You have time sensitive decisions to make. Here’s how to take action.
Yes. Rates for conversion and portability are calculated based on your age at the time you convert or port your coverage. Conversion rates will remain the same for the life of the policy while portability rates may change.
Rates for an individual policy are calculated based on a number of factors including your age and insurability when you apply, and therefore may be lower than a standard conversion or portability rate.
For conversion and portability, you generally have 31 days from when your benefits end to continue your coverage. Refer to your paperwork for specific information about your policy. You can apply at any time for an individual policy.
A financial professional is experienced and specially trained to provide personalized guidance and advice. He or she can help you navigate the application process and has access to the information and required forms you may need.
| Conversion | Portability | Individual |
| No. | No, not for standard rates. However, medical questions must be answered to apply for Preferred Life Rates (lower preferred rates) and for increases in coverage. If approved by MetLife, you will be billed using the Preferred Life Rates. |
Yes. |
| Conversion | Portability | Individual |
Generally, the minimum is $1,000. However this is subject to the Individual Life plan features. The maximum coverage that can be continued is generally the amount lost at the time your group coverage ends. However, that can vary based on:
|
The minimum coverage amounts that can be continued are: Employee: Spouse / Domestic Partner: Child(ren): The maximum coverage amount that can be continued is generally limited to the amount you had at the time group benefits ended, or $2 million. Refer to your Election of Portable Coverage Form for specific information about eligible continuation amounts. |
You generally have more flexibility in your policy options. Minimums and maximums are subject to the policy chosen. |
| Conversion | Portability | Individual |
Convert your Group Life insurance benefits to a permanent, Individual Whole Life insurance policy2 based on a qualifying event* Available on all Group Life insurance coverages including Basic Life, Optional Life, Spouse Life and Child Life Conversion is not available on Accidental Death & Dismemberment (AD&D) coverage Coverage is guaranteed with no medical questions as long as it is submitted within the application timeframe |
Port your Group Life and Accidental Death & Dismemberment (AD&D) insurance benefits to a term policy based on a qualifying event* May be available on some Group Life insurance coverages including Basic Life, Optional Life, Spouse Life and Child Life. Refer to your paperwork for eligible portability options. AD&D coverages may also be eligible for portability. Refer to your paperwork for eligible portability options. Coverage is guaranteed with no medical questions as long as it’s submitted within the application timeframe. Preferred rates may be available for those who qualify based on completing a Statement of Health (SOH) form. |
You may qualify for an individual policy at any time with evidence of insurability. Not limited to a qualifying event Policy includes a range of selections. |
*A qualifying event is a loss of group life or AD&D coverage due to termination, retirement, a scheduled decrease of coverage, a dependent spouse or child’s eligibility changed (i.e. child reached plan’s maximum age or age limit, death of employee, divorce or termination of domestic partnership), class or plan eligibility change, or the group policy ended.
A benefits package that fits your vision of retirement is an important part of your financial future.
How much do you need? How much will it cost? Find out here.
Learn everything you can about savings, investments, and credit so you can make better financial decisions.
