Beginning January 1, 2017, Lincoln Financial will replace Standard Insurance as the administrator of OU's life insurance plans. The plans and rates will remain the same.
With this change in insurance providers, Lincoln Financial is offering a one-time opportunity for employees to purchase Supplemental Life insurance up to an additional 3 times their annual salary (Basic and Supplemental Life insurance cannot exceed 4.5 times their annual salary) or $450,000, whichever is lower, without answering health questions to be approved for coverage. Any amount higher than this is subject to answering health questions for approval. This is a onetime opportunity – should you decide not to enroll this year, you will have to answer health questions and be approved for any amount of coverage during subsequent open enrollment periods.
Note: If you were previously approved for coverage with The Standard, Lincoln Financial will take over the existing amount without requiring health questions on an evidence of insurability (EOI) form.