![]() ![]() If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. ![]() However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. Every effort has been made to ensure the accuracy of the benefits information in this site. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend, or terminate them. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. ![]() Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Premiums are deducted on an after-tax basis.Ĭall the SSC Contact Center at 5-2000 from the Ann Arbor campus, (734) 615-2000 locally, or (866) 647-7657 toll free, Monday through Friday from 8 a.m. If you are paid monthly, your premiums will be deducted from your monthly paycheck if you are paid bi-weekly, your premiums will be deducted from your first and second paycheck of the month. Your cost will increase similarly when you move into the next higher age bracket. The amount of coverage you choose and its cost will increase when your salary increases if your coverage is based on your salary. MetLife may also require a physical examination. If you elect coverage that exceeds $650,000, or if your coverage increases over $650,000 at a later date because your salary increases, your coverage will be capped at $650,000 until you provide a satisfactory health statement to MetLife. You may be required to provide a health statement that is satisfactory to MetLife. If you do not indicate your nonsmoker status on the application, you will be defaulted to the smoker rate. A nonsmoker is defined as a person who has not smoked for 12 months. If you are a nonsmoker, you get a discount on the Optional Plan premium. The cost of your Optional Plan depends on the coverage you select, your age, your smoking status, and your salary. Our term life insurance quotes calculator finds you the best term life insurance policy for your situation.You may choose coverage under the Optional Life Insurance Plan for a flat amount or for an amount based on your annual salary. We offer a wide range of life insurance from the nations leading life insurance companies. The most common type of term policy is a level term policy, which means that the value of the death benefit stays the same for the entire time your policy is active. After analyzing 260 coverage details, here are our top picks for the best term life insurance policies: Pacific Life Best Cost For 1 Million Term Life. After this period, rates will typically increase each year until the policy ends (commonly at age 95). During this period, you enjoy a level premium payment and your premiums are guaranteed not to change. Term life insurance allows you to choose the length of coverage you need, such as 10, 15, 20, or even 30 years. Our term life insurance quotes calculator allows you to select a term policy duration to meet your needs.įor example, if you want to guarantee your family will be able to pay a 20-year mortgage, you can choose a 20-year term policy. This means that a term life insurance policy can be a good strategy for both short and longer term needs or if you have a specific end point strategy. Term life insurance, in simple terms, is life insurance that lasts for a specific period of time. This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive. While we can’t always plan for the sudden changes that may happen in our lives, we can plan for what happens after. Planning ahead is one of the most important things we can do both for ourselves and our families. How will my family manage financially when I die? What Is Term Life Insurance? Our Term Life Insurance quotes can help answer a very straight forward and difficult question:
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