The Accelerated Benefit Option (ABO) allows an employee to receive partial payment of the insurance benefit prior to death. To qualify for the benefit, the employee must suffer from a terminal illness. Terminal illness is defined as a sickness or injury, which is expected to result in the employee's death within six months. It must be verified by a physician's statement on the claim form. The ABO allows the employee to select payment up to % of the face amount of the policy ( percent is the maximum) with a service charge of four percent of the amount paid.
Eligible employees should contact MetLife at () - to obtain the ABO Claim Form. The ABO applies to both the Basic and Supplemental policies for active and retired employees. The minimum amount payable on the basic policy is $, A claimant must have a minimum of $, supplemental coverage before he/she can file an ABO claim on a supplemental policy.
Assignment of Group Term Life Insurance
Eligible employees are able to assign their Basic Life and Accidental Death and Dismemberment Policy. All special lead state laws permit assignments of group term life insurance. Generally, the group policy specifically permits absolute assignments by gift and, in some cases, absolute assignment to viatical settlement providers for viatical purposes. An assignment, other than a gift or viatical, such as a collateral assignment to obtain a bank loan, is not generally permitted by the group term life insurance policy.
If employees wish to pursue the assignment of their life benefits, they must contact MetLife at () - for additional information.
Beneficiary Designation
Benefits payable under this program will be paid to the standard order of beneficiary if one is on file with Metlife.
If there is no Beneficiary designated or no surviving Beneficiary at Your death, we will determine the Beneficiary according to the following order:
Your Spouse of Domestic Partner, if alive;
Your child(ren),* if there is no surviving Spouse or Domestic Partner;
Your parent(s), if there is no surviving child*;
Your estate, if there is no surviving parent.
Benefits will be paid equally among surviving children or surviving parents. Family status changes, such as divorce and remarriage are automatically adjusted, provided an employee has not designated a beneficiary other than the above.
Employees who wish to designate a beneficiary other than the standard order stated above must request a beneficiary form from Metlife. The employee must return the completed form to Metlife. Upon receipt of the completed form, Metlife will record and retain the original in the employee's file. A signed copy will be returned to the employee for his/her records. This designation will not change with marriage, divorce, or any other family status changes. Therefore, employees must complete a new designation from if their family status change alters their desired choice of beneficiaries. PERS and departmental beneficiary designations do not apply to this coverage.
*Adopted children are considered children under the standard definition. As long as they are legally adopted; this would not include just guardianship.
