FAQ's

The GVUL Program FAQ’s

GVUL General FAQ's

GVUL Investment FAQ's

GVUL Enrollment FAQ's

GVUL General FAQ 's

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MetLife GVUL Insurance is a group life insurance policy that combines permanent¹ life insurance coverage with the opportunity to contribute additional premium into the GVUL policy’s tax-deferred investment feature². Additional premium contributions are made on an after-tax basis and any potential earnings accumulate tax deferred.

Coverage may be permanent (to the age of 95) and is fully portable. This means that if you no longer work for the County, you may keep the coverage in place at the same rate as an active County employee¹.

The policy offers a tax deferred investment feature with a variety of investment options, including a fixed interest-bearing account, with a guaranteed rate² for as long as you own your policy.

Maintain flexibility and freedom to withdraw your GVUL cash value at any time and for any reason. There are no early withdrawal penalties, surrender charges, or age restrictions of any kind⁵.

All withdrawals are tax free up to the cost basis of your policy.

The sum of all GVUL premiums paid into the policy. This includes premiums paid for the life insurance protection plus any additional investment dollars you choose to contribute.

For new employees:

Coverage is available up to 8 times your annual salary, to a maximum of $2,000,000, on a guaranteed issue basis.
Requests for coverage above $2,000,000 are available on a simplified issue basis to the plan maximum of $3,000,000.

For current participants:

During annual enrollment only: You may elect to increase your coverage by 1 times your annual salary on a guaranteed issue basis, up to a maximum of $2,000,000. You may apply for higher amounts of coverage, up to 8 times your annual salary and to the plan maximum of $3,000,000, on a simplified issue basis by completing a Statement of Health.
Increases can be applied for anytime throughout the year and will be effective the first of the month following underwriting approval. Any increase that results in coverage amount over $2,000,000 will require a blood test.

You may apply for additional coverage above your eligible guaranteed issue amount, on a simplified underwriting basis. The maximum coverage offered is up to 8 times your annual salary to a maximum of $3,000,000. Any application for coverage up to $500,000 above the guaranteed issue amount you are eligible to receive will require simplified underwriting. This process can be completed and submitted to MetLife online by connecting through the County portal at www.mylacountybenefits.com or directly at https://mybenefits.metlife.com. Any application for coverage greater than $500,000 above your guaranteed issue amount will also require a blood test.4 This opportunity will exist not only during annual enrollment, but also during the program year.

If a life event occurs (such as marriage, divorce, birth, adoption or a family death) you may increase the amount of life insurance coverage you have elected by 1 times your annual salary without needing to provide medical information for approval. You may also change the amount of Dependent Coverage you have elected. You must apply for this increase within 90 days of the date of the life event and your coverage change will become effective on the first day of the month following the date on which premiums are paid. To determine if the life event qualifies, and to apply for an increase, contact a MetLife Group Variable Universal Life (GVUL) Specialist at 800-756-0124. If you have not had a life event but would like to apply for an increase in coverage, you can apply by clicking on the MetLife GVUL link found on the Web enrollment system at www.mylacountybenefits.com. You will be asked to complete a Statement of Health to determine if your increase request can be approved⁴.

Yes, the program remains the same. However, the amount of life insurance you can purchase has been increased to include up 2 times your annual salary if you choose the 50% option and up to 4 times your annual salary if you choose the 25% option. (See Annual Benefits Enrollment Guide for details.)

Your life insurance amount will automatically be reduced to the allowable maximum.

Monthly premium rates are included in the life insurance section of the Annual Benefits Enrollment Guide. You may also view the premiums for your current and any additional coverage amounts on the MetLife GVUL Web site.

Yes. The cost of insurance for your coverage will increase each year based on your age as of January 1st. In addition, your premium may change because of salary and/or elected coverage changes throughout the year.

Yes, you may elect life insurance coverage for your Spouse/Domestic Partner and Dependent Children. This is a Family Rider that you may choose to add to your policy.

You will have the opportunity to enroll on-line during annual enrollment. The GVUL website can be accessed by clicking on the MetLife GVUL link found on your home page at www.mylacountybenefits.com. You may also enroll directly at https://mybenefits.metlife.com. You may also request a paper enrollment kit by calling a GVUL Enrollment Specialist at (800) 756-0124.

GVUL Investment FAQ’s

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GVUL offers a tax-deferred² investment feature that gives you the option to add additional after-tax premium dollars for purposes of investment. This feature provides you with a convenient tax-deferred way to potentially build assets that can be used during your life to meet financial goals such as retirement, estate planning and education expenses. Your extra premium can be allocated among several variable investment choices and an interest-bearing account. All variable investments have certain fees and expenses, which are explained in the current prospectus. Please read the prospectuses carefully before investing or call MetLife at (800) 756-0124, Monday-Friday 7am-7pm CT to receive a prospectus (your prospectus is also available online at the MetLife GVUL website.)

