Group Universal Life Insurance
Life insurance pays your beneficiary in the event of your death.
Life has changed, the need to protect your family hasn't
You can get cost-effective life insurance coverage to protect those you care about most and the life you’re building for them today.
Enrollment
Reynolds employees have the opportunity to enroll in Group Universal Life Insurance at any time during the year.
Group Universal Life Insurance: One policy, two benefits
Group Universal Life combines valuable life insurance protection with an optional savings feature. In one policy, you can provide financial protection for your loved ones in the event of your death and build cash savings that you can use during your lifetime such as – child’s education, buying a home or living comfortably in retirement.
Life Insurance is an essential part of an overall financial plan.
- This is a policy you can take with you if you retire or change jobs.1
- The coverage is flexible to fit your needs over time.
- Helps secure your financial future by supplementing retirement income.
- Includes a tax-deferred2 savings feature for added flexibility so you can use your money when and how you see fit.
MetLife Group Universal Life Insurance (member paid) options includes :
- Coverage for you - You are guaranteed up to 2 times your annual base pay (not to exceed $600,000) when you act within your qualifying enrollment period.3
- Additional coverage is available from 1 to 5 times your annual base pay (not to exceed $3,000,000). Evidence of Insurability may be required.3
- Coverage for your spouse/domestic partner - You can request guaranteed $10,000 in coverage for your spouse/domestic partner when you act within your qualifying enrollment period.3
- You may elect higher amounts of coverage for your spouse/domestic partner of any amount between $10,000 and $250,000 (in increments of $10,000). Evidence of Insurability may be required.3
- Coverage for your children – You or your spouse must participate in the program to elect coverage for your children. You can request $5,000 or $10,000 in guaranteed coverage for your eligible children when you act within your qualifying enrollment period.
Life Insurance FAQs
While having life insurance provided by your employer is a great benefit, it’s possible that it may not be enough to adequately provide for your family. Additional life insurance can give your family greater financial security if you are no longer here to earn a paycheck.
Everyone is different, but you may need 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 might change the coverage you need. Many people are surprised to learn that they don’t have enough life insurance to cover the many expenses their loved ones may face. It’s simple to determine the amount of coverage you need now:
Go to www.metlife.com/lifeneeds 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 provided by your employer.
Premiums are conveniently paid through payroll deductions.
- You get competitive4 group rates and a wide range of coverage options to choose from.
- Proceeds are generally income tax free and can be paid to your beneficiary in a lump-sum payment.
You can enroll anytime during the year after answering health questions. Evidence of Insurability may be required.
These are the periods when you may not have to answer medical questions or provide Evidence of Insurability in order to enroll:
- During your new hire enrollment period.
- If you have a qualifying life event (you get married, have a baby, etc.)
- During special enrollment priods as offered by your employer and insurance provider.
Check with your employer’s human resources/benefits team for specifics about these timeframes.
How much Life insurance should you have?
Protect What Matters Most
Life insurance can help your family cover future day-to-day needs and long-term expenses.
Enroll Today
Enroll now1 To the maturity age specified in your certificate. If your plan sponsor replaces MetLife GUL with another group life insurance plan or otherwise terminates the MetLife group policy, your coverage will also be terminated, even after retirement. Rates may increase if you leave your employer or are no longer eligible under the group and choose to continue your coverage. If you have ported or otherwise continued your coverage after separation from employment and the plan sponsor later terminates the group policy, cost of insurance rates will increase as a result of such termination.
2 Earnings within your GUL coverage grow income tax free while the policy stays in force. Please consider your time horizon, tax rates, and the effect of fees and expenses, including any premium expense charge, when evaluating the benefit of GUL tax deferral. See your Certificate for complete information.
3 All applications for coverage are subject to review and approval by MetLife. If you choose to apply for increased coverage, the increase may be subject to underwriting. MetLife will review your information and evaluate your request for coverage based upon your answers to the health questions, MetLife’s underwriting rules and other information you authorize us to review. In certain cases, MetLife may request additional information to evaluate your request for coverage. Coverage will be effective in accordance with the applicable policy and certificate after approval by MetLife. Only applicants who reside in a US state, the District of Columbia, or Guam, Northern Mariana Islands, Puerto Rico or US Virgin Islands are allowed to complete their SOH form online where available. Otherwise, applicants will be provided with a paper SOH form. Individuals residing outside of the US or in certain US territories must be on US payroll and be approved by MetLife before being provided with an SOH form.
4 Cost of insurance rates are determined using methodologies that vary by company. These rates can vary and will generally increase with age. Rates for active employees may be different than those available to terminated or retired employees. It’s important to look at all factors when evaluating the overall competitiveness of rates and the value of life insurance coverage.
Group Universal Life (GUL) is issued by Metropolitan Life Insurance Company, New York, NY 10166. Certificate # G.9704(2009)
Nothing in these materials is intended to be advice for a particular situation or individual. Please consult with your own advisors for such advice. Like most insurance policies, MetLife GUL contains exclusions, limitations and terms for keeping it in force. MetLife can provide you with costs and complete details.
Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MetLife, its agents and representatives may not give legal, tax or accounting advice and this document should not be construed as such. Please confer with your qualified legal, tax and accounting advisors as appropriate.