Less than a Latte: How $5 a Month Could Protect What Matters Most to You

Skip one fancy coffee this month and you could secure $50,000 in life insurance protection for your loved ones. We break down Georgia’s Flexible Benefits Program MetLife life insurance and AD&D plans and that 41% of Americans know they don’t have enough coverage often because they think it costs way more than it does. We reveal perks like free will preparation and estate planning services. Plus, hear about the opportunity for guaranteed life insurance coverage with zero health questions when you’re first eligible. We explain how AD&D works as your 24/7 financial safety net and help you figure out what amount you might need to protect what matters most.  

What is Benefit Chats?

Discussions about flexible benefits.

Announcer: 00:01

Welcome to Benefit Chats on the Flexible Benefits For You Network. You're about to hear casual conversations with experts about benefits that protect your health, life, and finances. These aren't technical deep dives, just practical insights you can use. Let's listen in.

Jen: 00:18

Alright. It's open enrollment season again. That time we all, look at the details. And this year, we're really gonna focus in on something key in your flexible benefits program. MetLife, life insurance, and, yeah, that accidental death and dismemberment or AD and D piece too.

Jen: 00:34

So, yeah, today, we wanna dig into why this stuff matters, maybe uncover some of the perks of actually choosing this protection now.

Mike: 00:42

Well, What's interesting, isn't it? How often people think life insurance is, like, just for burial costs. Yeah. It's so much more than that. I mean, it's really about making sure your family, your loved ones can actually keep going financially if the unexpected happens.

Mike: 00:55

We're talking to media bills, mortgage, rent, utilities, childcare, sure, but also those really big long term things, college funds, retirement contribution.

Jen: 01:03

And people feel that gap. I saw a stat. It was kinda surprising. Forty one percent of Americans feel they just don't have enough life insurance, and it hits single mothers especially hard. Like fifty nine percent know they're vulnerable but only forty percent actually have coverage.

Jen: 01:15

That's a big worry, leaving dependents financially exposed.

Mike: 01:19

Yeah. And, you know, the biggest roadblock usually isn't people not wanting it. It's this idea that it's super expensive. People really overestimate the cost. But with these group rates, through the program, it can be surprisingly affordable.

Mike: 01:32

I mean, seriously, think about this. $50,000 of coverage. Maybe 35 years old. It could be just like 3 or $4 a month.

Jen: 01:40

Wow. So less than a fancy coffee. That really puts it in perspective, doesn't it? Mhmm. Choosing that latte over $50 in security for your family.

Jen: 01:48

And speaking of value, let me not forget that payout itself. The death benefit, it usually comes to the beneficiary completely income tax free. Got That's a huge deal when folks are already going through so much.

Mike: 01:58

Exactly. But okay, here's where it gets really interesting, kind of a hidden gem. It's not just the money payout. If you sign up for the supplemental life insurance, MetLife actually throws in some pretty valuable services for free.

Jen: 02:09

Wait, hang on. Free services just included. Like what kind of services?

Mike: 02:13

Yeah, exactly. So first off, this is a big one. Estate planning services. That includes will preparation.

Jen: 02:18

Really? Like getting a will done?

Mike: 02:20

Yep. You can access attorneys, you know, in person or phone or even use digital tools depending on your state to get your will, living will, power of attorney sorted out. Stuff that usually costs a fair bit in legal fees. It's just part of the package if you enroll.

Jen: 02:35

Okay. That alone sounds like it could pay for the premiums right there. What else is included?

Mike: 02:40

Plus there's also empathy support. So bereavement counseling, help for your beneficiaries navigating, settling the estate, closing accounts, dealing with grief, practical support. Mhmm. Mhmm. And one more, the accelerated benefit option.

Mike: 02:53

This lets you access some of the death benefit early if you're diagnosed with a terminal illness.

Jen: 02:58

Okay. That covers a lot. But you mentioned unexpected. What about accidents?

Mike: 03:03

Right. And AD and D is usually the most affordable type of coverage out there. It's a definitely a smart add on, especially when you realize accidents are actually a leading cause of death for people aged one to 49. It's well, it's more common than we like to think.

Jen: 03:15

And this brings us back to open enrollment. There's this critical window, this one chance for guaranteed issue coverage. We're talking up to $200,000 for yourself plus options for your spouse and kids with absolutely no medical questions asked. Zero.

Mike: 03:33

And that guaranteed issue part is huge because if you skip it now during open enrollment and decide you want coverage later, you'll likely have to fill out a detailed health questionnaire, go through medical underwriting. If you've developed any health conditions, you might face higher rates or even be denied coverage altogether. Locking it in now, guaranteed, avoids all that no matter what happens with your health down the road.

Jen: 03:55

So let's tie this all together. What's the real takeaway here? It looks like competitive group rates out, plus these, built in extra services like Will Prep that give you value right away.

Mike: 04:04

Exactly. And if you want a benchmark, kind of a rule of thumb, experts often suggest having life insurance coverage that equals at least 10 times your annual income. So open enrollment is the perfect time to look at what you have compared to that ten year mark and, you know, make sure you're truly protecting your family's future.

Announcer: 04:21

That's a wrap on today's benefit chat. For complete details on eligibility, enrollment, and plans, visit Team GA website, then MyBenefits, and check out the Flexible Benefits Program resources. Thanks for tuning in to the FB4U Network. The clips and materials presented here are related to the State of Georgia Department of Administrative Services Flexible Benefits Program and are for informational purposes only. All benefit decisions and coverage details are governed by official plan documents.

Announcer: 04:55

This content is not intended to promise any specific benefits or serve as a substitute for reviewing your actual plan materials. If there are any conflicts between this information and your official plan documents, the plan documents prevail.