Group Universal Life Insurance (GUL)
Life insurance pays your beneficiary in the event of your death.
It shouldn’t be expensive to protect your family’s future
WSP provides you with company paid Basic Life and Accidental Death & Dismemberment (AD&D) insurance and employee-paid options through MetLife. For additional life insurance coverage to protect your loved one in the event of your death, please see below.
Group Universal Life Insurance
Group Universal Life Insurance (GUL) offers you the security of life insurance and the ability to contribute to the policy’s cash fund which earns interest on a tax-deferred basis.
MetLife GUL gives you all the protection of life insurance, but also includes a cash fund that can help you to meet a range of financial needs. If you take advantage of the Cash Accumulation Fund (CAF), you can contribute premiums that are above the cost of insurance and earn a competitive guaranteed rate of interest of 3%1 on those additional premiums, which accrues on a tax-deferred basis.
GUL coverage is available for you and your dependents as follows:2
- Employee: $20,000 to $1,500,000 in $10,000 increments
- Spouse/Domestic Partner: $10,000 up to $250,000 in $10,000 increments
- Child(ren): $5,000, $10,000, $15,000, or $20,000
80% of people think life insurance is more expensive than it actually is.3
A 40-year non-smoker can apply for $200,000 of coverage for only $13.60 per month.
If you enroll in GUL, you and your family are entitled to the following, at no additional charge:
- Will Preparation Services4 – Provides unlimited meetings with an attorney to prepare or update a will, living will, health care proxy, and Power of Attorney.
- Estate Resolution Services4 – Gives your beneficiary legal assistance for general questions about the probate process and settling estates.
Employees will need to enroll for GUL on the MetLife at MyBenefits. Once enrolled you may also view your coverage details and certificate.
Group Universal Life Plan Details
Life has changed, but the need to protect and provide for loved ones has not.
Enroll today for Group Universal Life
For questions please call MetLife at 1-833-622-0134.
Documents & Certificates
Resources
Contact Information
For benefit information, claim submission or claim inquiries please contact MetLife’s Life Claim Center at 1-833-622-0134, Monday – Thursday 8 am – 8 pm ET and Friday 8 am – 5 pm ET.
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.
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.metlifeiseasier.com to calculate how much life insurance may be right for you or scroll down and link to the Life Insurance Calculator.
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 deduction, so you don’t have to worry about writing a check or missing a payment.
- You get competitive 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 will have the convenience of having premiums automatically deducted from your paycheck
With portability, you can take your life insurance benefits with you without a gap in coverage. You can continue your Group Life Insurance coverage with MetLife should you leave your employer for any reason. Competitive rates apply but will likely be higher than your current rates. MetLife will bill you directly5.
How much life insurance should you have?
Protect what matters most
Take control of your life insurance coverage so you’ll have the right protection in place for you and your family at all times.
1 The current crediting rate on the interest-bearing account is subject to change without notice but will not fall below the guaranteed minimum in your certificate. Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
2 See certificate for eligibility of spouse/domestic partner and dependent child(ren).
3 2022 Insurance Barometer Study.
4 Will Preparation and Estate Resolution Services are offered by MetLife Legal Plans, Inc., Cleveland, Ohio. In certain states, legal services benefits are provided through insurance coverage underwritten by Metropolitan General Insurance Company, Warwick, Rhode Island. For New York sitused or principally located cases, the Will Preparation service is an expanded offering that includes office consultations and telephone advice for certain other legal matters beyond Will Preparation. Tax Planning and preparation of Living Trusts are not covered by the Will Preparation Service.
Certain services are not covered by Estate Resolution Services, including matters in which there is a conflict of interest between the executor and any beneficiary or heir and the estate; any disputes with the group policyholder, MetLife and/ or any of its affiliates; any disputes involving statutory benefits; will contests or litigation outside probate court; appeals; court costs, filing fees, recording fees, transcripts, witness fees, expenses to a third party, judgments or fines; and frivolous or unethical matters.
5 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,] [or separation from employment.] Rates will increase if you leave your employer [for reasons other than retirement], [or are no longer eligible under the group] and choose to continue your coverage.] If you have ported or otherwise continued your coverage 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.
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 and AD&D contains exclusions, limitations and terms for keeping it in force. MetLife can provide you with costs and complete details.
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 tax advice and this website should not be construed as such. Please seek advice based on your particular circumstances from a qualified tax advisor.
Group Universal Life insurance (GUL) is issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166, and distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). MLIC and MLIDC are MetLife companies. Certificate Form:G.9704(2003)