Life Insurance Solutions | MetLife

What kinds of life insurance can I get at work?

Life insurance comes in two main types – term and permanent – which may both be available through your workplace.

This Post: Life Insurance Solutions | MetLife

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Term life insurance pays a specific lump sum to your loved ones and provides coverage on your life for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance coverage stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if you leave your company.specified period of time 

Generally, you should consider a term life insurance policy to:

• Get valuable coverage at a cost-effective price
• Help cover specific financial responsibilities like a mortgage or college expenses
• Supplement a permanent policy

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Permanent life insurance policies do not expire. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means, the value of the policy will grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of plan is typically portable so coverage can continue if employment terminates. 

Consider a permanent insurance policy if you want:

• Protection for life
• To put additional money into the policy on a tax-favored basis
• Cash value you can use while you are living