Annual Premium Age Update Review – Basic Group Term Life Insurance, Supplemental Life Insurance, and Long Term Disability Insurance
Effective January 1, 2016, premium changes take effect for certain employees enrolled in the Basic Group Term Life Insurance, Supplemental Life Insurance, and Long Term Disability Insurance (LTD) Programs for excluded employees. These changes are based on the employee’s age, salary, and/or policy amount.
The Basic Group Term Life Insurance policy for excluded employees requires that when employees reach age 70, their employer-paid life insurance premium and benefit will be reduced by 50 percent on January 1 of the following year. Therefore, effective January 1, 2016, (December 2015 pay period) premiums for these employees will be reduced by 50 percent. Benefits will be reduced as follows:
- Managerial employees from $50,000 to $25,000.
- Confidential and supervisory employees from $25,000 to $12,500.
Questions regarding these changes should be directed to MetLife at 1-800-252-8524.
Click here to read the full text of PML 2015-036.