University Life Insurance

If you qualify for University retirement and are presently enrolled in the University’s life insurance plans, you may continue a portion of your coverage. You must apply for retiree coverage within 30 days of your retirement. The amount of coverage will be determined by the amount of group life insurance coverage at the time of retirement. The guidelines are:

If you retire before age 62, the amount of insurance you had immediately before you retired will be reduced by 50%. You may apply to convert a maximum coverage of $50,000 and a minimum coverage amount of $10,000. When you reach age 62, your coverage amount again will be reduced by another 50%.

If you retire at age 62 or over, the amount of insurance you had immediately before you retired will be reduced to 25%. You may apply to convert a maximum coverage amount of $25,000 and a minimum coverage of $5,000.

When you reach age 70, life insurance coverage will cease. You are responsible for paying the premium for your retiree life insurance.

Please complete the retiree life insurance form within 30 days of your retirement if you intend to retain life insurance. These forms are available in the Benefits Office.

In order to have continuous coverage in our plans, always notify the Benefits Office of a change of address. Please make a friend or relative aware of the fact we must be notified of any changes as we mail time-sensitive insurance materials to our retirees annually advising them of significant changes in coverage or a change of insurance companies. It is crucial we have current information to prevent a lapse in coverage.