Supplemental Life Insurance with an Optional Investment Feature
Employees with eligible pay more than $500,000 are eligible to enroll themselves and their spouse/partner in Group Variable Universal Life (GVUL) Insurance. This includes legacy Eaton Vance, E*TRADE and Hyas employees transitioning to Morgan Stanley’s benefits as of January 1, 2022. Any supplemental life coverage you elect for your children will be part of the Supplemental Life Insurance Program. Both programs are administered by MetLife.
GVUL combines Life Insurance with an optional investment feature. Additionally, it is portable (you can continue coverage if you leave the Firm), provides Life Insurance protection up to age 100 and lets you contribute to a tax-deferred investment feature, helping you reach your financial goals.
Benefits of GVUL
- Portable Life Insurance protection you may keep as long as you need financial protection and continue to pay the premium.
- A tax-deferred investment feature with a variety of investment options.
- Ability to invest easily and conveniently by regular payroll deductions and/or by lump sums at any time.
- Tax-free withdrawals up to your basis in the policy from your cash value at any time, with no surrender charges or tax penalties.
GVUL also includes these benefits at no cost to you:
- Will preparation and estate planning – A MetLife Legal Plans attorney will prepare or update a will, living will and power of attorney for you and your spouse/partner. Estate planning services are available to the executors/administrators of your and your spouse’s/partner’s estates.
- Funeral discount and planning – Services are available through Dignity Memorial, the largest network of funeral homes and cemetery providers in the US.
- Grief counseling – Speak with a licensed counselor to help cope with a loss or major life change.
GVUL Coverage Amounts
Eligible employees may elect the following coverage amounts during 2022 benefits enrollment or within 31 days of their start or hire date:
- Yourself – $5 million maximum, subject to providing Evidence of Insurability (EOI) as required by MetLife. Note: For legacy E*TRADE, Eaton Vance and Hyas employees, as well as new employees and newly eligible employees, MetLife does not require EOI for coverage amounts up to $1 million. During annual benefits enrollment, employees who already have GVUL coverage may increase their current coverage by one increment, up to a coverage maximum of $1 million without providing EOI. Note: All eligible employees electing coverage amounts over $1 million must meet MetLife’s EOI requirements.
- Spouse/partner – Up to the lesser of the amount elected for yourself or $250,000.
- You may increase current coverage by one increment, up to a coverage maximum of $30,000, without providing EOI. Increases in coverage greater than this amount are subject to MetLife’s requirements for EOI.
- Children – Up to $20,000 per child in $5,000 increments. (Note: Life Insurance coverage for your children will be under the Firm’s Supplemental Life Insurance Plan, not through GVUL, and is not subject to EOI.)
The cost of coverage is based on the amount of coverage you elect, your age as of January 1 and your smoking status. Coverage for your spouse/partner is based on the amount of coverage elected and your age as of January 1.
You may change the amount of your GVUL coverage during benefits enrollment each year, or if you experience a change in status (marriage, divorce, new child, etc.). Any changes in coverage are subject to MetLife’s requirements for providing EOI.