MetLife, a global provider of insurance, annuities and employee benefit programs, has rolled out its new voluntary retiree life insurance product.
The company said that the new group term life insurance has been designed to offer a retiree-paid life insurance solution for employees who are entering retirement and throughout their retirement years.
MetLife vice president Stephen Pontecorvo said, "The number of baby boomers expected to retire in the next 15 years creates a big need — employees with life insurance provided through the workplace will be looking for ways to extend that insurance into retirement.
"In response to this need, MetLife has developed a plan specifically for retirees that provide convenient life insurance plan options as well as valuable benefits retirees are likely to appreciate."
According to the life insurer, the retirees and their spouses will have access to three plan options.
The initial amounts for plan coverage options comprises up to $25,000 offered as guaranteed issue and up to $75,000 or $150,000 in coverage, both of which require medical evidence.
Moreover, the new group term life insurance policy includes three features from MetLife Advantages, the company’s suite of value-added services.
The features include face-to-face Will Preparation and face-to-face Estate Resolution Services provided by Hyatt Legal Plans and the Total Control Account, a safe and convenient life insurance settlement option. These features offer customers valued resources as they enter the retirement stage.
MetLife will also provide full plan administration to enable employers offer appropriate voluntary life coverage options to retirees.
"By providing Voluntary Retiree Life insurance, our clients are able to give employees more benefit choices as they are entering retirement," Pontecorvo added.
Image: MetLife building at 200 Park Ave in New York City, the company’s corporate headquarters. Photo: courtesy of Postdlf.