$312 supplemental life insurance |
| Five or more years |
The greater of (a) or (b):
(a) 1% of your supplemental life insurance amount just before retirement* times your years of service (including any fraction of a year) plus $250 supplemental (minimum: $1,250)
or
12.5% of your supplemental life insurance just before retirement;* (up to a maximum of $5,000)
or
(b) 10% of your supplemental life insurance just before retirement.*
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Any difference between what was covered during active service and the reduced amount can be converted to an individual policy within 30 days from the date benefits were reduced by contacting any MetLife representative or by calling 1-877-275-6387 for the office nearest to you.
Living Benefit
If you are diagnosed with a terminal illness, with six months or less to live, and have at least $10,000 of life insurance (basic and supplemental coverage combined), you may make a one-time request to receive a portion of your life insurance benefit before you die. You must furnish satisfactory proof of your illness to the insurance company before any benefits can be paid.
You may receive up to 50% of the amount of your basic and supplemental life insurance coverage, with a maximum living benefit of $250,000 of your basic life insurance coverage and $250,000 of your supplemental life insurance coverage. Benefits will be paid in a lump sum.
Living benefit payments may be taxable and may affect your eligibility for certain government benefits, such as Medicaid. In addition, the amount of benefits payable to your beneficiary upon your death will be reduced by the amount of the living benefit that you receive.
If you wish to apply for a living benefit, please contact the Benefit Plans Office for forms and instructions.
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Benefit Amounts
During Retirement — At Any Age
For salaried employees who retired after 2-1-2001 and hourly employees who retired after 8-1-2001, supplemental life insurance coverage terminates unless you convert it to an individual policy.
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Last updated: Thursday April 21 2005
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