What is supplemental life insurance?
Life insurance provides a death benefit to a designated beneficiary (or beneficiaries) in the event of the insured person’s death. “Supplemental” life insurance is extra or additional life insurance that typically is purchased in addition to other life insurance (usually referred to as “basic” life insurance).
How do I purchase supplemental life insurance through Justworks?
As long as your worksite employer is on Justworks Plus, you’ll have 30 days to sign up from the day you’re onboarded as a Justworks worksite employee and are otherwise eligible under the terms and provisions of the insurance policy. We’ll send you emails to notify you of the opportunity and to remind you to sign up!
How much life insurance should I buy?
Since supplemental life insurance is a voluntary benefit, this is up to you! For employees, the insurance carrier requires a minimum amount of $10,000, and you may purchase additional coverage in increments of $10,000, up to a maximum of $1,000,000, provided that any amount in excess of $150,000 is subject to satisfying the insurance carrier’s health underwriting requirements (more on this below).
If you are looking for some assistance to decide how much life insurance makes sense for your personal situation, consider using the helpful calculator found on the Justworks website.
When thinking in more detail about how much to buy, you may want to think about the value of your mortgage or other loans, and the cost of college for your children. You may also want to consider if an extended family member is currently or likely to be dependent on your future income.
How does pricing work?
Prices for both employee coverage and spouse coverage depend on the amount of coverage and on the employee's age.
Pricing details will be available in your Justworks benefits center when you have the opportunity to sign up.
Statements of health
Eligible employees can get up to $150,000 in coverage for themselves and up to $25,000 in coverage for a spouse without filling out a statement of health form and satisfying the insurance carrier’s health underwriting requirements, as long as they sign up for coverage within 30 days of being onboarded as a Justworks worksite employee.
If an eligible employee would like to purchase higher amounts of coverage, he or she must submit a statement of health for each applicable insured person to MetLife. Higher amounts of coverage will only become available if the insured person satisfies MetLife’s health underwriting requirements.
The appropriate statements of health will be available to you in Justworks application and will be emailed to you from MetLife when you sign up.
Send the statement of health form only to MetLife (LMSOH@metlife.com) within two weeks of signing up.
It can take up to two weeks for the statement of health to be approved or denied by MetLife. You’ll receive an email from MetLife once a decision has been made.
Do I get to keep my coverage if I leave the company?
If you're terminated or your worksite employer stops using Justworks, and you wish to keep your coverage, you can do so. You can simply get in touch with us to ask for a portability form to submit to MetLife, and you'll work directly with them to set up continuing your coverage.
What happens if I die?
Your designated beneficiary (or beneficiaries) will need to file a claim for death benefits with MetLife.
What if I don’t submit my beneficiary information?
If you do not designate a beneficiary (or beneficiaries), any death benefit will be paid to the applicable default beneficiary set forth in the life insurance policy. In order to avoid unintended consequences, it is highly recommended that you complete your beneficiary designation form.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.