The Retiree Life Insurance Plan is designed to provide retirees with term life insurance protection at the lowest possible cost.
Your Coverage in Retirement
When you retire, your amount of life insurance will be the lesser of:
- the amount for which you were insured on your retirement date from the university, and
- the amount applicable to your age as of January 1.
If you retire before age 62 and your date of service is on or after July 1, 1988, you will pay the full cost of the Retiree Life Insurance plan through the month you turn age 62. The cost of the plan is $1.423 per thousand in coverage. University contributions resume at age 62, provided you maintained the Retiree Life Insurance plan since your retirement.
| Your Age At and After Retirement | Amount of Insurance |
|---|---|
| Less than 56 years | $15,000 |
| 56 years but less than 57 years | $14,000 |
| 57 years but less than 58 years | $13,000 |
| 58 years but less than 59 years | $12,000 |
| 59 years but less than 60 years | $11,000 |
| 60 years but less than 61 years | $10,000 |
| 61 years but less than 62 years | $8,000 |
| 62 years but less than 63 years | $6,000 |
| 63 years but less than 64 years | $5,000 |
| 64 years but less than 65 years | $4,000 |
| 65 years but less than 66 years | $3,000 |
| 66 years and over | $2,000 |
Eligibility
Retired university faculty and staff who were participating in the University Plan on the date of their retirement are eligible for the Retiree Plan.
Beneficiary
You can name anyone you wish as your beneficiary. You can name a single beneficiary or you can name two or more beneficiaries to receive the insurance payment.
If you prefer, you can name a primary beneficiary as well as one or more contingent beneficiaries to receive the insurance proceeds if the primary beneficiary dies before you. In fact, it is possible to arrange for almost any series or combination of beneficiaries you desire.
If you name more than one beneficiary but do not specify their shares, they will share equally. If one of your beneficiaries dies before you, his or her interest will terminate and will be shared equally by any remaining beneficiaries, unless you specify otherwise in your beneficiary designation.
If you do not designate a beneficiary, or if none of the beneficiaries you name survives you, death benefits will be paid to your survivors/estate in the following order: spouse/OQA, children, parents, siblings, estate.
You can change your beneficiary at any time by completing a beneficiary designation form. The new designation will take effect on the date your signed notice is received by the Benefits Office.
Assignment of the policy is not permitted.
Will Preparation
If you are enrolled in the Retiree Plan, MetLife fully covers the legal fees associated with the preparation or updating of a will by one of the MetLife Legal Plan attorneys. Contact MetLife at 800-821-6400 for additional information.
For More Information
Refer to the University Group Term Life Insurance Plans book for complete information.