Benefits Education - Employee Life Insurance Coverage
Employee Life Insurance Coverage
A Basic Life Insurance policy is provided to all full-time benefits eligible employees at two-times their annualized salary up to $200,000. This Basic Life insurance includes Accidental Death and Dismemberment coverage (AD&D). The payout schedule for AD&D, can be found in the Group Life Insurance Certificate located at http://hr.okstate.edu/benefits/life.
Supplemental Life insurance can be purchased by employees in addition to the basic life policy. Employees can elect supplemental life insurance coverage up to five-times their annualized salary not to exceed $750,000. Within 30-days of an employee’s hire date, an employee can elect up to two-time their annualized salary not to exceed $250,000. At any point during the year, employees can request to add supplemental life insurance or increase their current insurance by completing and submitting a Life Insurance Evidence of Insurability (EOI) form. The EOI can be found at http://hr.okstate.edu/benefits/life.
During annual enrollment, employees who have supplemental life insurance have the option to increase their supplemental life insurance by $5,000 without EOI.
Want to know how much life insurance you currently have? Login to Web for Employees, https://webemp.okstate.edu, and click on Total Compensation Report.