Benefits Plans - Group Life Insurance: Retiree Group Term Life Insurance
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.
Retired University faculty and staff who were participating in the University Group Term Life Insurance Plan on the date of their retirement.
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;
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.
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 insurance coverage amount is based on your age as of January 1.
On and After Retirement
|50 years or less||$15,000|
|51 years but less than 52 years||15,000|
|52 years but less than 53 years||15,000|
|53 years but less than 54 years||15,000|
|54 years but less than 55 years||15,000|
|55 years but 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|
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.