The benefits of working at Indiana University don't end when you move on to the next chapter of your life in retirement. If you terminate with IU retiree status, the university provides a retiree life insurance benefit for you.
Life insurance for retirees
Understanding your retiree life insurance benefits
When you retire from IU, your basic and supplemental life insurance coverage ends, including any coverage for your dependents.
However, if you retire with IU retiree status the university will automatically provide you with a $6,000 life insurance policy at no cost to you.
If you retired before January 1, 2003, your life insurance is based on your annual wage just prior to your retirement. For questions regarding your retiree life insurance amount, contact AskHR at (812) 856-1234 or askHR@iu.edu. For questions regarding your retiree life insurance amount, contact AskHR at (812) 856-1234 or askHR@iu.edu.
Naming and updating beneficiaries
You can easily name and change beneficiaries for your plan by submitting a Beneficiary Designation Form.
Converting/porting employee policy
Following your retirement, you have the option to convert or port your basic life insurance policy, as well as any supplemental life insurance, to individual policies without providing proof of good health.
- Basic life insurance: You can convert up to the difference between your employee policy and your retiree policy (in most cases this would be $50,000 - $6,000, or $44,000).
- Supplemental employee life insurance: You can convert up to the amount of coverage you held when you retired.
- Supplemental dependent life insurance: Your covered dependents can convert up to the amount they were insured for when you retired.
Two options are available, and each has its own rates and eligibility criteria. Review the applications carefully to make sure you understand all of these criteria.
All former employees have the option to convert the difference to an individual whole life policy. This type of policy has higher premiums, but the policy lasts for your lifetime and builds cash value.
To convert to an individual policy, you must submit a completed Conversion Application and pay the initial premium for the policy within 31 days of your insurance ceasing under your IU-sponsored basic life policy.
Former employees under age 65 have the option to port the difference to an individual term life plan. This type of plan is typically less expensive initially, but the premiums increase with age and the policy is only valid for a specified time period.
To port to an individual policy, you must submit the Portability Application and pay the initial premium for that policy within 31 days of your insurance ceasing under the IU-sponsored basic life policy.
Note: If you pass away during the 31 days allowed, the underwriter will pay the amount of life Insurance that could have been converted/ported to your named beneficiary.
The Standard makes every effort to provide a conversion offer to employees upon discontinuation of IU-sponsored employee group life coverage; however, it is your responsibility to covert/port your policy in a timely manner whether or not a conversion offer is extended at the time of termination.
How to file a claim
If a covered retiree passes away, the named beneficiary on the policy should reach out to IU Human Resources at askhr@iu.edu or 812-856-1234 to initiate the life insurance claim.