1 To the maturity age specified in the certificate. In some program designs, if your plan sponsor replaces MetLife GUL with another group life insurance plan or otherwise terminates the MetLife group policy, your coverage may also be terminated, even after retirement or separation from employment. Rates may increase if you leave your employer for reasons other than retirement or are no longer eligible under the group and choose to continue your coverage. If you have ported or otherwise continued your coverage after retirement or separation from employment and the plan sponsor later terminates the group policy, cost of insurance rates may increase as a result of such termination.
2 Earnings within your GUL coverage grow income tax free while the policy stays in force. Please consider your time horizon, tax rates, and the effect of fees and expenses, including any premium expense charge, when evaluating the benefit of GUL tax deferral. See your Certificate for complete information.
3 The current crediting rate on the interest-bearing account is subject to change without notice but will not fall below the guaranteed minimum in your certificate. Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
4 In general, participants may withdraw cash value equal to premiums paid without tax consequences. However, if the funding of the certificate exceeds certain limits, it will become a “modified endowment contract” (MEC) and become subject to “earnings first” taxation on withdrawals and loans. An additional 10% penalty for withdrawals and loans taken before age 59½ will also generally apply to MECs. We will notify you if a contribution would cause your certificate to become a MEC. Withdrawals and loans will reduce the death benefit and cash value and thereby diminish the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age. Withdrawals are subject to an administrative fee of 2% of the amount withdrawn, not to exceed $25. Outstanding loan amounts do not participate in the interest credited to the interest-bearing account and can have a permanent effect on certificate values and benefits. Upon surrender, lapse, or case termination, including those circumstances where termination of the group contract results in termination of individual certificates/policies, loans become withdrawals and may become taxable to the certificate owner.
Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MetLife, its agents and representatives may not give legal, tax or accounting advice and this document should not be construed as such. Please confer with your qualified legal, tax and accounting advisors as appropriate.
Nothing in these materials is intended to be advice for any particular situation or individual. Please consult with your own advisors for such advice. Like most insurance policies, MetLife GUL contains exclusions, limitations and terms for keeping it in force. MetLife can provide you with costs and complete details. MetLife is not an ERISA investment fiduciary and is not providing investment advice to the plan, its fiduciaries or its participants, and does not exercise discretionary authority and control over plan assets.
Group Universal Life (GUL) is issued by Metropolitan Life Insurance Company, New York, NY 10166. MetLife's standard Certificate Forms include: Certificate Forms G.9704(2009); G.9704A(2009). Coverage may also be provided on MetLife's previous standard Policy Forms 30024 (1/95); DE-3002407 (2/2008); FL-3002409 (5/2005); IN-3002413 (1/95); KS-3002415 (1/95); LA-3002417 (2/2008); MN-3002422 (1/95); MS-3002423 (5/2005); NY-3002431 (5/2005); OK-3002435 (1/95); OR-3002436 (2/2008); PA-3002437 (1/95); SD-3002440 (1/95); and in TX-3002472 (5/2005).
