Benefit of the Month
MetLife Voluntary Permanent Life Insurance
What happens to my optional life insurance when I retire or leave employment?
When you retire from the State, your optional life insurance can be continued at the same premiums you pay as an employee. But did you know that these premiums increase every five years and the policy ends at age 75? A retiree may also convert their life insurance to an individual policy, which is good for life, but the premiums can sometimes be as expensive as $800 per month! If you leave employment, you are only offered the opportunity to convert the insurance to an individual policy.
Due to the overwhelming response to this product, University Human Resources is pleased to announce that a supplemental life insurance product will be made available to University employees again this year, in addition to the optional term life insurance provided by the SC State Employee Insurance Program. The Whole Life Insurance product, or Voluntary Permanent Life, is offered by MetLife and has been approved for an open enrollment period, beginning August 15, 2012 and ending October 7, 2012.
These policies are guaranteed to be paid-up at age 70, or 20 years after the policy is issued if you are 51 or older. The premiums never increase and there is guaranteed cash value built up in the policy, which you have access to at any time. The death benefit is guaranteed. A disability waiver of premium rider is also included. So, if you can’t work, the premiums are paid by MetLife, in order to keep your policy in force for you.
This new benefit will enable you to apply for significant amounts of life insurance coverage through Express Issue Underwriting, by answering just 3 health related questions related to the last 6 months. Express Issue is offered not only to you, but also to your spouse, minor children, and minor grandchildren. By adding this benefit in 2012, you will receive Lifetime Express Issue for you and your family.
This product is completely portable and permanent. Whether you retire or change jobs, this is your individual life insurance policy. The premiums will be paid through the convenience of payroll deduction; there’s no need to write any checks.
A team of MetLife representatives has been assembled especially for MUSC employees and will be available throughout the enrollment period at various locations on campus. For more information or to schedule an appointment with an enroller, please contact MetLife on the dedicated MUSC office line at 460-6722. You may also email Robert Legare at email@example.com.
MetLife VPL Enrollment Dates
Representatives will be available from 10 a.m. to 3 p.m. on the date and location listed below, unless noted otherwise.
Aug 31: Basic Science Building, Room 120
Sept 5: Basic Science Building, Room 120
Sept 6: Wellness Center Library
Sept 12: Harborview Office Tower, Room 803
Sept 13: Rutledge Tower, Lobby
Sept 14: Basic Science Building, Room 120
This email is being sent to you on behalf of the University Benefits Office. If you have questions, please contact the Benefits Office at 792-2607.