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The life insurance benefits that NEXCOM offers will help take care of your loved ones when you are gone. Your life insurance benefits aren’t taxed (unless you have assets over $5 million dollars!). For example, if your policy is $100,000, your beneficiary gets $100,000 – free and clear—no taxes.
Your basic and/or optional life insurance policy comes with Accidental Death and Dismemberment Insurance (AD&D). What does that mean? If your insurance policy is $100,000 and you die in an accident, your beneficiary will get another $100,000.
NEXCOM has three life insurance plans available to help you protect your family’s financial security: Basic, Optimal, and Dependent Group Life Insurance.
- • Planning Guide for your funeral
- • Estate planning services, such as Will preparation for you and your spouse, medical directive, and power of attorney (average cost over $1,500)
- • A lawyer to help your Executor go through the probate process (average cost: $200/hour)
- • Grief counseling for your loved ones
Learn more about the services available to you through Metlife by clicking here.
Eligible Full and Part Time Associates may enroll in the life insurance plans for which they are eligible within 31 days of hire without providing evidence of good health. Associates who do not enroll when initially eligible may apply for enrollment during the biennial enrollment period held during the fall of odd number years. Evidence of good health must be provided and coverage is subject to insurance company approval. The next biennial enrollment period will be November 2023 and the following biennial enrollment period will be 2025.
For Regular Full-Time Associates:
Basic Group Life and Accidental Death and Dismemberment insurance pays a benefit based on your annual earnings. Your BGL life insurance benefit coverage is equal to 1 times your basic annual earnings rounded to the next $1,000 plus $2,000. The cost of this insurance is shared by you and NEXCOM. Currently, the associate cost is $.05 per $1,000 of you BGL benefit coverage.
For Regular Full-Time Associates enrolled in BGL and Part-Time Associates:
Optional Group Life insurance pays a benefit based on your annual earnings. You may elect OGL coverage equal to 1, 2 or 3 times your basic annual earnings rounded to the next higher $1,000. The cost of coverage is based on your age.
For Regular Full-Time Associates enrolled in BGL
Dependent Group Life insurance covers your spouse and dependent children to age 26. Dependent children do not have to be full-time students in order to be covered. You may enroll within 31 days of acquiring a dependent without providing evidence of good health.
Three coverage options are available:
| OPTIONS | SPOUSE | CHILDREN < 1 | CHILDREN 1-26 |
|---|---|---|---|
| Option 1 | $5,000 | $1,000 | $2,500 |
| Option 2 | $10,000 | $2,500 | $5,000 |
| Option 3 | $20,000 | $2,500 | $5,000 |
The cost of Dependent Group Life Insurance is based on the coverage option you select and your age.
If you are enrolled in Basic Group Life and Optional Group Life insurance at retirement and have participated for 15 or more years, coverage will be continued at no cost when you retire. After retirement your BGL coverage will be reduced by 25% at ages 66, 67 and 68. Your OGL coverage will be reduced to 25% of your preretirement benefit.
Are you concerned about unexpected vet costs when your four-legged family member has an illness or injury? Good news! NEXCOM has partnered with MetLife to provide you with the opportunity to purchase pet insurance at group rates. Available to all regular full and part-time CONUS Associates.
What does it cover1?
| Accidental Injuries | Illnesses | Exam Fees |
| Surgeries | Medications | Ultrasounds |
| Hospital Stays | X-Rays | Diagnostic Tests |
And coverage1 also includes, but is not limited to:
| Hip Dysplasia | Hereditary Conditions | Congenital Conditions |
| Holistic Care | Chronic Conditions | Alternative Therapies |
Resources
- • MetLife Pet Insurance Booklet
- • MetLife Pet Insurance - FAQs
- • MetLife Pet Insurance - Benefit Overview
- • Video Guide on How to Enroll
- • Get a Quote (at the top of the page, click the “Get a Quote” link)
Important Notes
- • Wait period for accident coverage is midnight EST compared to 2 to 15 days for competition; wait period for illness coverage is 14 days.
- • Coverage begins on the first day of the month after enrollment date.
- • 1Pre-existing conditions are not covered. Application is subject to underwriting review and approval. Like most insurance policies, insurance policies issued contain certain deductibles, co-insurance, exclusions, exceptions, reductions, limitations, and terms for keeping them in force. For costs, complete details of coverage and exclusions, and a listing of approved states, please contact MetLife Pet Insurance Solutions LLC.
- • Premiums are paid to MetLife at the time of enrollment. NEXCOM is unable to do payroll deductions.
- • Approximately 80% of claims are processed within 10 days or less.
This is only a summary of provisions. If there is a discrepancy, insurance policy documents will prevail.
