According to a release, this new group term life insurance is designed to provide a retiree-paid life insurance solution for employees who are entering retirement and throughout their retirement years.
"The number of baby boomers expected to retire in the next 15 years creates a big need-employees with life insurance provided through the workplace will be looking for ways to extend that insurance into retirement," says
Retirees and their spouses will have access to three plan options. The initial amounts for plan coverage options include up to
Additionally, the company said, the Voluntary Retiree Life product includes three features from MetLife Advantages, the company's suite of value-added services: face-to-face Will Preparation and face-to-face Estate Resolution Services provided by Hyatt Legal Plans and the Total Control Account, a safe and convenient life insurance settlement option. These features offer customers valued resources as they enter the retirement stage.
To help employers provide appropriate voluntary life coverage options to retirees,
"We know that more than three quarters of employees we surveyed in
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