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, and elect retiree life insurance coverage prior to their retirement date during the retirement application process. The amount of coverage available at age 65 is a fixed coverage amount. UNM contributes a percentage toward the total cost of premiums for Basic coverage. Additional Life insurance is 100% paid by the retiree.
If you are a 65+ retiree enrolled in Basic Life insurance at the time of your retirement, your coverage level will default to $4,000. If you are also enrolled in Additional Life coverage, this coverage will default to $6,000. If enrolled in Basic and Additional at the time of retirement, your total life insurance coverage will be $10,000.
This coverage will continue automatically unless you elect to cancel or reduce your coverage directly with The Standard. Unless you cancel your life insurance with The Standard, you will continue to be billed by the UNM Bursar’s Office for this benefit.
You may cancel or reduce your coverage at any time by logging in to The Standard Ready Enroll system, or by calling 844-573-0229. *Important Note: If you cancel your UNM retiree life insurance, you may never re-enroll at any future time. This is an irrevocable decision
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.
Spouse/Domestic Partner and child coverage purchased prior to retirement will terminate at the time of retirement. You may apply for a conversion of this coverage to an individual policy within 31 days of separation. For more information on this option, please contact Standard Life Insurance at 844-573-0229.
Cancellation of Coverage
Life insurance coverage as a 65+ retiree will continue automatically until you elect to cancel your coverage directly with The Standard.
You may cancel your life insurance by contacting the Standard at 844-573-0229, online by accessing the Standard Ready Enroll system, or by completing the Life Insurance Cancellation Form
*Important Note: If you cancel your UNM retiree life insurance, you may never re-enroll at any future time. This is an irrevocable decision.
Review Existing Coverage
Review your retiree life insurance coverage by logging in to the Standard Ready Enroll system online, or by contacting The Standard at 844-573-0229.
You may change your beneficiaries at any time by logging in to the Standard Ready Enroll system online, or by contacting The Standard at 844-573-0229 to request a Beneficiary Change Form.
Life Insurance Premiums
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: 844-573-0229
Life Insurance Claims: 800-628-8600
Member Site (Ready Enroll)
Standard Insurance Company Website