Jane Dotson
Basic life insurance is an employer-paid coverage option that provides financial protection to beneficiaries for a set period. MetLife offers basic life insurance as part of its broad range of group life insurance products. The company's basic life insurance plan is typically offered for a specified period and provides beneficiaries with financial protection. This type of insurance is often provided by employers to help meet a portion of a family's income needs in the event of an employee's premature death.
| Characteristics | Values |
|---|---|
| Type of insurance | Term life insurance |
| Who is it for? | Employees |
| Who pays for it? | Employer |
| Coverage period | Set period of time |
| Coverage amount | Varies; e.g. MIT offers up to $50,000 |
| Who receives the benefit? | Beneficiaries |
| How is the benefit paid? | Lump sum |
| What is the benefit used for? | Financial protection, funeral costs, ongoing financial obligations, daily living expenses, children's education, mortgage payments |
| Is it portable? | Yes |
What You'll Learn
Term life insurance
When considering a term life insurance policy, it is important to evaluate your coverage needs, which may change as your life circumstances change, such as getting married, starting a family, or buying a home. You can use online tools provided by insurance companies to calculate the amount of coverage that may be right for you.
In addition to the basic term life insurance, MetLife also offers Supplemental Term Life and Dependent Term Life options. Supplemental Term Life allows employees to purchase additional protection as their needs change over time, while Dependent Term Life provides coverage for spouses, civil union partners, domestic partners, and eligible children.
Life Insurance at 30: Do I Need It?
You may want to see also
Permanent life insurance
Consider a permanent insurance policy if you want to put additional money into the policy on a tax-favored basis or if you want to access the cash value while you are still alive. Permanent life insurance policies also offer the advantage of fixed payments that stay the same each year.
MetLife's permanent life insurance policies are designed to be simple and accessible, giving you the freedom to live life on your terms. With MetLife, you can feel confident that your loved ones will be taken care of financially, even when you're not there to do it yourself.
To learn more about MetLife's permanent life insurance options and determine the right coverage for your needs, you can visit their website or consult with a MetLife representative.
Equitable Life Insurance: Does It Cover Medicare in Florida?
You may want to see also
Supplemental life insurance
Supplemental insurance is not limited to life insurance and can be used to cover a range of other expenses, including accidents, illnesses, injuries, and legal disputes. For example, accident insurance can help cover medical expenses and other costs associated with an accident, such as transportation or childcare. Legal insurance can provide access to a network of attorneys for various legal matters, including reading through contracts or handling negotiations.
Supplemental insurance can be a valuable tool at any stage of life, providing financial protection and peace of mind. It is important to consider your unique circumstances and needs when deciding whether to purchase supplemental insurance and which type of insurance is best for you.
Chlamydia and Life Insurance: STD Testing and You
You may want to see also
Dependent life insurance
Basic life insurance is an employer-paid coverage option that is offered for a set period of time and provides beneficiaries with financial protection. MetLife offers a range of group life insurance products, including basic term life insurance, which is often covered by employers. This type of insurance is designed to meet a portion of a family's income needs in the event of a premature death.
MetLife's dependent life insurance is known as Dependent Term Life. This option ensures that an employee's dependents are financially protected in the event of their death. The death benefit provided by this insurance can help cover funeral costs and ongoing financial obligations, such as daily living expenses, education costs, and future mortgage payments.
Dependent Term Life insurance is an important consideration for employees with families. It gives them the confidence that their loved ones will be financially secure if something unexpected happens to them. By offering this coverage, employers can provide peace of mind and help their employees plan for their family's future.
In addition to financial protection, MetLife also offers a range of support services for employees and their dependents, such as grief counseling, funeral assistance, and estate planning services. These services provide comprehensive support during difficult times and help navigate the many challenges that arise after the loss of a loved one.
Exide Life Insurance: Canceling Your Policy Simplified
You may want to see also
Voluntary retiree life insurance
Basic life insurance is an employer-paid coverage option that is offered for a set period of time and provides beneficiaries with crucial financial protection. MetLife offers a range of life insurance products, including voluntary retiree life insurance.
- Supplemental Life: Allows employees to increase their coverage to meet their individual needs at no cost to employers.
- Dependent Life: Offers additional coverage for spouses, domestic partners, and eligible children, creating more value for the benefit program without any extra cost to employers.
- Group Accidental Death and Dismemberment Insurance: Includes basic, supplemental, dependent, voluntary, and business travel accident coverage options.
- Group Variable Universal Life: Combines life insurance protection with tax-advantaged investment options, enabling employees to grow their savings for future financial security.
- Group Universal Life: A single policy that offers life insurance protection and a tax-advantaged saving option, allowing employees to save for their future.
MetLife's life insurance coverage also provides access to various tools and resources to support employees as they navigate life changes, including planning, assisting, supporting, and retirement services.
In addition to the above, MetLife also offers a range of permanent and term life insurance options that can be purchased through an employer or directly from MetLife. These policies can provide financial protection for beneficiaries upon the insured's death, helping to cover funeral costs, ongoing financial obligations, and daily living expenses.
ERISA Life Insurance: Are Policy Benefits Judgment-Proof?
You may want to see also
Frequently asked questions
Basic life insurance is a cost-effective way to protect your family and finances in the event of your premature death. It helps ensure that short- and long-term financial obligations can be met.
MetLife offers basic life insurance plans to employers, who can then provide them to their employees. Basic life insurance through MetLife is often an employer-paid coverage option that is offered for a set period of time and provides beneficiaries with crucial financial protection.
MetLife's basic life insurance offers beneficiaries financial protection, including help with funeral costs and ongoing financial obligations such as daily living expenses, children's education, and future mortgage payments. It also provides access to beneficiary assistance resources to support beneficiaries in their time of need.
MetLife's basic life insurance is typically offered as part of an employer's group plan. It is often employer-paid and provides coverage for a specified period, usually until a change in active employment status (e.g., retirement or a change in employers). The coverage amount is paid directly to the beneficiaries, who can use the money as they see fit.
