About the Plan
UNM offers Group Term Life and Additional Life Insurance to benefits-eligible retirees and their eligible dependents through The Hartford. In order to retire with life insurance benefits from UNM, an employee must be enrolled in the life insurance benefit for one year immediately prior to retirement, and elect retiree life insurance coverage prior to their retirement date during the retirement application process.
- Basic life insurance benefit is 100% of pre-retirement salary, adjusted to the next higher multiple of $1,000, with a minimum of $25,000 and a maximum of $150,000.
- The retiree contribution rate is 60% of the full premium. UNM will contribute 40% towards the full monthly premium.
- Supplemental life insurance is additional coverage, or “tiers” of coverage beyond the basic coverage up to a maximum of 3 tiers. Each tier is the equivalent of 1x annual salary, and upon retirement, is based on your pre-retirement earnings, adjusted to the next higher multiple of $1,000.
- The maximum coverage under both Basic and Supplemental coverage is $1,850,000.
- Supplemental Life Insurance is paid 100% by the retiree.
Choosing or Changing Beneficiaries
If you are enrolled in UNM’s retiree life insurance, there is an important step to ensure you’re making the most of this important coverage – choosing or updating a beneficiary. A beneficiary is the person who will receive the proceeds of your life insurance should you pass away. You can choose anyone as your beneficiary and change your designation at any time. And when you add or change a beneficiary online, your designation becomes effective immediately.
Change your Coverage with The Hartford
Review Coverage: Contact Benefits & Employee Wellness at HRBenefits@unm.edu
Cancel Coverage: Important Notice: If you cancel coverage, you may never re-enroll. To cancel your life insurance coverage, complete the Pre-65 Decrease Coverage or Cancellation Form above and submit your FORM to a Benefits & Employee Wellness Representative via one of the following options:
UPLOAD: Secure Document Submission
University of New Mexico
Benefits & Employee Wellness
MSC 01 1220
Attn: Benefits Representative
Albuquerque, NM 87131