Certificate of Insurance
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 and 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.
The
monthly earnings threshold for 2008-09 is $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 UIA 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
-
Continuation of Coverage, meaning coverage in the group policy after employment, may be an option under the following circumstances:
- 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 laid off.
To continue coverage, you must make a written request and make the first premium payment to Minnesota Life Insurance Company* within 31 days after UIA group insurance would otherwise terminate. For information regarding plan continuation, contact your Benefits Office and complete this continuation form.
- An Accelerated Benefit, up to 100% of the life insurance proceeds can be paid to you if you become terminally ill. For information regarding the Accelerated Benefit, contact Minnesota Life Insurance Company.*
- Transfer of Ownership, sometimes called assignment of insurance, is an option for staff wishing to transfer the rights of the policy to another party. For more information regarding transferring ownership of your policy, contact Minnesota Life Insurance Company.*
-
Conversion of Coverage, means insurance coverage in a permanent life insurance policy with Minnesota Life Insurance Company* when your UIA group insurance terminates. Most employees opt for the lower-priced continuation option for life insurance coverage following employment.
To convert coverage, you send a written request and submit the first premium payment to Minnesota Life Insurance Company* within 31 days after UIA group insurance terminates. For information regarding plan conversion, contact Minnesota Life Insurance Company.*
*Minnesota Life P.O. Box 259708
Madison, WI 53725-9708
(608) 277-8690 or
(866) 295-8690
Annual
Report for 2007-08.
The 2009 Annual Meeting will be held on December 4, 2009. The time and location to be determined.
For additional
information, please refer to the Certificate.
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This document was last
revised on May 7, 2009

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