By Mitch Goldberg
Director of the Welfare Fund

 

There are certain important topics that people feel uncomfortable discussing. At the top of this list is Life Insurance. The Welfare Fund provides for a Group Term Policy with MetLife Life. This benefit is paid to your designated beneficiary at the time of your death. The beneficiary may be any person of your choice. You can name a beneficiary by contacting the Fund office (212) 924-7220 and requesting a new enrollment form and completing the beneficiary designation portion of the enrollment form. In order to be in effect, your designation must be on file in the Fund office or with MetLife. If there is no designated beneficiary living at the time of your death, the Death Benefit will be paid to your estate. This creates a delay in payment and can be time consuming for the executor of your estate who must go to Surrogates Court to obtain the proper papers needed by MetLife Life before payment can be made. Life sometimes brings unexpected changes. Your personal situation may have changed due to divorce, death of your original beneficiary or you may simply want to name a new beneficiary. If you are unsure of who is listed as your beneficiary, we suggest you complete a new enrollment form or call MetLife.

The current benefit provided under our Group Term Policy is $15,000 should you the member die. The spousal benefit is $5,000 if your spouse passes before you. The dependent benefit is $5,000.

MetLife also offers Voluntary Benefits by payroll deduction for additional Life Insurance. If you require further information or clarification regarding this article, please call the Fund at (212) 924-7220. We are here to help.

Updated May 1, 2020