MetLife Voluntary Life Insurance Enrollment
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 $500 per month! If you leave employment, you are only offered the opportunity to convert the insurance to an individual policy.
University Human Resources is pleased to announce that a supplemental life insurance product will be made available to University employees, 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, 2011 and ending October 7, 2011.
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 from August 15th through October 7th of 2011, 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 firstname.lastname@example.org.
Aug 15: Lobby of Children’s Hospital, 11 am – 2 pm
Aug 16: IOP, 526N, 8 am – 11 am
Aug 18: ART, Room 1206 (1st floor) 10 am – 4 pm
Aug 19: HOT, Room 803, 8 am – 5 pm
Aug 19: IOP, 526N, 8 am – 4 pm
Aug 23: CSB, Room 420S, 8 am – 5 pm
Aug 24: College of Dental Medicine, Room DC601, 8 am – 5 pm (use main patient entry)
Aug 25: Wellness Center Library, 8 am – 5 pm
Aug 26: Wellness Center Library, 8 am – 5 pm
Aug 29: Lower Lobby, Wellness Center, 9 am – 12 pm
Aug 30: RT Annex, Room 104, 11 am – 5 pm
Aug 31: Hot, Room 102 8 am – 5 pm
Sept 6: CSB, Room 420S, 8 am – 5 pm
Sept 8: ART, Room 1206 (1st floor) 10 am – 4 pm
Sept 9: IOP, Room 451 North, 1-5
Sept 12: IOP, Room 451 North, 1-5
Sept 14: CSB, Room 420S, 8 am – 5 pm
Sept 15: RT Annex, Room 104, 8 am – 2 pm
Sept 16: HOT, Room 803, 8 am – 5 pm
Sept 20: IOP, Room 526N, 8 am – 4 pm
Sept 21: CSB, Room 420S, 8 am – 5 pm
Sept 22: ART, Room 1206 (1st floor), 10 am – 4 pm
Sept 23: MUSC Benefits Fair, The Portico at the Horseshoe, 7:30 am – 1 00 pm
Oct 4: HOT Room, 803, 8 am – 5 pm
Oct 5: CSB, Room 420S, 8 am – 5 pm
Oct 6: College of Dental Medicine, Room DC601, 8 am – 5 pm (use main patient entry)
Oct 7: HOT, Room 803, 8 am – 5 pm
· The policy is paid up at age 70 or 20 years after issue date (if 51 and older)
· Premiums are based on your age when you enroll and will not change when you retire
· Premiums can be paid through payroll deduction
· Express Issue based on 3 health questions about the last 6 months
· The policy can be taken with you if you leave employment