University Insurance Association Plan
| Eligibility | Enrollment | Coverage | Premium | Program Features |
The University Insurance Association Plan provides decreasing term life insurance to eligible unclassified faculty and academic staff under Group Policy # 32872-G issued by the Minnesota Life Insurance Company and administered by the University Insurance Association Board.
Eligibility
Participation is a condition of employment for Faculty, Academic Staff and Limited Appointees, Research Associates, Post Doctoral Fellows/Scholars/Trainees, or others who hold an unclassified appointment by the Regents of the University of Wisconsin:
- whose duties include either teaching, research or administration and whose current rate of compensation is not less than 50% of the average instructors salary for the previous year; and
- who are eligible for immediate or future state share contribution to the State of Wisconsin group health insurance program; and
- who are not collecting a Wisconsin Retirement System benefit.
The monthly earnings threshold is:
| 2007-2008 | $2,333.00 |
In addition, you must be eligible for immediate or future employer contribution to the State of Wisconsin health insurance program to participate.
Rehired annuitants receiving a Wisconsin Retirement System benefit are not eligible for this program.
Enrollment
- If you meet the eligibility criteria, enrollment is automatic.
- No application is required.
- You may designate a beneficiary. If you do not have a beneficiary designation on file, proceeds will be paid according to standard sequence.
Coverage
- Coverage is effective on April 1 or October 1, depending on your date of employment.
- The plan does not cover your spouse or dependents.
- Your benefit is determined according to your age at the beginning of the contract year (October 1), illustrated in the following table.
| Member's Age at Beginning of Policy Year | Amount of Death Benefit | Member's Age at Beginning of Policy Year | Amount of Death Benefit |
|---|---|---|---|
| 21 | $60,000 | 46 | $21,000 |
| 22 | $60,000 | 47 | $20,000 |
| 23 | $60,000 | 48 | $19,000 |
| 24 | $60,000 | 49 | $17,800 |
| 25 | $60,000 | 50 | $16,500 |
| 26 | $60,000 | 51 | $15,100 |
| 27 | $60,000 | 52 | $13,600 |
| 28 | $58,000 | 53 | $12,100 |
| 29 | $55,500 | 54 | $10,700 |
| 30 | $52,700 | 55 | $ 9,400 |
| 31 | $49,900 | 56 | $ 8,200 |
| 32 | $47,200 | 57 | $ 7,100 |
| 33 | $44,500 | 58 | $ 6,300 |
| 34 | $41,700 | 59 | $ 5,600 |
| 35 | $39,200 | 60 | $ 5,100 |
| 36 | $36,700 | 61 | $ 4,600 |
| 37 | $34,200 | 62 | $ 4,200 |
| 38 | $32,100 | 63 | $ 3,800 |
| 39 | $30,400 | 64 | $ 3,500 |
| 40 | $28,800 | 65 | $ 3,300 |
| 41 | $27,100 | 66 | $ 3,000 |
| 42 | $26,700 | 67 | $ 2,800 |
| 43 | $24,500 | 68 | $ 2,600 |
| 44 | $22,900 | 69 | $ 2,300 |
| 45 | $22,100 | 70 | $ 2,000 |
Premium
- The annual premium of $24 is deducted from your October earnings (paid on or about November 1).
- If your employment begins after payment of October earnings, a $12 premium will be deducted from your March earnings (paid on or about April 1).
- The University does not contribute toward the premium.
Program Features
- An Accelerated Benefit up to 100% of the insurance proceeds can be paid to you if you become terminally ill.
-
Once insured you may be eligible to continue
insurance under the group policy due to any of
the following:
- you terminate employment, including retirement; or
- you are no longer in a class eligible for insurance, such as moving from an academic to a non-academic appointment; or
- you are on a leave of absence; or
- you are on layoff.
- To continue coverage*, you must make a written request and make the first premium contribution within 31 days after insurance would otherwise terminate.
- You may be eligible to convert your group insurance plan to a permanent policy with Minnesota Life when insurance terminates. Contact Minnesota Life Insurance Company, P.O. Box 259708, Madison, WI 53725-9708, (608) 277-8690 for information on conversion.
*For information regarding plan continuation contact your Human Resource Office and complete this continuation form.
The 2008 Annual Meeting will be held on December 5, 2008 at 780 Regent Street, Room 108, Madison, WI 53715.
For additional information, please refer to the Certificate.
This document was last revised on May 16, 2008