Group Universal Life Insurance
MetLife's Group Universal Life (GUL) product is a voluntary, portable1 group life insurance product designed to supplement existing benefits programs by providing employees with an additional layer of financial protection for their families.
GUL is generally an employee-pay-all (voluntary) program, designed to reduce administrative costs and workload. In addition, GUL and its attractive program features add variety to existing benefits packages and demonstrate employers’ interest in the well-being of their employees’ and their families.
MetLife's Group Universal Life
A voluntary life insurance coverage that includes a tax-deferred cash fund.2
MetLife's GUL allows your clients to offer an additional method of employee life insurance that includes a cash accumulation feature and relieves them from the day-to-day administrative tasks typically associated with maintaining a life insurance program. Participants will benefit from flexibility, guaranteed interest rates, tax advantages, options at retirement and loan and withdrawal privileges.
MetLife Estate Resolution ServicesSM 4 offers estate probate services, making it easier for estate representatives to distribute an employee’s assets during a beneficiary’s time of need:
MetLife Estate Resolution Services can help alleviate financial and administrative burdens and give beneficiaries a sense of security in their time of need.
To help protect their assets and secure their families' financial future, Will Preparation5 offers insured employees and their spouses access to Hyatt Legal Plans' network of over 11,500 participating plan attorneys, and fully covers the legal fees associated with preparing or updating a will, living will and power of attorney when using a participating attorney. An Out-of-Network reimbursement option is also available.
Will Preparation is available to companies with active employees and retirees who participate in MetLife’s Supplemental Group Life Insurance or Group Universal Life Insurance (GUL), and is offered by Hyatt Legal Plans, a MetLife company.
Plan provision which allows employees to continue their coverage when employment ends due to voluntary termination, retirement, or dismissal, or when they are no longer classified as an eligible class for benefits.1
The "Waiver of Premium" rider allows life insurance coverage to remain in force but waives the premium for disabled employees, who are unable to work, after a specified waiting period.
1 Portability is subject to state availability and plan provisions. In some program designs, if the employer replaces MetLife GUL with group life insurance from another insurer or otherwise terminates the MetLife GUL group contract, employees' MetLife GUL coverage may be terminated, even after separation from employment or in retirement.
2 GUL is not available to South Dakota residents.
3 In some plan designs, if the employer replaces MetLife GUL with group life insurance from another insurer or otherwise terminates the MetLife GUL group contract, employees' MetLife GUL coverage may also be terminated, even after separation from employment or retirement.
4 Estate Resolution Services are offered by Hyatt Legal Plans, Inc., Cleveland, Ohio. In certain states, Estate Resolution Services are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and Affiliates, Warwick, Rhode Island.
5 Will Preparation Services are offered by Hyatt Legal Plans, Inc., Cleveland, Ohio. In certain states, legal services benefits are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and Affiliates, Warwick, Rhode Island. For New York sitused cases, the Will Preparation service is an expanded offering that includes office consultations and telephone advice for certain other legal matters beyond Will Preparation.
Like most group life insurance policies, MetLife group policies contain certain exclusions, reductions, limitations, and terms for keeping