MetLife Expands Offerings for Associations and Affinity Members with Enhanced Group Level Term Life Insurance Coverage
February 02 2012 - 9:00AM
Business Wire
Members of associations and affinity groups are increasingly
looking for value-added benefits from their relationships,
including easy and affordable access to insurance products.
MetLife, the largest life insurer in the United States, today
announced that it has enhanced its Group Level Term Life Insurance
portfolio for association and affinity groups. The MetLife Group
Level Term Life Insurance, which is customizable, can provide added
peace of mind for the members of association and affinity groups
and their families and offers features beyond a death benefit, such
as will preparation and estate resolution services.
“Research shows that association and affinity group members’
access to insurance products is among the key drivers of perceived
value of their membership,” said David Brennan, vice president,
Association and Affinity Business at MetLife. “In fact, more than
one-third of the members surveyed stated that, if offered, they
would be interested in purchasing insurance through these groups.
This presents an opportunity for association leaders to leverage
their purchasing power and engage their members with beneficial
offerings that meet a real need.”
Nearly one-third of U.S. households go without any life
insurance at all according to LIMRA.
Flexible Options, Key Benefits, Optional Riders
With MetLife’s enhanced Group Level Term Life Insurance product,
association and affinity benefits administrators can help to
address their members’ concerns about financial protection. This
cost-effective product offers members and their dependents benefits
that include:
- 10-, 15-, or 20-year level term life
insurance, depending upon their age, with no increase in
premium;
- Coverage amounts range from $50,000 to
$2 million for the member, up to $1 million for a spouse;
- Preferred rates with evidence of
insurability;
- Accelerated Benefits Option, which
allows for a portion of the life benefit to be paid before death
when a terminal illness has been diagnosed;
- Conversion at age 75 to a one-year
renewable term coverage;
- Will Preparation Services including
Living Wills and Powers of Attorney;
- Estate Resolution Services, which
allows the executor of the estate access to personal legal advice
and consultation when settling the insured’s will and estate;
- Optional Riders such as spouse and
child coverage and waiver of premium.
Accidental Death and Dismemberment coverage is also available
for members, spouses, domestic partners and eligible dependents
that provides benefits for covered accidents that result in loss of
life, speech, hearing or sight, paralysis and more.
The Group Level Term Life insurance coverage complements
MetLife’s suite of competitive financial protection product
offerings available to association and affinity groups that include
dental insurance, auto and homeowners insurance (underwritten by
MetLife affiliate Metropolitan Property and Casualty Insurance
Company and its affiliates), and disability insurance. Associations
and affinity groups also benefit from MetLife’s streamlined
enrollment and easy-to-use application programs that help members
make educated, informed decisions about how to best protect
themselves and their families.
About MetLife
Metropolitan Life Insurance Company (MetLife) is a subsidiary of
MetLife, Inc. (NYSE: MET), a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 50 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
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