OU's life insurance plans are administered by Lincoln Financial. Read more about the plan summaries here.
As part of your total compensation, OU pays for Basic Life Insurance through Sooner Credits. Basic Life Insurance is provided at no cost to full-time benefits-eligible employees at a rate of 1.5 times your annual salary. You are automatically be enrolled in Basic Life Insurance. The university provides Sooner Credits to cover the full monthly cost of this plan.
As with all life insurance plans, please be sure you have elected a beneficiary for this coverage.
1 Section 79 of the Internal Revenue Code (IRC) has always required that employers calculate imputed taxable income for employees that receive group life insurance coverage in excess of $50,000. Imputed income is not new, to learn more review the IRS guidelines or contact a tax professional or accountant.
In addition to your Employer Paid Basic Life Insurance, benefits-eligible employees have the opportunity to enroll in supplemental life insurance for themselves and their families.
Voluntary supplemental life insurance coverage is available in $10,000 increments with a maximum coverage of $500,000, not to exceed 5 times annual salary, rates are age based. Example: $50,000 (annual salary) X 5 = $250,000.
• Up to two Increments are available on a guaranteed acceptance basis during open enrollment ($20,000).
• For new hires or newly eligible employees may enroll in up to $300,000 of coverage or 5 times annual salary, whichever is less, is available on a guaranteed acceptance basis. Any additional amount will require Evidence of Insurability (EOI).
• Benefits terminate at retirement.
You may also choose to enroll your spouse according to the options below. Spousal life insurance can be purchased in increments of $5,000. Maximum coverage cannot exceed 100% of the employee’s approved combined Basic and Optional life insurance benefit, to a maximum of $150,000, rates are age based.
A beneficiary is a person or organization that receives a benefit if the covered person has passed away.