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MIT Employee Benefits

Eligibility

All eligible retirees under age 70.

Next steps

Coverage will continue automatically — you are not required to act.

Details

Life insurance coverage

If you retire before age 65, your Basic Life Insurance and MIT Supplemental Life Insurance will continue at the level that was in effect on your last day of active employment, then decrease when you reach age 65. Coverage continues until you reach age 70 when it ends. You have the option of reducing or canceling your Supplemental Life Insurance coverage at any time. Once you do reduce or cancel it, however, you may not reinstate it.

Reductions in coverage at age 65

If you are a full-time employee at the time of your retirement, your Basic Life Insurance coverage will be reduced from $50,000 to $33,000 on the July 1 following your 65th birthday. On the same date, the maximum amount of Supplemental Life Insurance coverage will decrease from 5.0 times your final salary to 3.3 times your final salary. Coverage is pro-rated for part-time employees. On the July 1 following your 70th birthday (or your retirement date, if later), both your Basic and Supplemental 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. For additional information, call the Met Life Insurance Company at (877) 275-6387.  

Accidental Death and Dismemberment Insurance

Accidental Death and Dismemberment coverage ends on your day of retirement.

Members of collective bargaining units

All plan provisions are subject to the terms of your collective bargaining agreement.