Jul 01, 2020
As a preferred GA partner, LISI can offer MetLife’s attractive new enhancements for August 1, 2020 to February 1, 2021 effective dates.
| Previously Available | New Offering for 5-9 Eligible Lives | |
|---|---|---|
| New Business Availability | Dental or two non-dental products | |
| Administrative Fees | $15 administrative fee waived for 5-9 lives | |
| Voluntary Products | Dental and Vision |
Dental, Vision, and Life |
| Participation | Minimum 5 participants (eligible up to 24 lives) | |
| Pricing/Bundling | More competitive pricing and 5% dental bundle available |
Other MetLife Opportunities
MetLife is also adding more flexibility in plan designs for the 5-9 space:
- A $1,500 ortho max option and 100/100/60 in-network coinsurance for dental
- Increased dependent life amounts from $5,000 spouse/$2,500 child to $10,000 spouse/$5,000 child
- A 6% rate cap and extended rate guarantees consistent with their 10-99 life offering
- Additional STD/LTD plan designs (including $1,250 and $1,500 STD max with a 66.67% benefit percentage and an RBD/SSNRA duration on LTD)
- An EAP option on LTD
- Bundle offering available at 5 lives. This includes the 5% dental discount if sold with 1 additional coverage, the 6%/6% dental rate caps, and the option to quote the 36-month life and disability rate guarantees with the appropriate loads
- A 2-year dental rate guarantee available at 5 lives for standalone coverage
- Groups of 5-9 lives can sell without dental, but they need to sell with at least 2 non-dental products
- The $15 monthly administrative fee is waived with the sale of dental or 2 non-dental products
- Plan options that were previously available at 10+ lives are now available at 5 lives:
- Supplemental life coverage
- Dental 100/100/60-100/80/50 coinsurance and child Ortho, 50% to $1,500
- Dependent life $10,000 spouse/$5,000 child
- Non-contributory STD with a 66.67% benefit and additional maximum options of $750, $1,250, and $1,500
- Lesser of RBD/SSNRA LTD duration, $4,000 max, and the option to include an EAP
Voluntary Benefits
MetLife is offering voluntary benefits down to 100 lives until October 1, 2020. They relaxed the 200+ lives requirement for their voluntary suite. In order to write voluntary products below 200, at least 1 core line of coverage must sell alongside it.
Why MetLife
Tech Enhancements: MetLife has added online provider reviews and appointment scheduling, a procedure fee look-up tool, a better online experience, and a mobile app.
Implementation Updates: MetLife has reduced their implementation timelines substantially, currently averaging 8.3 days (certs delivered). In a recent submission, the timeline was cut to 4 days! MetLife is establishing additional support from local teams to reduce implementation timelines and increase “in good order” scores.
CoPower Advantage
When CoPower administers your MetLife group, you get the ease of CoPower’s consolidated billing, the expertise of CoPower’s support staff, and the extras of CoPower’s Vantage program.
More details are included in the flyer.
For more information, contact your LISI Regional Sales Manager.
