Page 19 - TCW_Benefit Guide_2019 FINAL

INCOME PROTECTION

BASIC LIFE INSURANCE (TCW PAID)
TCW offers all eligible employees one of the following life insurance plans through MetLife.

Group Term Life Insurance (GTL) Group Variable Universal Life (GVUL)
Benefit is equal to three (3) times your annual earnings GVUL replaces the GTL for officers meeting the
(as of March 1st each year), rounded up to the next compensation requirements:
$1,000, up to a maximum of $500,000.
Benefit equal to three (3) times your annual earnings (as of
March 1st each year), rounded up to the next $1,000, up to a
maximum of $1,000,000.
Life insurance pays funds to your designated beneficiaries after your death. Be sure to update your
beneficiary designations as a part of the enrollment process.

FYI: UNDERSTANDING IMPUTED INCOME

The value to you of having company-provided Group Term Life insurance in excess of $50,000
is taxable. This value, which is calculated based on an IRS table, is called “imputed income.”
You will see it or the value of your GVUL coverage on your paycheck, as both an earnings and
deduction code labeled as Group Term Life. You may opt to have only $50,000 of GTL insurance
and not incur “imputed income.” For more information, refer to the table in IRS Publication 15-B.

SUPPLEMENTAL LIFE INSURANCE (EMPLOYEE PAID)

GTL participants can purchase additional Life Insurance coverage (offered by MetLife) for
yourself and your eligible dependents. If you elect supplemental coverage as a new hire, you
and your spouse will have to submit proof of good health for any coverage amounts over
the Guarantee issue, which is a certain defined benefit amount offered to any eligible new
employee without regard to health status. The Statement of Health is located in the SmartBen
online enrollment system. GVUL participants can also purchase additional coverage through
www.mybenefits.metlife.com and submitting the required health statement.
Supplemental Term Life Supplemental GVUL
Type of Guarantee
Coverage Amount Issue
1 x annual earnings
2 x annual earnings
Employee 3 x annual earnings $150,000 Officers meeting the compensation
Up to $500,000 Employee requirement for individual GVUL may purchase
maximum Spouse/ additional Supplemental coverage. Please
Domestic consult your personal enrollment package or
Spouse/ $10,000
log onto to
Partner
Domestic $25,000 $10,000 Child(ren) mybenefits.metlife.com to see your coverage
Partner $50,000
options and rates.
$5,000
Child(ren) $5,000
$10,000
CONVERSION PRIVILEGE
When coverage ends under the GTL plan, you and your dependents can convert your
coverage to Individual Whole Life Policies without Evidence of Insurability (EOI). You can
convert the amount you or your dependents are insured for or a lower amount. You and your
dependents must apply for individual life insurance under this conversion privilege and pay
the first premium within 31 days after the date your employment ends or when you or your
dependents are no longer eligible to participate in the group plan.

GVUL policies are individual polices that can be retained and billed directly to the employee
after employment ends.
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