Accelerated Benefit Option (ABO)
An early cash payment option, called the Accelerated Benefit Option (ABO), is included under the Postretirement Life Insurance Plan. This cash payment option allows a retiree who is terminally ill and death is expected within six months or less to receive a portion of his or her life insurance coverage. You must have at least $10,000 in life insurance coverage to qualify for this option.
The following points briefly outline some of the provisions of the Accelerated Benefit Option (ABO):
  • Benefits provide a cash payout of up to 50% of life insurance coverage.
  • This is a one-time election option.
  • The maximum cash payout is $250,000.
  • The balance of life insurance coverage is "frozen" and paid out to the designated beneficiary at the time of the retiree's death.
  • The "frozen" coverage may be eligible for a cash payout through a viatical assignment option.
  • All decisions made by Metropolitan Life Insurance Company to grant or deny this benefit are final.
  • Exclusions:
    • You are not eligible for the ABO if you have assigned your life insurance coverage (see "Assignment of Benefits" for additional information), or
    • The amount of your benefit is less than $10,000.
For further information about the ABO option, please call Metropolitan Life Insurance Company at 888-878-8490.