Life insurance comes in two main types – term and permanent – which may both be available through your workplace. How to sign up for life insurance.
Term life insurance pays a specific lump sum to your loved ones for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if you leave your company.
Generally, you should consider a term life insurance policy to:
Get valuable coverage at an affordable price
Help cover specific financial responsibilities like a mortgage or college expenses
Supplement a permanent policy
Permanent life insurance policies do not expire. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means, the value of the policy will grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of plan is typically portable so coverage can continue if employment terminates.
Consider a permanent insurance policy if you want:
Payments that stay the same each year
To put additional money into the policy on a tax-favored basis
Cash value you can use while you are living
Everyone is different, but it may be 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 may change the type or amount of coverage you need. Many people are surprised to learn that they may not have enough life insurance to cover the many expenses their loved ones will face.
It’s simple to determine the amount of coverage you may need now. Just go to www.metlifeiseasier.com to calculate how much life insurance may be right for you.
end-of-life obligations is defined as cost for the final year of living, can include costs of healthcare, living, hospice, respite, and legal expenses. 2019 US News Funeral Costs to Plan For. 2018 LIMRA Insurance Barometer Study.
Like most group life insurance policies, MetLife group policies contain certain exclusions, reductions, limitations, and terms for keeping them in force. Please contact MetLife for costs and complete details.
Group Term Life is issued by Metropolitan Life Insurance Company, New York, NY 10166. Policy Form GPNP99.
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MetLife Rapid Term Life insurance is issued by Metropolitan Tower Life Insurance Company, New York, NY 10166, policy form #8D-29-17.