Basic Life Insurance coverage will continue automatically. However, if you are enrolled in Optional Life Insurance, you must contact MIT Benefits to arrange payment for your coverage – either through monthly automatic deduction from your Basic Pension Plan annuity; or, if you are not receiving an annuity, monthly direct payment to MIT.
Eligibility
All eligible retirees under age 70.
Members of collective bargaining units
All plan provisions are subject to the terms of your collective bargaining agreement.
Your Coverage
Your Basic Life Insurance and, if elected, your MIT Optional Life Insurance will continue at the coverage amount that was in effect on your last day of active employment. If you retire before age 65, you will have a reduction in coverage at age 65 as described below.
Coverage continues until the June 30th after you reach age 70, when it ends.
You have the option of reducing or canceling your Optional Life Insurance coverage at any time. However, if you do reduce or cancel your optional coverage it cannot be reinstated.
Rates
| Optional Life Insurance Rates for Retirees | ||
|---|---|---|
| Age on January 1 | Monthly cost per $1,000 of coverage | Example monthly cost for $100,000 coverage |
| Age 55 - 59 | $0.163 | $16.30 |
| Age 60 - 64 | $0.226 | $22.60 |
| Age 65 - 69 | $0.396 | $39.60 |
| Age 70 | $0.630 | $63.00 |
Reductions in coverage at age 65
Your Basic Life Insurance coverage is reduced from $50,000 to $33,000 on the July 1 following your 65th birthday. On the same date, the maximum amount of Optional Life Insurance coverage is reduced to 3.3 times your final salary.
On the July 1 following your 70th birthday (or your retirement date, if later), both your Basic and Optional Life Insurance coverage will end.
Converting to a whole-life policy
Within 31 days after your life insurance ends, you may convert the lost coverage to a whole-life policy immediately or choose 11 months of term coverage with an automatic conversion to a whole-life policy at 12 months. If your conversion application is received within this 31-day period, you will not have to provide evidence of insurability. For additional information, call the Met Life Insurance Company at (877) 275-6387.
Portable option for optional life insurance
Your Optional Life Insurance is portable and can be continued under a different group term life insurance policy from MetLife® within 31 days after your coverage ends. If your portability application is received within this 31-day period, you will not have to provide evidence of insurability. For additional information, call the MetLife® at (888) 252-3607.
Dependent life insurance
Your optional coverage for your spouse or dependent child ends on your day of retirement. You may convert all or part of your dependent life insurance coverage to an individual policy with MetLife Insurance Company within 31 days after you retire. Call MIT Benefits at (617) 253-6151 or toll-free at (855) 253-6151 to request a conversion form.
Accidental death and dismemberment insurance
Accidental Death and Dismemberment coverage ends on your day of retirement.