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The transition from existing provider Voya took place January 1. AOPA made the move in response to member concerns about rate increases in their term life insurance plans. Members will receive a new certificate for their records.
“We heard your concerns, and as a result, we are switching to MetLife to meet the unique needs of our members at affordable rates,” said Jiri Marousek, AOPA senior vice president of marketing.
“MetLife is pleased to partner with AOPA in offering our suite of Group Term Life and AD&D products to AOPA members,” said Tom Bohde, MetLife Affinity and Member Benefits Division account executive. “Combining the respected brands of MetLife and AOPA with high quality product offerings creates a tremendous opportunity to meet the insurance needs of AOPA members.”
Those who currently have plans with AOPA will be transitioned to MetLife. (However, members in Alaska, Washington, Oregon, and Montana will remain with the Voya plan until state filing is completed.)
Even though the transition will be seamless for members, those with plans already might want to consider a new plan under MetLife. MetLife will offer lower rates for new 10- and 20-year term life plans. Senior Term Life (50+ Term) and Annual Renewable Term rates are not changing. AD&D existing rates are not changing, even though MetLife’s marketed plan rates are 6 percent higher than the existing plans.
MetLife does not offer a match for the current Total & Permanent Disability benefit currently offered, but the rest of the benefits and exclusions remain the same as under Voya.
Members with MetLife Term Life, Annual Renewable Term Life, and Senior Term Life will receive new benefits at no additional cost:
Grief counseling. Will preparation. MetLife estate resolution services. Funeral discounts and planning services.
To learn more about the plans or apply for a new one, visit AOPA’s Personal Insurance webpage.
This post was originally published by AOPA on . Please visit the original post to read the complete article.