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Supplemental Term Life
Supplemental Term Life Insurance
Supplemental Term Life Insurance serves as a foundation of financial protection and is offered through MetLife. This plan provides flexible, valuable protection and includes Beneficiary Claim Assistance.
During the 2022 enrollment, eligible retirees are able to enroll in up to $20,000 of coverage without answering medical questions (Guarantee Issue).
Eligible defined benefit retirees ages 76 and above must answer medical questions for any amount of coverage to be approved.
All eligible defined benefit retirees can elect coverage up to $50,000 by answering medical questions. Coverage is also available for spouse and child(ren). In order to cover your dependents you must enroll yourself.
For new coverage and changes to existing coverage applied for during the 2022 enrollment, coverage will be effective on September 1, 2022 for the amounts under the Guarantee Issue Limits. Coverage amounts above the Guarantee Issue Limit will be effective the first day of the month, coincident or following the date, MetLife approves coverage.
The plan certificate can be found by clicking the Supplemental Term Life for SERS Retirees benefit's drop-down menu on the right-hand side of www.benefitsforlife.org.
|Plan Feature||Benefit to You|
|Coverage Options||Retiree Only, Retiree & Spouse, Retiree & Child(ren)|
|Benefit Amounts||Retiree: Up to $50,000, including other coverage choices of $10,000, $15,000, $20,000, $30,000, and $40,000
Spouse: Up to 50% of retiree amount
Child(ren): $2,000 increments up to the max benefit of $10,000
|Guarantee Issue||Retiree ages 75 and under: Up to $20,000*
Spouse ages 75 and under: Up to $15,000*
*Retirees and spouses, ages 76 and above, are not eligible for guarantee issue
Child(ren): Up to $10,000
|Beneficiary Claim Assistance||
This program is designed to help beneficiaries sort through the details and serious questions about claims and financial needs during a difficult time.
|Accelerated Benefit Option||
This benefit allows up to the max of $50,000 to be paid before death if the insured has a qualifying terminal illness and meets all terms and conditions of the policy.
|Waiver of Premium||
If it is determined that you are totally disabled, your life insurance benefit will continue without payment of premium, subject to certain conditions.
|Access to MetLife AdvantagesSM||A comprehensive suite of valuable services for support, planning and protection needs, including Face-to-Face Will Preparation and Estate Resolution Services. These services are included in your plan at no additional cost to you.|
Review the Supplemental Term Life Insurance Certificate by visiting benefitsforlife.org. Locate the section on the right side of the page called "Benefits for Life (BFL) State of Michigan Voluntary Benefit Program for SERS Retirees," then select the drop down "Supplemental Term Life Insurance - MetLife."
Supplemental Term Life Sample Rates
Shown below are sample monthly rates for Supplemental Term Life insurance for a non-smoker at ages 55, 60, and 65 with $10,000 of coverage.
|Age||$10,000 of Coverage - Monthly Rate (12 Per Year)|
Important Eligibility Guidelines
You must be a State of Michigan, defined benefit retiree who is currently receiving a pension and performing normal activities, and not "confined" as defined in the policy.
Dependent insurance (for your spouse or children) may also be available, but only when you, as the retiree, also select coverage for yourself. A dependent must be performing normal activities and cannot be confined as defined in the policy in order for coverage to take effect.
If you and your spouse both are retired from the State of Michigan and are receiving defined benefit pension payments, you are both eligible for retiree coverage, but if one covers the other as a spouse, the spouse cannot also enroll as an employee. Dependent children can be insured only under one parent.
Eligible retirees under age 76 are eligible for Guarantee Issue coverage during a Benefits for Life enrollment or when you first become eligible to apply. Coverage over the Guarantee Issue amount(s) or any coverage applied for beyond your initial open enrollment date will be subject to evidence of insurability (answering health questions).
Note: Certain medical conditions may require a physician statement or paramedical examination.
Enrolling for Coverage
Eligible retirees and their dependents may enroll in coverage, within 60 days of retirement or during the Benefits for Life enrollment. Changes in existing coverage are limited to your initial enrollment, Benefits for Life enrollment, and Qualifying Life Events. If you previously enrolled in Supplemental Term Life Insurance and would like to terminate coverage, you may do so at any time throughout the year.
Qualifying Life Events
If you experience a qualifying life event during the year, you may be able to increase your coverage or add dependent coverage up to the Guarantee Issue amount(s) (ages 75 and under) without evidence of insurability. If you are age 76 and above or want to increase coverage evidence of insurability will be required. In most cases, you may only increase your coverage or add dependent coverage if the increase or addition is consistent with the life event.
Qualifying life events include: marriage, birth, adoption, divorce, the death of a dependent, your dependent ceasing to qualify as a dependent, and a change in you or your dependent's employment status.
You will have 60 days from the date of the qualifying life event to request a change in coverage.
Life insurance benefits will not be paid if the insured's death is the result of suicide within two years from the date of issue. If this occurs, the sum of the premiums paid will be returned to the beneficiary. The same applies for any future increases in coverage under this plan.
File a Supplemental Term Life Claim
Special Instructions: To file a Supplemental Term Life claim, a special service has been set up for the State of Michigan. A beneficiary can call 800-218-4267 and MetLife will take all the required information necessary to file a claim over the phone.
Review the Supplemental Term Life Insurance Certificate and monthly premium rate charts by visiting benefitsforlife.org. Locate the section on the right side of the page called "Benefits for Life (BFL) State of Michigan Voluntary Benefit Program for SERS Retirees," then select the drop down "Supplemental Term Life Insurance - MetLife."
Like most group insurance policies, MetLife group life insurance policies contain certain exclusions, limitations and requirements for maintaining coverage in force. Any such exclusions, limitations and requirements will be described in the life insurance certificate.