UNM offers term life insurance through Standard Life Insurance. 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 is based on annual salary at retirement times the retiree contribution rate as outlined in the VEBA premium contribution rate schedule
The 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.
Supplemental life insurance is additional coverage, or "tiers" of coverage beyond the basic coverage. Supplemental life insurance is 100% paid by the retiree. Each tier is the equivalent of one year's 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.
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 pre-65 retiree will continue automatically until you elect to cancel 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 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.(Submit the form to the HR Benefits Office via fax 505-277-2278, or drop it off at the HR Service Center at 1700 Lomas Blvd, NE, Suite 1400)
*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
2017-2018 Pre-65 Retiree Life Insurance Rates
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