Life Insurance

OSU provides basic life and accidental death and dismemberment coverage to continuous, regular employees who work at least 30 hours a week or 0.75 FTE or greater. Plus, OSU offers you the opportunity to purchase additional insurance for yourself and your family provided by Lincoln Financial.

 

Basic Coverage Provided by OSU

You are automatically enrolled in a basic life insurance policy with Lincoln Financial, paid by OSU. Effective January 1, 2021, your employer-paid policy is two-times your annualized salary up to $100,000, with accidental death and dismemberment coverage. 

 

Voluntary Supplemental Coverage Paid by You

You may purchase additional coverage for yourself, your spouse, and/or your children.  

 

• SUPPLEMENTAL LIFE INSURANCE DETAILS

  • No proof of good health is required if enrolled within Guaranteed Issue limits in the first 30 days of hire.

    • Employee Supplemental Guaranteed Issue - 2 x salary in $10,000 increments not to exceed $300,000.

    • Employee Supplemental with Evidence of Insurability - 5 x salary in $10,000 increments not to exceed $750,000.

    • Spouse Supplemental Guaranteed Issue - 1 x employee salary in $10,000 increments not to exceed $130,000.

    • Spouse Supplemental with Evidence of Insurability - 100% of employee coverage not to exceed $380,000.

  • Premiums are calculated based on the age of the employee or spouse.

  • Children coverage is available in $2,500 increments up to $10,000 and rate is based on coverage unit, rather than age.

  • Annual enrollment periods will require proof of good health if coverage is increased more than $40,000 for employee; or $10,000 for spouse; or coverage exceeds the above guaranteed issue limits.

  • Portability is available to continue supplemental employee coverage upon separation. 

  • Even higher coverage limits are available at any time during the year by completing evidence of insurability with Lincoln Financial using company code: OSUAMBENEFITS.

    • You will receive notification from Lincoln Financial regarding the status of your request.

• SUPPLEMENTAL PREMIUMS FOR EMPLOYEE/SPOUSE

  Supplemental coverage for employee and spouse must be purchased in $10,000 increments. The premiums listed are per month for each unit of $10,000. Spouses who are benefits eligible OSU/A&M employees are not eligible for coverge.

   

  Benefit amounts reduce to 65% at age 65; to 50% at age 70; to 30% at age 75.

   

  Premium calculations and/or reduction occur the first of the month following the employee or dependent birthday.  Coverage terminates at retirement or separation unless you choose to port your supplemental coverage.

  AGE OF PREVIOUS MONTH	MONTHLY RATE PER $10,000
  Under 25	$.50
  25-29	$.60
  30-34	$.80
  35-39	$.90
  40-44	$1.00
  45-49	$1.70
  50-54	$3.20
  55-59	$5.20
  60-64	$7.80
  65-69	$14.60
  70+	$24.00

• SUPPLEMENTAL PREMIUMS FOR CHILDREN

  You have four choices of coverage on children and the rate covers all eligible children regardless of the number of children in the family. 

  • Eligible children are covered until age 26 regardless of school enrollment.

  COVERAGE UNITS	COST PER MONTH
  $2.500	$.45
  $5,000	$.90
  $7,500	$1.35
  $10,000	$1.80

• UPDATE BENEFICIARY INFORMATION

  It is important to name your beneficiaries and keep the information current with major life events (marriage, divorce, birth, or adoption).

   

  Beneficiary Designation Resources

Important Links

Life Insurance Certificate of Insurance

Evidence of Insurability Form (create a login to apply)