UNM offers term life insurance through Standard Life Insurance. 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 and Child Coverage
Spousal 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 (800) 759-8702.
Cost of Life Insurance Benefits
Effective July 1, 2017, the cost of Basic Life Insurance is $1.113 per $1,000 of your pre-retirement salary multiplied by your contribution rate.
2017-2018 Pre-65 Retiree Life Insurance Rates