Life Insurance

OU's life insurance plans are administered by Lincoln Financial. Read more about the plan summaries here.

Summary

Basic Life Insurance

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. 

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.

Supplemental & Dependent Life Insurance

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. Supplemental life insurance can be purchased in increments of $10,000, rates are age based.

  • Employees enrolling in coverage for the first time may enroll in supplemental life insurance up to the guaranteed issued amount of $300,000 or 5 times their annual salary whichever is less without evidence of insurability. Example: $50,000 (annual salary) X 5 = $250,000.

  • You will be required to provide Evidence of Insurability if you choose a coverage amount over the guaranteed issued amount of $300,000 or 5 times your annual salary, the maximum benefit is $500,000.

  • Employees currently enrolled in optional life insurance over the guaranteed issued amount of $300,000 will be allowed to increase by two increments (a total of $20,000) without evidence of insurability.

  • If your optional life insurance has been previously denied for coverage, then you are not eligible for supplemental life insurance coverage.

  • ​*Evidence of Insurability (EOI) may be required if you elect coverage after your initial eligibility. 

     

    Spousal Life Insurance

    You may also choose to enroll your spouse according to the options below.  Spousal life insurance can be purchased in increments of $5,000, rates are age based.

    • Employees currently and not currently enrolled in spouse life insurance may enroll in spousal life insurance up to the guaranteed issued amount of $100,000 or 100% of the employee’s approved combined basic and supplemental life insurance benefit (maximum benefit of $150,000). Example: Employee’s combined basic and supplemental life equal $93,000 spouse is eligible for $90,000.

    • Spousal life insurance that goes over the guaranteed issued amount of $100,000 will be subject to evidence of insurability.

    • Employees currently enrolled in spousal life insurance over the guaranteed issued amount of $100,000 will be allowed to increase by two increments (a total of $10,000) without evidence of insurability.


    • If your spouse has been previously denied for coverage, then your spouse is not eligible for coverage.

    Add or Review Beneficiaries

    A beneficiary is a person or organization that receives a benefit if the covered person has passed away.
    • Beneficiaries can be added in the Life Insurance section of Employee Self-Service during annual open enrollment. To add a new beneficiary any other time, please contact Human Resources.
    • To make changes to or remove a currently assigned beneficiary, an employee must contact Human Resources.
    • An employee's estate will be the designated beneficiary if they do not designate one when first enrolling in basic coverage. 
    • If they choose to enroll in additional coverage, the same beneficiaries designated for an employee's basic coverage will be assigned to their additional coverage. 
    • The employee is automatically designated as the only beneficiary for spouse and child coverage.