| If
you are enrolled in the University Life Insurance Plan and
want additional life insurance coverage, you can enroll
in the Optional Life Insurance Plan. The Optional Plan covers
you only.
Enrollment
Optional Plan Coverage Options
Optional
Life Insurance Rates
Application Form
Health Statement
Effective Date
Your Beneficiary
Will Preparation Services
When You Retire
When Changes Occur
How Benefits Are Paid
Enrollment
Enrollment is not automatic for the Optional Plan. You must
enroll in order to participate.
- As
a new hire to the University.
You have 30 days to enroll. If you enroll as a new hire,
you will not be required to provide evidence of insurability
(a health statement) as long as Optional coverage is less
than $500,000. Obviously, this is to your advantage and
will save you time and effort.
- As
a newly eligible faculty or staff member. As
you become newly eligible for life insurance due to a
promotion or job change that qualifies you for life insurance
benefits, you will receive an application form. If you
enroll within the 30 days allowed, you will not be required
to provide evidence of insurability (a health statement)
as long as coverage is less than $500,000.
- At
any time. After the 30 days provided for (1)
and (2) above expires, you can apply to enroll at any
time you choose, but you will be required to furnish evidence
of insurability that is satisfactory to the MetLife
Insurance Company of America. MetLife may also require
a physical examination.
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Optional
Plan Coverage Options
If you are enrolled in the University Plan and want additional
coverage, these are your coverage options:
-
No coverage
- $5,000
(minimum)
-
$50,000
-
1 times salary
-
2 times salary
-
3 times salary
-
4 times salary
-
5 times salary
-
6 times salary (to a maximum of $1 million).
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Faculty
and Staff Member Monthly Rates
View Optional Life Insurance Rates
for your monthly cost.
Application
Form
The
Optional Group Term Life
Insurance application form is available for download
on this site
or from any Benefits Office. Complete the form and return
it to the Benefits Office, either by U.S. mail, Campus Mail,
or by fax to 734-763-0363.
Health
Statement
If you enroll within 30 days of the date you become eligible
and choose less than $500,000 of coverage, you will not
need to provide a satisfactory health
statement as proof of insurability. Therefore, it is
to your advantage to enroll in life insurance at the time
you become eligible, either when you are a new faculty or
staff member at the University or when you become newly
eligible for this benefit (as the result of a change in
appointment, etc.).
In
all other cases, you will need to furnish evidence of insurability
that is satisfactory to the MetLife Insurance Company
of America. MetLife may also require a physical examination.
Proof
of good health consists of either a short-form health statement
or a long-form health statement.
The
type of statement you need depends on the amount of coverage
you purchase. View Health Statements
for more information.
You
may enroll in the University Plan first (automatic to new
hires and newly eligible employees) and then add the Optional
Plan at a later date. You would need to complete a long-form
health statement.
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Effective
Date
If
you are newly eligible, your insurance will become effective
on your service date or first day you are newly eligible
if you enroll within 30 days. If you are not actively at
work on the day your insurance would otherwise become effective,
you will become insured on the day you return to active
work. If proof of insurability is required, your insurance
will become effective on the day the health statement is
approved by MetLife, the Benefits Office has been notified,
and you are actively at work.
Your
Beneficiary
When you elect life insurance coverage for the first time,
you must complete the beneficiary designation on the Change/Update
of Beneficiary for Group Life Insurance form. You may
choose any beneficiary you wish, such as a family member,
a friend, a trust, or an organization. You can name a single
beneficiary or you can name two or more joint beneficiaries
to receive the insurance payment. You may change your beneficiary
at any time.
If you do not designate a beneficiary, or if none of the beneficiaries you name survives you, death benefits will be paid to the first of the following:
- Your surviving spouse/OQA;
- Surviving children in equal shares;
- Surviving parents in equal shares;
- Surviving siblings in equal shares;
- Estate
If
you enroll in the plan and you change the amount of your
coverage at a future date, the beneficiary you designate
now will remain your beneficiary until you make a change.
If you wish to change your beneficiary, complete and submit
a Change/Update of Beneficiary
for Group Life Insurance form.
Will Preparation Services
If you are enrolled in the Optional Life Insurance 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.
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When
You Retire
When you retire from the University, you will be covered
under the Retiree Group Term Life Insurance Plan.
During
retirement the amount of insurance will decrease as your
age increases until you reach age 66, at which time coverage
at $2,000 becomes effective and will remain in effect for
the rest of your life. View Your Coverage
in Retirement for a table showing your insurance amounts.
Under
present policy, which is subject to change, the entire cost
of your life insurance coverage after you retire from the
University is paid by the University. Retirees with a date
of service on or after July 1, 1988 will pay the full cost
of benefits up to the month they turn age 62.
When
Changes Occur
How
Benefits Are Paid
More
Information
For more information about the Optional Life Insurance Plan,
view the University
Group Term Life Insurance Plans book (PDF), or call
the HR/Payroll Service Center.
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