MetLife Makes Maintaining Life Insurance Protection Easier for Today's Workforce
"Today's mobile workforce needs convenient and flexible benefit options" says Graham Cox, Vice President, Group Life Products, MetLife. "Life insurance is an important foundation of a strong financial plan, and it is essential to help employees maintain that financial security especially since most Americans are underinsured to begin with."
According to the 5th annual MetLife Study of Employee Benefits Trends, only half of full-time employees in the United States have life insurance coverage. To compound this problem, among those that do have coverage, approximately one out of every two admits that they don't have enough.
MetLife, a leading provider of employee benefits, understands that today's families not only need that consistent protection, but also need added flexibility in maintaining those benefits as their lives change. To help that happen, MetLife recently began offering a number of new portability features to its Group Term Life and Accidental Death and Dismemberment (AD&D) insurance benefits plans. The features include an increase in the number of circumstances for which a person is eligible for portability--as well as doubling the maximum amount of life insurance an employee can port.
"When eligibility for an employer's group life insurance benefits ceases, some employees alarmingly will go without any protection at all," notes Cox. "The new portability features make it much easier for employees to maintain this important financial safety net." Cox explains that the increased flexibility and plan maximums also can help benefits advisors/brokers, and by extension, their employer clients, better address the needs of a diverse workforce.
"When you factor in that four out of 10 surveyed employees say they have changed jobs at least once in the last five years, the need for life insurance continuity is critical to helping to narrow the underinsured gap," Cox explains.
Consider, too, the demographic of working women who leave their jobs for several--or many--years to raise their children. Having portable life insurance coverage helps ensure peace of mind surrounding the well-being of their growing families.
MetLife's flexible portability features include:
-- Adding more qualifying life events in which an employee can apply for portability. These now include retirement, end of employment, end of the group policy, reduction in coverage due to age or a change in the plan that impacts an employee's coverage.
-- Increasing the maximum coverage one can port from $1 million to $2 million.
-- Permitting the employee and/or spouse to apply for preferred life premium rates with evidence of insurability which can result in lower premiums.
-- Adding flexibility to increase coverage annually with evidence of insurability up to the plan's maximum.
-- Permitting the porting of AD&D coverage without porting life insurance coverage.
In addition, dependent children may port coverage on their own when they are no longer eligible as a dependent.
"Portability brings additional value to a client's employee benefits program. It may help increase employees' satisfaction with their benefits program knowing that they can keep their current life insurance coverage amidst changes in their personal or professional lives," adds Cox. "Making it as easy as possible for employees to obtain--and then retain--life insurance protection is critical for closing the underinsured gap and a win-win solution for all stakeholders."
For more information about how MetLife's portability features can enhance employers' group term life insurance and AD&D programs, visit whymetlife.com/broker/portability.
Product availability and features may vary by state.
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November 7, 2007
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