Executive Life Benefits
Most companies know the importance of their employees. Life insurance gives employees and their families financial peace of mind, paying in the event of a covered member's death.
Executive life adds a layer of financial protection for the families of employees who earn $100,000 or greater per year, providing benefits that fit the unique needs of that income level.
- To be eligible, the employee must earn $100,000 or more in base pay per year
- Coverage levels available from $10,000 to $2M in increments of $10,000
- Additional medical underwriting required for coverage of $250,000 or higher
- Also available to the employee's spouse, domestic partner, and dependents
- Spouse/partner cvg available from $5,000 to $250,000 in $5,000 increments
- Medical underwriting required for any level of spouse/partner coverage
- Flat $10,000 coverage available for dependents age 15 days-19 years (25 in certain conditions)
- Participants may contribute additional funds to a tax-deferred interest-bearing savings account
Download a printable summary of the plan:
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Executive life insurance is offered in addition to any employer-paid life insurance offered at the company.
Participants earning $100,000 or more per year in base salary must utilize this MetLife plan instead of the Aetna voluntary life insurance offered to all other employees. While the cost structure is the same, executives will have a higher level of coverage available with this MetLife executive life plan.
Answers to your questions
Questions? We have answers! Here are your most frequent vision questions.
Q: What is the max coverage?
A: Under executive life benefits, you may opt for a minimum of $10,000 up to a maximum of $2 million in coverage for yourself as the employee.
You may purchase up to $250,000 in spousal insurance, as long as the spouse's level of coverage does not exceed your own.
Dependents are covered at a flat $10,000.
Q: How do I enroll?
A: If you earn the eligible amount for executive life coverage, MetLife will reach out to you automatically.
You will receive an enrollment packet from MetLife in the mail. Begin by choosing the amount of coverage you would like for you and your family.
Complete your enrollment online at MetLife's website.
Q: How much do I need?
A: Deciding the right amount of life insurance to purchase is a complicated and personal decision. To get started, visit MetLife's life insurance calculator.
Develop a plan that will allow your family to live comfortably without your financial contribution. MetLife's calculator will walk you through each step.
Q: What might cause delays?
A: Coverage will be delayed if not actively employed due to illness, sickness, temporary layoff, or leave of absence on the date insurance would become effective.
Failure to return your evidence of insurability (EOI) form for underwriting of any amounts greater than the guarantee issue of coverage will also delay coverage.
Q: Will I need underwriting?
A: Newly eligible employees have a guarantee issue amount of $250,000.
For coverage amounts greater than $250,000 or if coverage was waived during the employee's initial eligibility, additional medical underwriting is needed before you can be insured.
Underwriting is required for spousal coverage of any amount.
Q: How about my spouse?
A: Underwriting is required for spousal coverage of any amount.
While eligible employees have a guarantee issue amount of $250,000, MetLife performs underwriting for all spousal coverage.
This benefit will be active only after underwriting has been completed and approved.
Nextep's benefits department is here to help!
Do you have more questions about our benefits? Log in to your account and chat with us, call 888-811-5150, or submit your question here.
