UW Employees, Inc. Life Insurance

UW Employee, Inc. board upcoming meetings

UW Employees, Inc. Annual Meeting

Date: Monday, December 12, 2022
Time: 4:30 p.m.
Location: This meeting will be held virtually and any employee currently covered by UW Employees, Inc. Life Insurance may attend. To request an invite to the annual meeting, email uwemployeesinc@outlook.com.

Overview

The UW Employees, Inc. Life Insurance plan offers decreasing term life insurance to eligible employees. Coverage levels range from $7,000 – $33,000 depending on the your age. This life insurance plan only covers you; there is no coverage available for family members.

In addition to benefits payable in the event of death, this plan provides the following components:

  • If you become terminally ill with a life expectancy of 12 months or less, you may receive up to the full amount of your coverage level prior to death
  • Conversion of coverage to an individual policy at the end of employment

The UW Employees, Inc. Life Insurance Plan (Group Policy #33977-G) is administered by University of Wisconsin Employees, Inc., an employee-directed nonprofit corporation. The plan is underwritten by Securian Financial Group.

Eligibility

The following requirements must be met to be eligible for this plan:

  • Eligible for State Group Health Insurance, and
  • Actively at work, and
  • Not receiving a Wisconsin Retirement System (WRS) annuity

There is no coverage available for family members.

Enrollment

You have 30 days from your date of employment or your newly benefits-eligible job to enroll in UW Employees, Inc. Life Insurance. Coverage will begin on the first of the month following 30 days from your eligibility date.

If you do not enroll during your initial 30-day enrollment period, you may apply for coverage at any time through Evidence of Insurability (approval not guaranteed). The Evidence of Insurability form can be accessed in the Forms & Resources section below. Coverage through evidence of insurability enrollment is effective on the first of the month on or following approval of the application by the plan’s underwriter.

If you do not enroll and are not covered by the WRS when initially eligible for coverage, you will receive another opportunity to enroll if you later obtain a WRS benefits eligible position, provided you do not incur a break in service of 30 days or more. The enrollment period will be for 30 days from the date you become WRS benefit eligible.

Note: You may cancel coverage at any time during the year.

Coverage Levels

The level of UW Employees, Inc. Life Insurance coverage you are eligible to elect is determined by your age as of January 1st of the current year. Your level of coverage will decrease the January 1 coincident with or following your change in age group.

Age as of January 1 Benefit Amount
Under 35 $33,000
35 – 39 $28,000
40 – 44 $25,000
45 – 49 $18,000
50 – 54 $15,000
55 – 59 $13,000
60 – 64 $12,000
65 and over $7,000

Beneficiary Information

You are encouraged to designate a beneficiary(ies) to ensure benefits are paid according to your wishes. Whenever a life event, such as a marriage, divorce, or birth of a child, occurs, review and updated your beneficiary designations. Beneficiary designations can be changed at any time.

For more information on beneficiary designations, see the Beneficiary Information web page.

Benefit Premiums

For UW Employees, Inc. Life Insurance premiums review the Benefit Premiums web page.

Forms & Resources

Every effort has been made to ensure this information is current and correct. Information on this page does not guarantee enrollment, benefits and/or the ability to make changes to your benefits.

Updated: 12/16/2021