Life Insurance FAQs

We have answers for using your Life Insurance plan.

What is the amount of my life insurance?

It depends on several factors, including your age and whether you are retired or actively working.

Your Benefit Summary shows if you are insured for a flat amount or a multiple of your salary. Once you determine this, refer to the reduction schedule on page 1 of your Benefit Summary to determine what, if any, reduction in your benefit may apply.

Please note that as you age, the percentage of life insurance in force is reduced.

Does my life plan have any cash value?

No. Your life policy is a form of term insurance and has no cash or surrender value.

Can I keep my life insurance through the WEA Trust when I retire?

Not all school districts offer retiree coverage. Your Life Insurance Benefit Summary indicates if your school district has elected this option.

What is a primary beneficiary and a secondary beneficiary?

A primary beneficiary is the 1st person(s) that you want benefits to be paid to in the event of your death.

The secondary beneficiary is the person(s) that you want the benefits paid to in the event that your primary beneficiary is deceased.

Can I name anyone I want as the beneficiary of my plan?

Yes. You can designate anyone as your beneficiary. You can also name more than 1 person and indicate what percentage of the benefits you want assigned to each person. If you do not specify a percentage, the benefits will be evenly split amongst your primary beneficiaries.

Who is the designated beneficiary of my plan?

If you are unsure of who you designated as your beneficiary, call our Eligibility Department at 800.279.4000 during normal business hours. The eligibility representative will reply in writing.

Hours:  Monday through Friday    7:30 a.m. – 5:00 p.m.

Summer hours (Memorial Day through Labor Day):
Monday through Thursday   7:15 a.m. – 5:00 p.m.
Fridays     7:15 a.m. – 1:00 p.m.

How often should I change my beneficiary?

It's up to you. We suggest you update your beneficiary whenever you experience a significant life event such as a marriage, divorce, death of your named beneficiary, etc.

How do I change my designated beneficiary?

There are 3 ways to change your beneficiary.

Change your beneficiary by mail:

• Send a written letter indicating::
  • The date
  • Your beneficiary changes
  • Your name and Social Security number
  • Your school district
  • Your signature

OR

• Download a Life Insurance Beneficiary Form. Fill it out and mail it to:
  WEA Trust, P.O. Box 7338, Madison, WI 53707-7338.
  When we receive your beneficiary change request, we will confirm your new designation in writing.

These types of written changes will be effective on the earlier of these dates:

• The date you signed the written notice.
• A future date if your written notice specifies one.

Change your beneficiary online. The change is effective the date you submit the online form.