Term life insurance is usually the most affordable type of life insurance. It provides temporary financial protection for your loved ones during your working years. The death benefit pays money directly to your beneficiaries to help with funeral costs and ongoing financial obligations such as daily living expenses, child education and mortgage payments. Term life.
Common types of term life insurance that may be available through your workplace include:
Basic Term Life: Generally an employer-paid coverage offered for a set period of time that provides your beneficiaries with essential financial protection.
Supplemental Term Life: An employee-paid benefit allowing you to purchase additional protection as your needs change over time. Dependent, spouse or domestic partner coverage may also be available.
Dependent Term Life: Provides coverage for your spouse, civil union partner or domestic partner and eligible children.
For complete plan details, talk to your company’s benefits administrator.
Life insurance comes in two main types – term and permanent – which may both be available through your workplace.
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Term life insurance pays a specific lump sum to your loved ones, providing coverage 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 may 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 policy 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
Availability of products and services is based on MetLife’s guidelines, group size, underwriting and state requirements. Like most insurance policies and benefit programs, insurance policies and benefit programs offered by Metropolitan Life Insurance Company and its affiliates contain certain exclusions, exceptions, waiting periods, reductions of benefits, limitations and terms for keeping them in force. Please contact MetLife for complete details.
In the event you retire or leave the company you may have the option of taking your coverage with you.
Public liability insurance
Life insurance policies contain certain exclusions, limitations, exceptions, reductions of benefits, waiting periods and terms for keeping them in force. Please contact your company’s benefits administrator for costs and complete details.
Group Term Life is issued by Metropolitan Life Insurance Company, New York, NY 10166. Policy Form GPNP99.
MetLife Rapid Term Life insurance is issued by Metropolitan Tower Life Insurance Company, New York, NY 10166, policy form #8D-29-17.