Life Insurance Considerations Throughout Your Employment

The UW offers a variety of term life insurance plans for employees to consider.  Participation and coverage amounts will vary by individual depending on specific life circumstances and age.  See UW Life Insurance Plans for eligibility, coverage levels and premiums.  

How Much Life Insurance do you Need?

For information to help decide life insurance needs, see the article How Much Life Insurance is Enough? Use the insurance needs calculator referenced in the article. These resources may help decide how much life insurance is needed at different times during your career.

Enrollment Opportunities

  • New Employee/Newly Eligible - New employees and newly eligible employees are offered the opportunity to enroll in the life insurance plans offered by the UW. There may be opportunities during your career to make changes to coverage.
  • Continuing Employee - If employees did not enroll in life insurance as a new employee or newly eligible employee, or did not enroll in all the available plans, they may be able to enroll during their career if they have a qualifying life event such as the birth or adoption of a child, marriage, divorce.  See Family Status Change for details.  An Employment Change may also provide an enrollment opportunity.

    Employees may also be eligible to enroll through Evidence of Insurability (EOI), which requires medical underwriting. Cancellation or reduction of coverage is also available and appropriate for some individuals.

    It is important for employees to revisit their life insurance plan participation, coverage and premium levels throughout their active employment as insurance needs change.
  • Terminating or Retiring Employee - While the UW life insurance plans provide coverage during an employee’s working life, continued coverage upon termination or retirement from the UW is not guaranteed.  Employees may have either a conversion or continuation option for the UW life insurance plans. Not all plans offer these options.

Conversion vs Continuation

When continuing a life insurance plan typically former employees will continue as a group member.  Depending on the employee’s circumstances, this may be a more economical choice than converting the insurance plan.

When converting a current life insurance plan typically employees will convert to an individual policy.  This choice is typically more costly than continuation.

UW Life Insurance Plans and Conversion or Continuation Options Offered

(All plans are term life insurance.  Benefits are payable only for covered events while coverage is in effect) 

 

State Group Life

Individual & Family Life

UW Employees, Inc. Life

Accidental Death & Dismemberment (AD&D)

University Insurance Association (UIA)  Life

Options Upon Termination from Employment (not retirement)

Conversion; Continuation of employee coverage if employee has 20 plus years of WRS service.

Conversion to individual policy.

Conversion to individual policy.

Conversion to individual policy.

Conversion; Continuation if the termination is due to disability as outlined in the plan certificate.

Options Upon Retirement

Continuation of employee coverage; conversion of Spouse/DP & Dependent coverage.

Conversion to individual policy.

Conversion to individual policy.

Continuation of group policy.

Continuation of group policy or conversion to individual policy (employee choice).

 

For information on life insurance enrollment, conversion or continuation and the associated enrollment deadlines, visit the UW System Employee Benefits website

Contact your human resources office for more information.

Source: UW Service Center

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