Retiree Life Insurance
For official retirement from the University (must be at least age 62), the University provides group
life insurance at no cost in the amount of $15,000, if you have completed 10 or more years of service.
For service of less than 10 years, the amount of coverage is calculated at $1,500 per year for each year of
service. AD&D insurance cancels at retirement.
| 0 |
| $1,500 |
| $3,000 |
| $4,500 |
| $6,000 |
| $7,500 |
| $9,000 |
| $10,500 |
| $12,000 |
| $13,500 |
| $15,000 |
Designating Beneficiaries
All retired University faculty and staff members should have beneficiaries designated on the University provided group life insurance. It is important to review your beneficiaries as family status and relationship changes occur over time, and it is easy to overlook the beneficiaries you had previously designated. Common family status and relationship changes that occur are:
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Marriage or divorce
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Birth, adoption, or custody of a stepchild who will reside in your household
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Death of a spouse or domestic partner
Designating or changing beneficiaries is as simple as completing an Aetna Life Insurance Company Designation of Beneficiary form. The form is available from several sources:
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You may obtain a hard copy by calling 1-888-584-2983. Aetna will mail the form to you, and it will include instructions for return by mail or fax.
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You may also download and print the form by visiting the Benefits Web site at:
http://www.hr.pitt.edu/benefits/pdf/beneficiary_form.pdf
Once you have completed the Aetna Life Insurance Company Beneficiary Designation form:
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Make a copy for your records
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Mail or fax the completed form to:
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Aetna Inc.
P.O. Box 14547
Lexington, KY 40512-4547
Fax: (800) 803-5934
If you have any questions about the level of coverage you carry for your life insurance, please contact Aetna Customer Service at (888) 803-5934.
Conversion*
Subject to the terms of the Group Policy, the conversion feature allows an employee to continue Basic Life.
The conversion feature is an option for employees who do not qualify for portability or when portability is
not available (Basic Life). It enables an employee to convert their coverage to an individual insurance policy
when their group coverage ceases. No medical examination is required, but application and payment of the first
premium must be made within 31days of the date Group Coverage terminates.
Portability*
Portability applies only to Optional (Supplemental) Life and Optional Dependent Life. It allows you to continue
your supplemental life coverage after you leave the University. You will be billed directly by Aetna until you
reach the age limit as specified in the plan or until you cancel your coverage.
Staff and Faculty must be actively at work to qualify for portability. Staff and Faculty on Disability are not
eligible for portability.
Portability also applies to coverage for your spouse and dependent children.
You have 31 days from the date of coverage termination to complete an application and submit a premium payment to Aetna.
Listed below are the monthly rates per $1,000 under the Portability feature.
Portable Term Pool Rates - Death Benefit Only - Monthly Rates per $1,000
| 0.07 |
0.11 |
| 0.07 |
0.11 |
| 0.07 |
0.11 |
| 0.08 |
0.12 |
| 0.11 |
0.16 |
| 0.16 |
0.24 |
| 0.28 |
0.40 |
| 0.45 |
0.66 |
| 0.71 |
1.02 |
| 1.12 |
1.62 |
| 1.94 |
2.81 |
| 3.41 |
4.93 |
| Not Available |
Not Available |
| All children are rated at .20/1000. |
*Note: Portability and conversion are not available for Basic and Optional AD&D.
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Benefits Department · 200B Craig Hall · Pittsburgh, PA 15260 · 412-624-8160
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