Participant options include:
- Retirees are eligible for an IU-paid Group Life Insurance policy.
- In addition, Retirees who had Basic and Supplemental Life Insurance may convert their policies to an individual plan within 31 days of retirement date.
Summary of actions the participant must take:
- Return the conversion offer application to the address listed on the letter you will receive from the policy underwriter. The form must be submitted to the policy underwriter within 31 days after the date on which group coverage terminates. (The same form is used for converting Basic Life, Supplemental Life or both.)
- Send the initial premium with the conversion form within 31 days after the date that group coverage terminates or from receipt of the letter from the policy underwriter.
- Dependents must make a separate application to convert to an individual policy. The application must be accompanied by the initial premium payment and submitted within 31 days after the date that group coverage terminates.
- Pay subsequent premium payments on time (rates are calculated on an annual basis, but semiannual, quarterly, or other payment options may be available).
- Notify the policy underwriter of beneficiary changes.
- Notify the policy underwriter of address and name changes.