You can purchase Optional Life Insurance coverage for yourself, and you can also choose to cover your spouse, same- or opposite-sex domestic partner and dependent children. You can change your coverage at any time. Optional Life Insurance benefits are paid if the person dies while covered under the plan.
Optional Life Insurance
You can elect one to four times your annual base salary, up to the maximum coverage of $1.5 million
For Your Spouse
You must elect Optional Life for yourself first. Optional Spouse Life coverage is 50% of your Optional Life coverage, up to a maximum of $50,000
For Your Children
You must elect Optional Life for yourself first. The amount of coverage depends on the age of the child:
- Age 14 days to 6 months: $100 per child
- Age 6 months to 26 years: $5,000 per child
Keep In Mind:
- You will need to provide evidence of insurability if you: enroll more than 30 days after first becoming eligible; increase Optional Life Insurance by more than one times your salary; or enroll in Optional Life Insurance at four times your salary.
- You designate beneficiaries to receive your Life Insurance benefits. You are the beneficiary if you elect any Optional Life Insurance for your spouse or children.
WHAT IS ANNUAL BASE PAY?
The definition of annual base pay depends on whether you are salaried or hourly, and does not include bonus or overtime pay. If you are a salaried employee, annual base pay is your annual salary. If you are an hourly employee, annual base pay is your hourly rate times 2,080 (52 weeks x 40 hours/week).
WHAT IS EVIDENCE OF INSURABILITY?
Evidence of insurability (EOI), also known as proof of good health, is an insurance term that means you must confirm your or your dependent’s physical well-being in writing through a questionnaire or medical examination. Your insurance will not be effective until the insurance company approves your EOI.
FREE WILL PREPARATION AND ESTATE PLANNING
One of the benefits of enrolling in Optional Life Insurance is that you can get free will preparation and estate planning through MetLife’s Hyatt Legal Plans. These services can cost upwards of $1,000 each. By taking advantage of this benefit, you can save a lot of money.
If you currently have Optional Life Insurance, you can call 1-800-821-6400 today to schedule your consultation.