Understanding Life Insurance and Benefits in Retirement at U-M

Life Insurance and Benefits for U-M Retirees

Life insurance is often overlooked, yet it’s a crucial component of financial planning, especially in retirement. The University of Michigan (U-M) recognizes this and provides term life insurance to eligible retirees as part of its comprehensive benefits package. It’s essential to not only secure this coverage, but also to discuss your life insurance with those who would benefit.

Life Insurance After Retirement

Retirees who were enrolled in the University Group Term Life Insurance Plan as active employees retain their U-M term life insurance. However, the coverage amount decreases with age, beginning at retirement. This reduction continues until age 66, at which point a $2,000 coverage amount is effective and remains in place for the remainder of the retiree’s life.

Designating and Reviewing Beneficiaries

Designating a beneficiary for your life insurance plan is of utmost importance. If you don’t name a beneficiary, or if your designated beneficiaries do not survive you, your benefits will be disbursed according to the following order: spouse/other qualified adult, children, parents, siblings, and finally, the estate.

Your beneficiary can be a family member, friend, trust, or even an organization. You can change your beneficiaries at any time. To designate a beneficiary for your U-M plan, submit a completed beneficiary designation form to MetLife or call (866) 492-6983 Monday through Friday from 8 a.m. – 11 p.m. Eastern Time.

It’s equally important to keep your beneficiaries updated. You should consider updating your beneficiaries when you:

• Marry or enter a domestic partnership/civil union
• Divorce
• Have or adopt children
• Experience the death of listed beneficiaries

Don’t forget to review the beneficiaries of your U-M Retirement Savings Plans regularly, as well. For information about how to change your life insurance or retirement plan beneficiaries, visit U-M’s Your Beneficiary page.

Keeping Your Address Current

Maintaining a current address with U-M is vital, since the university primarily communicates with retirees via mail. A current address also ensures you are aware of any benefits updates or changes.

To check or update your address, follow these steps:

1. Visit wolverineaccess.umich.edu.
2. Search for “Employee Self Service” and select the tile.
3. Click “Campus Personal Information.”
4. Click “Addresses.”
5. Click “Current Local.”
6. Review your “Current Local” address and edit if needed.

You can also contact the Shared Services Center – HR Customer Care at (734) 615-2000, Monday through Friday from 8 a.m.-1 p.m. and 2-5 p.m., for personal assistance with updating your address.

Remember to also update your address with your retirement savings plan providers, such as TIAA and/or Fidelity Investments, to ensure you receive important communications and can manage your accounts effectively.