| The
University of Michigan Group Term Life Insurance program
is designed to provide retirees with term life insurance
protection at the lowest possible cost. MetLife is the underwriter of this plan. 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.
Eligibility
Beneficiary
Your
Coverage in Retirement
How
Benefits Are Paid
For a printable
version of this information, view the
Retiree Group Term Life Insurance Plan book.
Eligibility
Retired
University faculty and staff who were participating in
the University Group Term Life Insurance Plan on the date of their retirement.
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 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
You
can change your beneficiary at any time by completing a
Beneficiary for Group Life Insurance
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.
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 present policy, which is subject to change, the entire cost of this continued protection is paid by the University.
Insurance Coverage Amounts in Retirement
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.
Your Age
On and After Retirement |
Continuous
Years of
Service at
Retirement |
|
| 50 years or less |
30 |
$15,000 |
| 51 years but less than 52 years |
28 |
15,000 |
| 52 years but less than 53 years |
26 |
15,000 |
| 53 years but less than 54 years |
24 |
15,000 |
| 54 years but less than 55 years |
22 |
15,000 |
| 55 years but less than 56 years |
20 |
15,000 |
| 56 years but less than 57 years |
18 |
14,000 |
| 57 years but less than 58 years |
16 |
13,000 |
| 58 years but less than 59 years |
14 |
12,000 |
| 59 years but less than 60 years |
12 |
11,000 |
| 60 years but less than 61 years |
10 |
10,000 |
| 61 years but less than 62 years |
10 |
8,000 |
| 62 years but 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 |
|
