Retiree Life Insurance

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 and your completed years of continuous service, as shown in the table below.

Under the present policy, which is subject to change, the entire cost of this continued protection is paid by the university.

Insurance Coverage Amounts in 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

Your life insurance coverage amount in retirement is based on your age as of January 1.

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 Hyatt Legal Plan attorneys. Contact Hyatt at 800-821-6400 for additional information.

For More Information

Refer to the University Group Term Life Insurance Plans book for complete information.