MetLife Group Term Life Insurance
NC State offers eligible employees group-term life insurance through MetLife. "Group-Term" simply means the life insurance is offered to a group of employees and that unless an employee elects to continue the coverage, it terminates when employment ends. Because MetLife is offered to a large group of employees, monthly premiums are very low in contrast to whole-life and universal-life insurance products.
Who's Eligible?
Permanent employees who work at least 20 hours or more per week for 9 or more months per year are eligible to purchase MetLife insurance. Participating employees may also purchase coverage for a legal spouse, domestic partner (same sex or opposite sex) and children up to the age of 19 or 23 if a full-time student.
How Much Coverage Can I Purchase?
You may choose between 1, 2, 3, 4 or 5 times your base annual salary, up to a maximum of $500,000. The guaranteed-issue amount is three times the base annual salary, or $250,000, whichever is reached first. Amounts over three times the base annual salary or $250,000 are subject to evidence of insurability approval.
Spouse or domestic partner coverage options are $10,000, $20,000, $30,000, $40,000 or $50,000. Children may be covered either at $2,000 or $10,000 per child.
Note: Spouse's or domestic partner's coverage may not exceed the employee's coverage amount.
Do I Have To Complete A Health Statement?
Provided you enroll when first eligible (within 30 days of employment or qualifying event), coverage up to 3 times the base annual salary (or $250,000), or for a spouse/domestic partner and/or child is guaranteed. Life insurance in excess of the guaranteed issue amount or for those considered late enrollees requires evidence of insurability (or statement of health) approval before coverage is granted.
How Is The Monthly Premium Calculated?
Employee and spouse/domestic partner coverage premiums are based on the amount of coverage and the employee's age. Depending on the amount of coverage (either $2,000 or $10,000), employees pay a flat monthly rate for dependent child/ren coverage regardless of the number of children covered.
Rate Chart (Employee/ Spouse/Domestic Parnter Life Rates/ $1,000 /Mo.)
| Employee Age |
Rate Per $1,000 of Coverage |
|---|
<35 |
$.038 |
| 35-39 |
$.043 |
| 40-44 |
$.070 |
| 45-49 |
$.116 |
| 50-54 |
$.195 |
| 55-59 |
$.320 |
| 60-64 |
$.417 |
| 65-69 |
$1.014 |
| 70-74 |
$1.772 |
| 75+ |
$2.116 |
Child/ren Premium Amounts
| Coverage Amount | Rate per Month |
|---|
| $2,000 (per child) |
$.21 per month |
| $10,000 (per child) |
$1.03 per month |
MetLife Benefits Calculator
Employee Premium Calculation
Multiply the base annual salary by the desired level of coverage (1, 2, 3, 4, or 5) and round up to the next $1,000. Divide the result by $1,000 and multiply the answer by the employee's age-rate factor from the chart.
Spouse/Domestic Parnter Premium Calculation
Divide the desired coverage amount by $1,000 and multiply the result by the employee's age-rate factor from the chart.
How Do I Enroll?
New Employee
New employees may obtain information and an enrollment form during New Employee Orientation. Enrollment forms (pdf) must be submitted to the Benefits Office within 30 days of the hire date. For coverage amounts in excess of the guaranteed issue amount, evidence of insurability is required and a statement of health must be completed and submitted with the enrollment form. When adding a domestic partner, you will need to submit a Domestic Partner Declaration.
Qualifying Event
Employees who experience a qualifying event (birth, marriage, change in employment status, etc.) must enroll within 30 days of the event date by submitting an enrollment form (pdf) to the Benefits Office. In some cases, evidence of insurability may be required. Contact the Benefits Office if you have questions.
Annual Enrollment
Employees who do not choose coverage when first eligible, or during a qualifying event may enroll in employee, spouse/domestic partner and/or child coverage during Annual Enrollment. Annual Enrollment is typically held in the autumn, and changes become effective January 1 of the following year. To enroll/change, submit an enrollment form (pdf). You may need to complete a statement of health as well. When adding a domestic partner, you will need to submit a Domestic Partner Declaration.
Note: Evidence of insurability approval is required for all late enrollees, including spouses and children.
Beneficiary Designation
An employee should designate his/her beneficiary upon enrollment, and may change the designation at any time, by submitting a Beneficiary Form (pdf). By plan rules, the covered employee is designated as beneficiary for spouse/domestic partner and children coverage.
When Is Coverage Effective?
Life insurance for new employees and their covered dependents becomes effective the first of the second month following the enrollment date. If coverage in excess of the guaranteed issue amount is applied for, the excess coverage becomes effective the first of the month following receipt of approval.
Coverage for changes resulting from a qualifying event becomes effective the first of the second month following the event date. In some cases, evidence of insurability may be required.
For those who enroll during Annual Enrollment, coverage becomes effective January 1 or the first of the month following evidence of insurability approval.
When Can I Make Changes?
Changes to MetLife coverage can be made during Annual Enrollment typically held each autumn, for a January 1 effective date. Employees who experience a qualifying event may make coverage changes within 30 days of the event date. In some cases, evidence of insurability may be required.
Are There Other Benefits or Exclusions?
Other benefits include an accelerated death benefit and a disability waiver of premium. For more information about additional benefits and exclusions, review the Group Life Insurance Program for Employees of NC State University brochure (pdf).
What If I Leave Employment?
Employees who resign employment with NC State will be given the option to convert their coverage as well as dependent coverage to individual policies.
Portability
Retirees may elect to continue coverage at the same premium rate (+3% adminstrative fee) and coverage level as if actively employed, through direct-bill. Additionally, retirees experience absolutely no decrease in coverage amounts as age increases.
Conversion
Individuals who separates employment may elect to convert their life insurance coverage to an individual policy. Application for the individual policy must be made within 31 days of the employee's termination date.
Filing a Cliam
If you need to file a claim under the MetLife Group Term Life Insurance policy for active employees, please contact your Benefits Consultant.
