Life Insurance

For official retirement from the University, the University provides group life insurance at no cost to you in the amount of $15,000, if you have completed 10 or more years of service. For service of less than 10 years, the amount of coverage is calculated at $1,500 per year for each year of service. AD&D insurance discontinues at retirement.

Years of Service

Amount of Life Insurance Coverage

Less than 1 Year 0
1 but less than 2 Year $1,500
2 but less than 3 Years $3,000
3 but less than 4 Years $4,500
4 but less than 5 Years $6,000
5 but less than 6 Years $7,500
6 but less than 7 Years $9,000
7 but less than 8 Years $10,500
8 but less than 9 Years $12,000
9 but less than 10 Years $13,500
10 Years and over $15,000

Life Insurance Beneficiary Designations for Aetna

Keeping your beneficiaries current is very important. Aetna Life Insurance Company, the University's life insurance carrier, has a process to help you facilitate your own personal management of the beneficiary designations for group term coverage through the University of Pittsburgh.

You may obtain a hard copy of the Beneficiary Designation form by calling Aetna 1-888-584-2983. Aetna will mail the form to you, and it will include instructions for return by mail or fax.

Beneficiary Management and Plan Rules

You are encouraged to review your current beneficiary designations. Having a correct beneficiary designation will help ensure that your intention regarding a claim in the event of your death is fulfilled.

You must make beneficiary designations at the time of enrollment in any of the coverages. Basic coverage is provided by the University through Aetna and you may elect from optional programs of insurance sponsored by the University through Aetna. You need only to complete one Aetna Form.

Subsequent to initial enrollment, you may make a beneficiary designation at any time. However, the goal is to encourage you to immediately begin a review and establish your own on-going periodic review. It is important to check periodically to make sure the designation is current. Personal life event changes you experience typically require a review and perhaps update to your beneficiary designations. Personal life events include, but are not limited to:

  • Birth of a child
  • Marriage
  • Divorce
  • Death

Life Insurance Provisions for Loss of Active Coverage Upon Retirement

Upon loss of University of Pittsburgh active group term coverage, conversion and portability are available as a result of a retirement subject to the provisions of the University of Pittsburgh Group Term Policy.

  • Conversion is available for all Group Term Insurance plans – Basic Life, Basic AD&D as a rider to Life Conversion in amount equal to Conversion, Optional Life, Optional AD&D as a rider to Life Conversion in amount equal to Conversion, Dependent Life
  • Portability is available for Optional Life and Optional Dependent Life, even without a conversion of Basic Life.
  • Portability is not available for Basic Life and also not available for either Basic AD&D or Optional AD&D.

Policy Conversion

With no requirement of Evidence of Insurability (EOI), also known as a medical questionnaire, a participant may “convert” Basic Life, Basic AD&D, Optional Life, Optional AD&D and Dependent Life to an individual whole life policy.

Premium rates are not group term rates but rather the customary rates applicable to the effective dates of any individual policies issued to any persons of the same class of insurance table age and risk. Individual policies build up cash value.

Portability

With no requirement for Evidence of Insurability (EOI), also known as medical questionnaire, a participant may “port” Optional Life and Dependent Life. (In other words, portability is applicable only to coverage whereby the participant is responsible for the full premium costs, also known as contributory without a University contribution, with the exception of not being applicable to Optional AD&D.)

The policy issued under Portability is term insurance. Premium rates are market competitive because of the tie to group term rates and group term policy, which is fully contributory with no University contribution and does not build cash value. Coverage ends when the participant ceases to pay the premiums.

Summary/ Recap

Availability

Required Enrollment at Time of Loss of Coverage

Plans Conversion Portability
Basic Life Yes No
Basic AD&D Yes, as a rider to Life conversion in amount equal to conversion No
Optional Life Yes Yes, even if Basic Life not converted
Optional AD&D Yes, as a rider to Life conversion in amount equal to conversion No
Dependent Life Yes to age 65 only Yes, even if Basic Life not converted

Customer Service for Conversion and Portability

You should contact Aetna Life Insurance’s Conversion and Portability Customer Service at 1 (800) 826 - 7448 for information about the policy and procedures, premium monthly rates per $1,000 and the deadlines for making an election and premium payments.

*Note:

  • the application and payment of the first premium must be made within 31 days of the date the coverage ends through the University of Pittsburgh Group Policy.
  • Portability and conversion are not available for Basic and Optional AD&D.