UNM offers term life insurance through Standard Insurance Company. 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. The amount of coverage available at 65 is a fixed coverage amount. UNM contributes 30% toward the total cost of premiums for Basic coverage. Any additional Life insurance is 100% paid by the retiree.
The basic life insurance benefit for 65+ retirees is $4000.00.
Additional life insurance, or "tiers" of coverage beyond the basic coverage are available to UNM retirees. Additional life insurance is 100% paid by the retiree. Tier 1 offers an additional $2000 in coverage, and Tier 2 offers an additional $6,000 of coverage for a maximum total coverage (under both Basic and Additional) of $10,000.
Cancellation of Coverage
UNM Life Insurance can be cancelled anytime by contacting Standard Life Insurance Company at 800-759-8702.
Rates effective July 1, 2017
|Basic||2.758 x $4000 coverage/1000 x 70% = $7.72 (70% Retiree Cost)|
|Additional Tier 1||2.746 x $2000 coverage/1000 x 100% = $5.49 (100% Retiree Cost)|
|Additional Tier 2||2.746 x $6000 coverage/1000 x 100% = $16.48 (100% Retiree Cost)|
Calculation of Premiums
The premium charged for Standard Life Insurance for 65+ retirees is calculated by the following formula:
Standard Premium per unit x level of coverage/1000 x retiree % of contribution
Standard Insurance Company
Customer Service: 800-759-8702
Enrollment Customer Service: 866-623-0622
Life Insurance Claims: 800-628-8600
Coming Soon: New Member Site
Standard Insurance Company Website