Life Insurance UFS Special Enrollment For your family s financial future. For your And family s your peace financial of mind. future. And your peace of mind.
Agenda Life Insurance basics Enrollment options Plan features Importance of beneficiary designations Q&A
Special Enrollment for ORNL Employees Enroll with no health questions Basic Supplemental enroll or increase by 1 level Enroll for higher amounts with just 5 health questions Supplemental rates are decreasing by 10% beginning January 1, 2015 One-time opportunity during Open Enrollment Oct. 8-31 Coverage effective January 1, 2015
Why is life insurance so important? Replacement of lost income Ensuring your loved ones can maintain their standard of living Peace of mind for you and your family 44% of employees with life insurance say they may be underinsured, or do not know if they have enough coverage. 1 1 10 th Annual MetLife Employee Benefits Trends Study, 2012. Underinsured is defined as having life insurance coverage less than three times annual household income.
Why evaluate your life insurance needs annually? Are you married or getting married? Do you have a new or growing family? Do you have a new or larger mortgage? Do you have a new job or salary increase? Are you planning for retirement?
Basic Life Insurance Plan Basic Life Æ 2 times your annual pay(rounded to the highest $1,000) Æ The cost for Basic Life Coverage is shared equally between ORNL and the employee Æ Employee cost = 19.5 cents per $1,000 of coverage
Supplemental Life Insurance Plan Must have Basic to enroll in Supplemental Coverage available: 1 to 5 times your annual pay, to a maximum of $500,000 Cost: based on the rate for your age (rates are in 5 year age bands) and the coverage amount that you select Includes: - Will Preparation - Estate Resolution Supplemental rates are decreasing by 10% beginning January 1, 2015
What if I don t currently have life insurance? For employees who do not currently have coverage: - Enroll in Basic Life Insurance with NO medical questions - Choose a Supplemental Life Insurance benefit amount of 1 5 times your annual pay - For 1x annual pay, there are NO medical questions - You may also apply for coverage up to 5x annual pay by answering only 5 health questions - Coverage with limited or no medical questions is ONLY available during this special enrollment period ending October 31 st
What if I already have Life Insurance? For employees who currently have coverage: - If you have Basic Life coverage only: - Enroll for 1x annual pay of Supplemental Life Insurance with NO health questions - You may also apply for coverage up to 5x annual pay by answering only 5 health questions - If you have some Supplemental Life coverage: - Increase your coverage by one annual pay multiple with NO health questions - You may also apply for coverage up to 5x annual pay by answering only 5 health questions - Coverage with limited or no medical questions is ONLY available during this special enrollment period ending October 31 st
What if I am currently at the plan maximum? For employees currently enrolled for the maximum amount of coverage: - Take time to review and update your beneficiary information - Review services which are included at no additional cost if you are enrolled in Supplemental Life: - Will Preparation - Estate Resolution - Supplemental Life Insurance rates are decreasing, so be sure to check your new lower cost of coverage
What else do I need to know? In addition to limited or no health questions For employees over 65 years of age: - Basic and Supplemental Life coverage amounts will be restored to 100% of what they were prior to the reduction at age 65. For all employees: - Supplemental Life rates are decreasing, so coverage may be more affordable than you think! - Coverage with limited or no medical questions is ONLY available during this special enrollment period ending October 31 st.
MetLife Group Life Insurance flexible, convenient and affordable Limited or No Medical Questions Competitive Group Rates Convenient Payroll Deduction Portability 1 Take your coverage with you Accelerated Benefits Option 2 Total Control Account 3 Funeral Planning Guide 1 Subject to state availability. To take advantage of this benefit, coverage of at least $10,000 must be elected. 2 When life expectancy is certified by a physician to be 12 months or less. The Accelerated Benefits Option (ABO) is subject to state availability and regulation. The ABO benefits are intended to qualify for favorable federal tax treatment, in which case the benefits will not be subject to federal taxation. This information was written as a supplement to the marketing of life insurance products. Tax laws relating to accelerated benefits are complex and limitations may apply. You are advised to consult with and rely on an independent tax advisor about your own particular circumstances. Receipt of ABO benefits may affect your eligibility, or that of your spouse or your family, for public assistance programs such as medical assistance (Medicaid), Temporary Assistance to Needy Families (TANF), Supplementary Social Security Income (SSI) and drug assistance programs. You are advised to consult with social service agencies concerning the effect that receipt of ABO benefits will have on public assistance eligibility for you, your spouse or your family. 3 Subject to state law, and/or group policyholder direction, the Total Control Account is provided for all Life and AD&D benefits of $5,000 or more. The TCA is not insured by the Federal Deposit Insurance Corporation or any government agency. The assets backing TCA are maintained in MetLife s general account and are subject to MetLife s creditors. MetLife bears the investment risk of the assets backing the TCA, and expects to earn income sufficient to pay interest to TCA Accountholders and to provide a profit on the operation of the TCAs. Regardless of the investment experience of such assets, the interest credited to Total Control Accounts will never fall below the guaranteed minimum rate. Guarantees are subject to the financial strength and claims-paying ability of MetLife.
MetLife Services MetLife offers these programs : Delivering The Promise SM Transition Solutions retirewise Special Needs Planning
MetLife Group Life Insurance flexible, convenient and affordable These services are available to you if you are enrolled in the Supplemental Life Plan. Will Preparation Service 1 Estate Resolution Services sm1 1Will Preparation and MetLife Estate Resolution 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. Tax Planning and preparation of Living Trusts are not covered by the Will Preparation Service. Certain services are not covered by Estate Resolution Services, including matters in which there is a conflict of interest between the executor and any beneficiary or heir and the estate; any disputes with the group policyholder, MetLife and/or any of its affiliates; any disputes involving statutory benefits; will contests or litigation outside probate court; appeals; court costs, filing fees, recording fees, transcripts, witness fees, expenses to a third party, judgments or fines; and frivolous or unethical matters..
How much life insurance do you need? As a rule of thumb, for comprehensive and lasting protection, MetLife recommends that you should cover: 60% of annual income X the number of years to retirement At a minimum, life insurance should equal all outstanding debt (mortgage and other loans) plus five years of salary 1. Use the Life Insurance Calculator at www.metlife.com/mybenefits 1 MetLife s Point of View on Life Insurance, 2012..
It s easy to enroll. Enroll by web https://ornl.employee.com Review and update your beneficiary designation DON T DELAY Enrollment ends October 31 st!
Creating Your Own Personal Safety Net MetLife provides you so you can More than 140 years of experience in the insurance industry Assistance to find the right amount of coverage with tools and resources Additional benefits and services many that are included standard with your policy rest assured that we have the experience to understand what matters most to you. Feel confident that you have the coverage you and your family needs. relax, because we will help ensure things go right when you need them to the most.
L1014393749[exp1215][All States] Like most group insurance policies, MetLife group policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your local MetLife representative can answer any questions about costs and details of coverage. A full description of benefits will be provided in the certificate. MetLife's [Group Term Life Insurance] [and Group Universal Life Insurance] is issued by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166 under Policy Form# [GPNP99] ][G.2130-S,][GPNP99-Trust]. MetLife s [Supplemental Group Term Life insurance][ Dependent Group Term Life Insurance][ Group Accidental Death & Dismemberment Insurance] is issued by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166 under Policy Form # GPNP99.