No, the investment portion of the program is optional.

The after-tax money you contribute for investment purposes is called additional premium because the investment component of GVUL is part of a single, integrated policy of life insurance. Additional premium dollars do not go toward the purchase of additional life insurance coverage, but rather become part of a separate account which you can invest in various investment options including an interest-bearing account with a guaranteed³ interest rate.

Any potential earnings created by your additional premium for investment accumulate free from income tax. And, at the time of withdrawal, only earnings in excess of the cumulative premiums paid into your certificate or cost basis (cost of your life insurance coverage plus extra premiums) will be subject to income tax. Withdrawals will reduce your cash value and death benefit^.5

Because GVUL is permanent1 life insurance, the premiums paid for life insurance protection are added to any additional premium for investment to form the investment cost basis (money not subject to income tax at withdrawal). Earnings are not subject to income taxes until the cumulative amount withdrawn exceeds the cost basis. This means the life insurance premiums perform double duty – they provide life insurance protection AND increase the non-taxable investment cost basis.

You can add from as little as $25 monthly up to your maximum contribution limit, which is based on your age and coverage amount. For information on your maximum contribution limit, please contact an Enrollment Specialist at (800) 756-0124.

No. You can make elections by clicking on the MetLife GVUL link found on your home page at www.mycountyoflabenefits.com.

GVUL Enrollment FAQ's

Once you log into mylacountybenefits.com, click on Enroll to visit the MetLife website.
You may also enroll directly at the MetLife GVUL website by logging on to https://mybenefits.metlife.com .

On the main MyBenefits log in page, select My Accounts. On the Life Insurance Tab select “Manage My Policy”. The next screen will be the “Coverage” tab and will show your coverage amount and monthly cost.

Select the “Manage My policy” tab, then select the “GVUL Investment” tab, then the “Modify Investment Premium” tab. From there you will be able to select your amount for payroll deduction, a lump sum contribution, or a combination of both.

Select the “Manage My Policy” tab, then select the “GVUL Investment” tab, then the “Modify Investment Premium” tab, then the “Cancel Monthly Investment Premium” tab.Select “Modify Investment Premium” and “Cancel Monthly Investment Premium.”

Select the “Manage My Policy” tab, then select the “GVUL Investment” tab, then the “Modify Investment Premium Allocation” tab. Then select the “Fixed Fund” option.

Go to the “Resources” tab on the main page of the COLA microsite. Please select the “Withdrawal Form”. Once complete, Section 6 of the form provides instructions for how to submit the form via regular mail, fax, or email.

Select the “Update Beneficiaries” tab. You may select primary and contingent beneficiaries. There may be multiple for each as long as the total for each category equals 100%.

From the main log in page, you will select the “Documents and Forms” tab at the top of the page. The quarterly statements are under the documents tab. Please note that these are only for policyholders maintaining at least $1,000 in cash value within their GVUL policy. For policyholders with less than $1,000 in cash value, annual statements will be issued and may be found in the same location.

FAQ's

The GVUL Program FAQ’s

GVUL General FAQ 's

What is Group Variable Universal Life (GVUL) Insurance?

What are the advantages offered by the GVUL program?

What is cost basis?

What amounts of coverage are available under the GVUL program?

Can I elect coverage in excess of the guaranteed issue maximum?

Once I am enrolled in the GVUL program, can I apply to increase my coverage during the year without waiting for future annual enrollments?

For MegaFlex Retirement Plan E members only: Will I be able to participate in the Survivor Income Benefit Plan and the MetLife GVUL program as I have in the past?

For MegaFlex Retirement Plan E members only: What happens if I participate in the Survivor Income Benefit Plan, and I accidentally select more than the allowable maximum under the life insurance election?

What will the GVUL coverage cost?

Will my GVUL premiums change over time?

Can my spouse/domestic partner and dependent children be insured?

How do I enroll in the GVUL program?

GVUL Investment FAQ’s

What is the investment feature within GVUL?

Do I need to participate in the investment portion of the program in order to maintain insurance protection?

Why are my investment dollars called “extra premium?”

What are the tax advantages of investing extra premium into the GVUL program?

How do the premiums paid for the cost of my life insurance coverage protect my investment earnings from income tax?

What is the minimum and maximum amount of extra premium for investment that I can contribute?

Is this enrollment period my only opportunity to elect to contribute extra premiums?

GVUL Enrollment FAQ's

How do I get to the website?

Where do I see my coverage amount and monthly cost?

How do I select an amount to invest?

Where do I go to cancel my monthly investment premium?

How do I put an amount to invest in a fixed account?

How do I request a withdrawal?

How do I update my beneficiaries?

Where can I find a copy of my quarterly account statement?