Northern Michigan University retirees (years of service + age = 70) may purchase up to $20,000 in group term life insurance at the time of retirement if under age 70. The current monthly rate per thousand dollars of coverage is $2.30. Available coverage amount is dependent on years of full-time employment and coverage at the time of retirement:
- Less than 15 years = 30% of final coverage up to a maximum of $12,500.
- More than 15 years = 40% of final coverage up to a maximum of $15,000.
- More than 20 years = 50% of final coverage up to a maximum of $20,000.
Amounts of coverage reduce to $10,000 upon 70th birthday or are limited to $10,000 if age 70 at time of retirement.