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.
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