Life Insurance Waiver of Premium
Pensioners and employees who are under age 60 and disabled, and who meet medical criteria set by the insurance carrier, may be eligible for a waiver-of-premium policy under Metro's Basic Life Insurance Plan. The waiver provides pensioners and employees, at no cost to them, with life insurance coverage of $50,000 (the amount they have as active employees). If you do not qualify for, or were denied the waiver of premium benefit, you may convert your basic term life policy to an individual whole life or universal life policy in $1,000 increments up to $40,000.
To see if you qualify, you must submit an application within 12 months of your disability, along with medical documentation, to the insurance carrier.
If you do not qualify for, or were denied the waiver of premium benefit, you may convert your basic term life policy to an individual policy.