Employee Paid Supplemental Life Insurance
In addition to the Basic Life Insurance provided by Oklahoma City Community College, you may also purchase Optional Life and Optional AD&D Insurance for yourself, your spouse and your dependent children. However, you may only elect coverage for your dependents if you enroll for Optional Life coverage for yourself. If you do not elect optional life insurance when you are initially eligible as a new employee, any subsequent election will be subject to Evidence of Insurability (EOI) and you may have a fee associated that is determined by Mutual of Omaha.
|Benefit||Supplemental Life Coverage|
|Employee||You may elect 7X Annual Salary
up to $500,000 in $10,000 increments
Minimum Coverage: $10,000
Guaranteed Issue Amount: $200,000 (under age 70)
|Spouse||You may elect up to $250,000 in $5,000 increments
up to 100% of the Employee’s election.
Minimum Coverage: $5,000
Guaranteed Issue Amount: $20,000 (under age 60)
|Child(ren)||You may elect up $10,000 in $1,000 increments
Minimum Coverage: $1,000
Guaranteed Issue Amount: $10,000 (under age 26)
|Optional Life Monthly Rates – Per $1,000 of Coverage|
|29 years||$0.07||45 – 49||$0.23||65 – 69||$1.43|
|30 – 34||$0.11||50 – 54||$0.40||70 – 74||$2.52|
|35 – 39||$0.12||55 – 59||$0.66||75 – 99||$2.52|
|40 – 44||$0.15||60 - 64||$0.99||Children||$0.27|
Voluntary AD&D: $0.025 per $1,000 of Coverage
*Rates are based on employee’s age, with the exception of child(ren)
Reductions Due to Age
- Employee: The Principal Sum will be reduced 35% at the age of 70.
- Spouse: Benefit terminates at the age of 70.
- Accelerated Death Benefit - 80% of the amount of the life insurance benefit is available to you if terminally ill, not to exceed $250,000
- Annual Benefit Amount Increase – Elect an additional $40,000 in coverage at each open enrollment, up to the maximum amount, with no Evidence of Insurability (EOI) form required.
- Portability – Continue your insurance policy if you leave OCCC without providing an Evidence of Insurability (EOI) form.
- Waiver of Premium – Your life insurance will continue without payment of premium if you become totally disabled.
You MUST designate a beneficiary for your employer-provided Life and AD&D insurance policy when you become eligible for coverage. Your “beneficiary” is the person (or people, estate, trust, etc.) who will receive your life insurance benefits in the event of your death.