4.53 Life Insurance
Term life insurance coverage for employees is provided. The entire cost is paid by UNI with a maximum benefit of $124,000. Life coverage is decreased 5% on the July 1 coinciding with or next following attainment of age 61.
Life insurance coverage for persons leaving UNI is continued to the end of the month in which employment ceases. The separating staff member may convert to an individual policy issued by the carrier by making application within 30 days of separation and by paying the premium. No medical examination is required for the new policy.
Personnel retiring at age 55 or older with 10 years or more of continuous University service may continue to carry 1/3 of their scheduled life insurance coverage. Retirees who have continued their coverage until the June 30th following attainment of age 70 will receive a paid-up life insurance policy.