You may choose coverage under the Optional Life Insurance Plan for a flat amount or for an amount based on your annual salary. Maximum coverage is $1.5 million.
The cost of your Optional Plan depends on the coverage you select, your age, your smoking status, and your salary. If you are a nonsmoker, you get a discount on the Optional Plan premium. A nonsmoker is defined as a person who has not smoked for 12 months. If you do not indicate your nonsmoker status on the application, you will be defaulted to the smoker rate.
You may be required to provide a health statement that is satisfactory to MetLife. MetLife may also require a physical examination. If you elect coverage that exceeds $650,000, or if your coverage increases over $650,000 at a later date because your salary increases, your coverage will be capped at $650,000 until you provide a satisfactory health statement to MetLife.
The amount of coverage you choose and its cost will increase when your salary increases if your coverage is based on your salary. Your cost will increase similarly when you move into the next higher age bracket. If you are paid monthly, your premiums will be deducted from your monthly paycheck; if you are paid bi-weekly, your premiums will be deducted from your first and second paycheck of the month. Premiums are deducted on an after-tax basis.