Retiree Life Insurance

Basic Life Insurance

The basic life insurance provided to all employees and the optional supplemental life insurance available to you as a regular employee will end at the time of retirement. As a retiree, you are given the opportunity to convert your current life insurance plan and/or purchase retiree term life insurance coverage. Review MetLife's certificate of coverage for more information.

When your life insurance ends due to retirement, you have the option to buy a new individual life insurance policy. You must submit a completed conversion application form to MetLife within 31 days after life insurance ends or is reduced. MetLife will reach out to you after your retirement for more information about this option. You will not have an option to convert the policy later. View Portability and Conversion.

Additional Term Life Insurance

Retiree Term Life Insurance
As a retiree, you also have a one-time option to purchase Retiree Term Life Insurance in increments of $5,000 up to a max of $25,000 at the time of retirement. Coverage amount cannot be increased after initial offering. The first $5,000 of coverage is available at $20.04/per year. If you choose to purchase additional coverage, the premiums are based on your age.

Spouse & Dependent Term Life Insurance
Retirees who purchase retiree term life insurance can also add a flat $5,000 life insurance coverage for spouse and/or dependent child. A dependent child is eligible until the end of the calendar year in which they turn 26 even if they are married; not living with parents; attending school; not financially dependent on their parents.

Rates are based on the age of the retiree for the spouse coverage and dependent child coverage is $2.71 per month per child for the flat $5,000 coverage.

Adding and Updating Your Life Insurance Beneficiaries

To add or update your life insurance beneficiaries, follow the instructions below.

1. Log on to mybenefits.metlife.com and enter University of Louisville in the Company Name field.
2. Click the Next button.
3. You will then see the Welcome to MyBenefits page where you can register as a MyBenefits user (if you are not already registered).
4. Once you log into MyBenefits, select the Benefits & Coverage.
5. Under Group Life Insurance, click on Learn More.
6. On the Group Life Insurance page, click on the ‘I Want to...’ dropdown and select Add/Update Life Beneficiaries.
7. Click on Beneficiaries at the top of the page and follow the instructions to complete.
8. Once you have completed your initial sign-in, you will be able to review and update your beneficiary designations at any time. Changes to your beneficiary designation are effective immediately and you may print a confirmation for your records.

Retiree Life Insurance Rates