UW Employees, Inc. Life Insurance

UW Employee, Inc. board upcoming meetings

UW Employees, Inc. Annual Meeting

Date: Monday, December 11, 2023
Time: 4:30 p.m.
Location: To be determined

The UW Employees, Inc. Board made a decision to terminate the UW Employees, Inc. Life Insurance Plan effective January 1, 2025. Employees enrolled in the plan as of December 31, 2023 will have coverage through December 31, 2024. Group coverage in the UW Employees, Inc. Life Insurance plan will end January 1, 2025.

Overview

The UW Employees, Inc. Life Insurance plan offers decreasing term life insurance to eligible employees. Coverage levels range from $7,000 – $33,000 depending on the your age. This life insurance plan covers you as the employee; there is no coverage available for family members.

In addition to benefits payable in the event of death, this plan provides the following:

  • If you become terminally ill with a life expectancy of 12 months or less, you may receive up to the full amount of your coverage level prior to death.

The UW Employees, Inc. Life Insurance Plan (Group Policy #33977-G) is administered by University of Wisconsin Employees, Inc., an employee-directed nonprofit corporation. The plan is underwritten by Securian Financial Group.

Eligibility

The following requirements must have been met to be eligible for this plan:

  • Eligible for State Group Health Insurance as an active employee; and
  • Not receiving a Wisconsin Retirement System (WRS) annuity; and
  • Newly eligible for benefits prior to November 1, 2023

There is no coverage available for family members.

Enrollment

The UW Employees, Inc. Life Insurance plan is no longer accepting enrollments from employees newly eligible for benefits or through Evidence of Insurability.

Note: Employees currently enrolled in the plan may cancel coverage at any time before December 31, 2024.

Coverage Levels

The level of your UW Employees, Inc. Life Insurance coverage is determined by your age as of January 1st of the current year. Your level of coverage will decrease the January 1 coincident with or following your change in age group.

Age as of January 1 Benefit Amount
Under 35 $33,000
35 – 39 $28,000
40 – 44 $25,000
45 – 49 $18,000
50 – 54 $15,000
55 – 59 $13,000
60 – 64 $12,000
65 and over $7,000

Conversion

Conversion of coverage to an individual policy at the end of employment is available. To convert coverage submit a conversion form and the required premium within 31 days after your group coverage ends.

Contact UW-Shared Services, Service Operations at serviceoperations@support.wisconsin.edu or (888) 298-0141 (7:45-4:30 p.m. Monday-Friday) to obtain a conversion form.

Beneficiary Information

You are encouraged to designate a beneficiary(ies) to ensure benefits are paid according to your wishes. Whenever a life event, such as a marriage, divorce, or birth of a child, occurs, review and updated your beneficiary designations. Beneficiary designations can be changed at any time.

For more information on beneficiary designations, see the Beneficiary Information web page.

Benefit Premiums

For UW Employees, Inc. Life Insurance premiums review the Benefit Premiums web page.

UW Employees, Inc. Board

UW Employees, Inc. provides supplemental life insurance for eligible Universities of Wisconsin and UW Hospital and Clinics employees. The plan is administered by the UW Employees, Inc. Board. The UW Employees, Inc. Board consists of elected individuals who are presently employed, affiliated with, or retired from the Universities of Wisconsin or UW Hospital and Clinics.

The UW Employees, Inc. mission is to provide supplemental insurance at a cost that is reasonable for members. To keep premiums as low as possible, monthly premiums are subsidized by the plan.

Forms & Resources

Every effort has been made to ensure this information is current and correct. Information on this page does not guarantee enrollment, benefits and/or the ability to make changes to your benefits.

Updated: 05/29/2024