Retirees enrolled in the Colorado PERA life insurance plan with Unum had an increase in their premiums, effective April 1, 2017. The premium increased from $7.75 to $10.28 per unit per month. The increase is necessary to maintain the stability of the plan.
Even with the increased premium, the plan is still competitively priced. Remember that Unum’s life insurance plan includes Accidental Death and Dismemberment (AD&D) benefits and coverage for your eligible dependents at no additional cost.
Most life insurance plans terminate at retirement, but PERA has always allowed members to enroll while working and continue coverage into retirement. Many members enroll just before retirement. Currently, 70 percent of enrollees in the plan are retirees, which makes the plan
more costly to administer.
As it has in the past, your life insurance premium deductions will be indicated by the UNUM1 code on your benefit statement. For more information about your life insurance plan, call Unum at 1-866-277-1649.