If you are eligible for OU Retirement
and are currently enrolled in the university’s life insurance plans, you may continue a portion of your life insurance coverage as an individual plan at your cost. You must apply for retiree coverage within 30 days of your retirement. The amount of coverage is determined by the amount of group life insurance coverage you have at the time of retirement. The guidelines are:
- If you retire before age 62, the amount of insurance you had immediately before you retired will be reduced by 50%. You may apply to convert a maximum coverage of $50,000 and a minimum coverage amount of $10,000. When you reach age 62, your coverage amount again will be reduced by another 50%.
- If you retire at age 62 or over, the amount of insurance you had immediately before you retired will be reduced to 25%. You may apply to convert a maximum coverage amount of $25,000 and a minimum coverage of $5,000.
- When you reach age 70, life insurance coverage will cease.
Please request the retiree life insurance form from Human Resources and complete it within 30 days of your retirement if you intend to retain life insurance. These forms are available from Human Resources.
Premiums: You must pay life insurance premiums by personal check to PayFlex, the university's administrator for retiree life insurance. Review the rate sheet.
Update Your Information: In order to have continuous coverage in our plans, always notify Human Resources of a change of address. Please make a friend or relative aware of the fact we must be notified of any changes as we mail time-sensitive insurance materials to our retirees annually advising them of significant changes in coverage or a change of insurance companies. It is crucial we have current information to prevent a lapse in coverage.