The University Insurance Association (UIA) Life Insurance plan offers decreasing term life insurance to eligible Faculty, Academic Staff and Limited appointees. Coverage is based on an employee’s age and ranges from $3,400 – $101,000. There is no coverage available to family members.
In addition to benefits payable in the event of your death, this plan provides the following benefits:
- If you are terminally ill with a life expectancy of 12 months or less, you may receive up to the full amount of your coverage prior to your death.
- Continuation of group policy coverage when terminating employment for either a WRS retirement or disability as outlined in the UIA Plan Certificate.
- of coverage to an individual policy at the end of employment or ineligibility.
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You must meet the following requirements to be eligible for this plan:
- Have a Faculty, Academic Staff, or Limited appointment; and
- Meet the minimum monthly salary threshold ($2,567 for the 2015-2016 plan year, effective 10/1/15); and
- Are not receiving a Wisconsin Retirement System (WRS) annuity.
These requirements must be met as of October 1st of each year to be eligible.
Dependents are not eligible for coverage under this plan.
- If you meet the eligibility criteria for a given year, enrollment is automatic and no application is required.
- Coverage is effective October 1st, provided requirements are met and premium is paid.
You are strongly encouraged to submit adirectly to Minnesota Life to ensure benefits are paid according to your wishes. Beneficiary designations are effective on date of receipt. If there is no eligible beneficiary, or you do not name one, benefits will be paid in the following order:
- Your surviving spouse or domestic partner, otherwise;
- Your surviving children equally, otherwise;
- Your surviving grandchildren equally, otherwise;
- Your surviving parents equally, otherwise;
- Your surviving siblings equally, otherwise;
- Your estate.
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The University Insurance Association Life Insurance Plan (group policy #32872-G) is administered by the University Insurance Association Board. The plan is underwritten by the Minnesota Life Insurance Company.