Retiree Life Insurance
For official retirement from the University, 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 |
Life Insurance Beneficiary Designations for Aetna
The University of Pittsburgh/Human Resources Benefits Department, in conjunction with Aetna Life Insurance Company, is pleased to present a process to facilitate your own personal management of the beneficiary designations for group term coverage through the University of Pittsburgh.
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Aetna
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Select a group
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Under Quick Links, click on Designate a Beneficiary
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Option to make change online or download and submit the completed form according to instructions on the form
OR
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You may obtain a hard copy by calling Aetna 1-888-584-2983. Aetna will mail the form to you, and it will include instructions for return by mail or fax.
Beneficiary Management and Plan Rules
The Office of Human Resources Benefits Department and Aetna Life Insurance Company encourage you to review your current beneficiary designations. Having a correct beneficiary designation will help ensure that your intention regarding a claim in the event of your death is fulfilled.
You must make beneficiary designations at the time of enrollment in any of the coverages. Basic coverage is provided by the University through Aetna and you may elect from optional programs of insurance sponsored by the University through Aetna. You need only to complete one Aetna Form.
Subsequent to initial enrollment, you may make a beneficiary designation at any time. However, the goal is to encourage you to immediately begin a review and establish your own on-going periodic review. It is important to check periodically to make sure the designation is current. Personal life event changes you experience typically require a review and perhaps update to your beneficiary designations. Personal life events include, but are not limited to:
Birth of a child
Marriage
Divorce
Death
Life Insurance Provisions for Loss of Active Coverage Upon Retirement
Upon loss of University of Pittsburgh Group
Term coverage for reasons of termination,
retirement or change to ineligible status,
Conversion and Portability are available,
according to enrollment at the time of loss and
subject to the provisions of the University of Pittsburgh Group Term Policy.
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Conversion is available for
all Group Term Insurance plans
Basic Life, Basic AD&D as a
rider to Life Conversion in amount equal to Conversion, Optional Life, Optional AD&D as a rider to Life
Conversion in amount equal to Conversion,
Dependent Life
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Portability is available for Optional Life and
Optional Dependent Life, even without a conversion of Basic Life.
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Portability is not available for Basic Life and
also not available for either Basic AD&D or Optional AD&D.
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Policy Conversion
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With no requirement of Evidence of
Insurability (EOI), also known as a medical
questionnaire, a participant may convert Basic Life,
Basic AD&D, Optional Life, Optional AD&D and Dependent
Life to an individual whole life policy.
Premium rates are not group term rates but rather the
customary rates applicable to the effective dates of
any individual policies issued to any persons of the same
class of insurance table age and risk. Individual policies build up cash value.
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Portability
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With no requirement for Evidence of Insurability (EOI),
also known as medical questionnaire, a participant may
port Optional Life and Dependent Life. (In other words,
portability is applicable only to coverage whereby the
participant is responsible for the full premium costs,
also known as contributory without a University contribution,
with the exception of not being applicable to Optional AD&D.)
The policy issued under Portability is term insurance.
Premium rates are market competitive because of the tie to group
term rates and group term policy, which is fully contributory
with no University contribution and does not build cash value.
Coverage ends when the participant ceases to pay the premiums.
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Basic Life
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Yes
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No
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Basic AD&D
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Yes, as a rider to Life Conversion in amount equal to Conversion
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No
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Optional Life
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Yes
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Yes, Even if Basic Life not Converted
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Optional AD&D
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Yes, as a Rider to Life Conversion in amount equal to Conversion
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No
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Dependent Life
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Yes
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Yes, Even if Basic Life not Converted
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Customer Service for Conversion and Portability
You should contact Conversion and
Portability Customer Service at
1 800 826 7448 for information about the
policy and procedures, premium monthly rates per $1,000 and the deadlines for making an
election and premium payments.
Note that the application and payment of
the first premium must be made within
31 days of the date the coverage ends
through the University of Pittsburgh Group Policy.
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*Note: Portability and conversion are not available for Basic and Optional AD&D.
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