| How
does retirement affect my life insurance program?
When you retire, the amount of your life insurance will be the lesser
of (a) the amount for which you were insured on the date of your retirement
from the University, and (b) the amount applicable to your age and your
completed years of continuous service, as shown in the applicable table
below. Under present policy, which is subjective to change, the entire
cost of this continued protection will be paid by the University.
This chart applies to faculty and
staff members who were hired after October 1, 1983. Faculty and staff hired prior
to October 1, 1983 only need five (5) continuous years of service at age 60 and above.
| Attained
Age On and After Retirement |
Continuous
Years of Service
|
Amount
of Insurance
|
| 50
years or less |
30
|
$15,000
|
| 51
years by less than 52 years |
28
|
15,000
|
| 52
years by less than 53 years |
26
|
15,000
|
| 53
years by less than 54 years |
24
|
15,000
|
| 54
years by less than 55 years |
22
|
15,000
|
| 55
years by less than 56 years |
20
|
15,000
|
| 56
years by less than 57 years |
18
|
14,000
|
| 57
years by less than 58 years |
16
|
13,000
|
| 58
years by less than 59 years |
14
|
12,000
|
| 59
years by less than 60 years |
12
|
11,000
|
| 60
years by less than 61 years |
10
|
10,000
|
| 61
years by less than 62 years |
10
|
8,000
|
| 62
years by less than 63 years |
10
|
6,000
|
| 63
years but less than 64 years |
10
|
5,000
|
| 64
years but less than 65 years |
10
|
4,000
|
| 65
years but less than 66 years |
10
|
3,000
|
| 66
years and over |
10
|
2,000
|
What happens
when I die?
If you should die while your insurance is in force, regardless of how,
when or where death occurs, the full amount of your life insurance will
be paid to your beneficiaries after written proof of your death is provided
to MetLife and all necessary documents are processed.
What happens
if I become totally disabled?
| If
you become totally disabled while... |
Your
insurance... |
| you
are insured and receiving pay from the University. |
will
remain in force based on the "Schedule of Benefits" as long
as you continue to make contributions. |
| you
are on a leave of absence without pay, qualifying for continued group
life insurance coverage. |
will
remain in force based on the "Schedule of Benefits" as long
as you make contributions. |
| you
are on layoff, qualifying for continued group life insurance coverage.
|
will
remain in force based on the "Schedule of Benefits" as long
you continue to make contributions. Coverage during layoff will cease
after 12 or 18 months, or as provided for under the plan at the time
of your leave or layoff. |
| you
are in the University's disability plan, and you are approved for
benefits. |
will
be kept in force by the University based on the "Schedule of
Benefits." |
| you
are retired, and you become totally disabled. |
will
be continued in accordance with the retirement schedule in effect
at the time. |
| you
are terminated from the University. |
coverage
will cease provided for under the plan at the time of your termination.
|
|
