MetLife announced Tuesday the launch of its Voluntary Retiree Life product, designed to provide a new life insurance solution for employees who are entering retirement.
"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," Stephen Pontecorvo, vice president at MetLife, said.
"In response to this need, MetLife has developed a plan specifically for retirees that provides convenient life insurance plan options as well as valuable benefits retirees are likely to appreciate."
Recommended For You
The plan affords retirees and their spouses three options, an initial amount for coverage up to $25,000 offered as guaranteed issue and up to $75,000 or $150,000, both of which require medical evidence.
The product also includes some value-added services from MetLife Advantages, including will preparation and estate resolution services.
To help employers, MetLife will provide administrative services such as creating communications materials for enrollment, maintaining and managing retiree and spouse records, managing billing and providing MetLife's toll-free customers service support.
"We know that more than three-quarters of employees we surveyed in MetLife's 12th Annual Employee Benefits Trend Study want a greater variety of benefits from which to choose, while 80 percent of those employees value benefits customized to their circumstance and age," Pontecorvo said.
"By providing Voluntary Retiree Life insurance, our clients are able to give employees more benefit choices as they are entering retirement."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
