GVUL has these four key investment features:
- Tax Deferral. If you elect to add extra premium for investment to your certificate, potential investment earnings will accumulate in the certificate on a tax-deferred basis. The earnings will not be subject to current income taxes and you will not receive a Form 1099 as you would from other taxable investments that might pay a dividend or capital gain distribution unless you make a withdrawal from your policy. All variable investment portfolios have certain fees and expenses, which are explained in the current prospectus and available on the MetLife website. Before investing, read the prospectus carefully.
- Tax-Free Transfers between Variable Investment Portfolios. You may transfer accumulated cash value between the variable portfolios at any time without any charges or tax consequences.
- Withdrawal Flexibility. You may withdraw money from your certificate at any time (limit of one withdrawal per month) and pay no surrender charge. The withdrawal fee is 2% of the amount withdrawn or $25, whichever is less. You will never pay more than $25 to make a withdrawal. In addition, you will not be charged a 10% early-withdrawal penalty for withdrawing money before age 59½ as long as the GVUL certificate is not a modified endowment contract.3 Withdrawals will reduce the cash value and death benefit.3
- Tax-Free Withdrawals up to the Basis. All of the investment earnings within the GVUL certificate grow income tax-deferred and earnings may be withdrawn from your certificate without tax. Withdrawals in excess of your cost basis are subject to taxation. Cost basis is the total premium paid into the certificate, less any prior withdrawals.