Changes to Group Term Life and AD&D Insurance
As of Jan. 1, 2013, the University-paid group term life and accidental death and dismemberment (AD&D) insurance is provided by The Standard instead of MetLife. At the same time, the minimum amount of coverage has been increased from $22,500 to $30,000. Also, employees will no longer be subject to a decrease in coverage when they reach the ages of 65 and 70. This graph shows new coverage amounts for UA employees.
Active faculty and staff should be aware of the additional group term life insurance benefits provided by the Teachers Retirement System (TRS). After one year of employment, TRS provides members with $15,000 in term life insurance and a pre-retirement death benefit equal to one year’s salary. For more information about TRS term life insurance benefits, go online to rsa-al.gov.
Reminder: Employees should regularly review their beneficiary information (including TRS) to ensure all information is current. For information on how to review or change beneficiaries, contact the HR Service Center at 348-7732.