According to a press release, dependent children may change over coverage to their own when they are no longer eligible as a dependent.
“When eligibility for an employer ‘ s group life insurance benefits cease, some employees will alarmingly go without any protection at all. The new portability enhancements make it easier for employees to maintain this important financial safety net,” said Graham Cox, vice president, Life Product Management, MetLife, in the press release. “The increased flexibility and plan maximums also help employers address the needs of a diverse workforce.”
MetLife ‘ s new portability enhancements include:
- adding more qualifying life events in which an employee can apply for portability including retirement, end of employment, end of the group policy, reduced coverage due to age, or a change in the plan that impacts an employee ‘ s coverage;
- increasing the maximum coverage one can port from $1 million to $2 million;
- permitting the employee and/or spouse to apply for preferred life premium rates with evidence of insurability which can result in lower premiums;
- adding flexibility to increase coverage annually with evidence of insurability up to the plan ‘ s maximum; and
- permitting the porting of AD&D coverage without porting life insurance coverage.
For more information, please visit www.metlife.com .