- Designating and Changing Beneficiaries
- Changing Life Insurance Coverage
- How to File a Life Insurance Claim
MetLife administers Vanderbilt’s life insurance plan. Vanderbilt provides a Basic Life insurance policy and you may also choose to purchase optional Supplemental Life coverage. The Basic Life insurance policy is an amount equal to your annual base benefits rate* (up to a maximum of $500,000). Dependent coverage (spouse, $5,000; children, $2,500) is also included in the Basic Life coverage. Children are eligible up to age 19, or age 23, if full-time students, and not in the military. Dependent coverage cannot be increased.
You may choose Supplemental Life coverage of 1, 2, or 3 times your annual base benefits rate up to an overall maximum – Basic Life plus Supplemental Life – of $1,000,000. You elect coverage using C2HR's Benefits Enrollment Tool. If you elect Supplemental Life coverage as a new Vanderbilt employee within your new employee enrollment period, there is no medical review required for coverage that does not exceed $500,000. If you are past your new employee enrollment period or coverage will exceed $500,000, you must complete a MetLife Statement of Health Form to add Supplemental Life coverage. (See examples below.)
You pay the premium for Supplemental Life coverage. Premiums are based on your age and annual base benefits rate. To find the rate for your Supplemental Life coverage, sign in using your VUnet ID and e-password to the Benefits Overview .
Employee Joe’s Annual Base Benefits Rate (ABBR) = $75,000
As a new hire, Joe can elect to have up to 3x ABBR in Supplemental Life insurance (without an approved application) in addition to the Basic Life Vanderbilt provides.
Joe would have:
$75,000 (Basic) + $225,000 (Supplemental) = $300,000 (total)
If Joe did not elect 3× Supplemental Life coverage within his new employee enrollment period and wanted to add it later, he would need to complete the MetLife Statement of Health (SOH). The SOH would be submitted to MetLife for approval.
Employee Mary’s ABBR = $280,000
As a new hire, Mary can elect to have up to $220,000 in Supplemental Life insurance (without an approved application) in addition to the Basic Life Vanderbilt provides.
Mary would have:
$280,000 (Basic) + $220,000 (Supplemental) = $500,000 (total)
If Mary wants to exceed the $500,000 maximum allowed without approval, she would need to complete the MetLife Statement of Health (SOH). The SOH would be submitted to MetLife for approval.
Designating and Changing Beneficiaries
To designate or change your beneficiaries, complete the Beneficiary Change form or log on to C2HR to make your desired changes.
Changing Life Insurance Coverage
- To increase your coverage, complete the MetLife SOH and indicate whether you would like to elect 1x, 2x, or 3x in Supplemental Life coverage in "Additional Coverage subject to medical underwriting". MetLife will review your request and notify you of their decision.
- To decrease coverage, complete the Supplemental Life Drop form and submit it to the Benefits Administration Office or in on the Online Benefits Enrollment tool or C2HR. Changes are effective the first of the month following receipt and approval of the form.
How to File a Life Insurance Claim
For information on filing a life insurance claim, click the applicable link:
* Find your annual base benefits rate by logging into C2HR and clicking on the "Job Information" tab.
For complete details of the Life Insurance benefit, refer to the “Life Insurance and Accidental Death & Dismemberment Summary Plan Description" on the Tools and Forms page.
MetLife 800.638.6420 or www.metlife.com