1 To the maturity age specified in the certificate. In some program designs, if the employer replaces MetLife GVUL with another group life insurance plan or otherwise terminates the MetLife group contract, employees’ coverage may also be terminated, even after separation from employment or retirement.
2 The current crediting interest rate on the interest-bearing account is subject to change without notice. Guarantees are subject to the financial strength and claims paying ability of Metropolitan Life Insurance Company.
3 Withdrawals 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. In general, if the funding of a 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. We will notify certificate holders if a contribution would cause their certificate to become an MEC. Withdrawals are subject to an administrative fee of 2% of the amount withdrawn, not to exceed $25.
Nothing in these materials is intended to be advice for any particular situation or individual. Like most insurance policies and benefit programs, insurance policies and benefit programs offered by Metropolitan Life Insurance Company and its affiliates contain certain exclusions, exceptions, waiting periods, reductions of benefits, limitations and terms for keeping them in force. Please contact MetLife for complete details.
Group Variable Universal Life insurance (GVUL) is issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166, and distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). MLIC and MLIDC are MetLife companies.
Group Variable Universal Life (GVUL) is sold by prospectus only. Group Variable Universal Life insurance (GVUL) is issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166, and distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). MLIC and MLIDC are MetLife companies. Prospectuses for Group Variable Universal Life insurance and its underlying portfolios can be obtained by calling (800) 756-0124. You should carefully read and consider the information in the prospectuses regarding the contract’s features, risks, charges and expenses, as well as the investment objectives, risks, policies and other information regarding the underlying portfolios prior to making any purchase or investment decisions. Product availability and features may vary by state. All product guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.
Group Variable Universal Life insurance has limitations. There is no guarantee that any of the variable options in this product will meet its stated goals or objectives. Cash value allocated to the variable investment options is subject to market fluctuations so that, when withdrawn or surrendered, it may be worth more or less than the amount of premiums paid. Like most insurance policies, MetLife's GVUL policies contain exclusions, limitations and terms for keeping them in force. MetLife can provide you with costs and complete details.
Group Variable Universal Life insurance (GVUL) is issued by Metropolitan Life Insurance Company (MLIC), New York, NY 10166, and distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). MLIC and MLIDC are MetLife companies. MetLife’s standard Certificate Forms, available on or after 5/1/09 include: Certificate Forms G.24300(2003); G.24300A(2003); NY-G.24300-STOCK and G.24300A-STOCK. Coverage may also be provided on MetLife’s previous standard Policy Forms 30037(6/96); FL: 3003709(5/2005); IN: 3003713(6/96); MA: 3003720(6/96); MD: 3003719(6/96); MN: 3003722(6/96); MS: 3003723(5/2005); NE: 3003726(6/96); NY: 3003731(5/2005); OK: 3003735(6/96); OR: 3003736(5/2005); PA: 3003737(6/96); SC: 3003739(6/96); SD: 3003740(6/96); and in TX: 3003772(5/2005).
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 presentation should not be construed as such. Employees should confer with their qualified legal, tax and accounting advisors as appropriate
