Life Insurance and Accidental Death & Dismemberment (AD&D)

OU's life and disability insurance plans will be administered by The Standard beginning January 1, 2025. Read more about the plan summaries here.

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. No action is required if you choose to elect this coverage. Beginning January 1, 2025, employees will also have the option to elect a flat $50,000 life plan that will be paid by the University. Employees must choose one either the flat $50,000 life plan or the basic life insurance at 1.5 times salary. There is no option to waive basic life insurance. The university provides Sooner Credits to cover the full cost of this plan1.

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.

Supplemental & Spousal 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. 

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). 

  • Any amount over the two increments will require Evidence of Insurability (EOI). If you do not initiate the EOI process by Friday, November 3, your insurance will not increase, and your coverage will remain unchanged.

• Benefits terminate at retirement.

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. 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.

  • Up to two increments are available on a guaranteed acceptance basis during open enrollment ($10,000).
  • Any amount over the two increments will require Evidence of Insurability (EOI). If you do not initiate the EOI process by Friday, November 3, your insurance will not increase, and your coverage will remain unchanged.
  • Benefits terminate at retirement.
  • If your optional life insurance has been previously denied for coverage, then you are not eligible for supplemental life insurance coverage.
    • If your spouse has been previously denied for coverage, then your spouse is not eligible for coverage.

Accidental Death & Dismemberment (AD&D)

OU employees receive accidental death and dismemberment insurance (AD&D) as part of the core benefits provided by OU. The university also offers optional accident protection insurance for you, your spouse and your children. This coverage is very inexpensive and provides a benefit in the case of dismemberment as a result of an accident or an untimely death.

You may purchase additional AD&D insurance for yourself in $50,000 increments up to $250,000.

You can purchase dependent AD&D insurance for your spouse at a coverage level ranging from $10,000 to $40,000 and for your eligible dependent children at a $5,000 or $10,000 level. The premiums are the same regardless of the number of children you cover.

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 or removed by contacting HRBenefits@ou.edu or HRBenefits@ouhsc.edu. 
  • 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.

Short-Term Disability (STD) Insurance

Short-term Disability (STD) Insurance replaces a portion of your income when you are recovering from a covered illness or injury — a big help for keeping up while you are unable to work. You can feel better sooner knowing that your income is protected while you’re on the mend.

The Short-Term Disability plan is an optional insurance plan offered through The Standard which is fully paid for by the employee through payroll deduction (offered as an after-tax deduction only).

The weekly benefit is 60% of your weekly salary up to a maximum of $1,500 per week. The benefit begins on the first day of an accident (or on the fifteenth day of an illness), with a maximum duration of 26 weeks. The STD plan is guaranteed issued during open enrollment, but does have a pre-existing condition clause. This means you may not be eligible for benefits if you have received treatment for a condition within 3 months prior to your effective date until you have been covered under the policy for 6 months. 

Long-Term Disability Insurance (LTD)

Why would I need Long-Term Disability insurance? If there’s one thing you can expect, it’s the unexpected. Whether you’re responsible for a family or just yourself, you may have rent or mortgage payments, tuition and regular monthly bills. If you’re unable to work, there’s an affordable way to help protect your lifestyle and the people who depend on you.

Voluntary Long Term Disability (LTD) insurance from The Standard provides income in addition to disability coverage you may already have, such as the Oklahoma Teachers' Retirement System (OTRS). Or if you have no other income options available in the case of disability, then you should consider enrolling in Voluntary Long Term Disability (LTD) insurance to provide long-term income and protect the lifestyle you had before you became disabled.

Employees may participate in optional long-term disability plans by paying the low monthly premium. Premiums are deducted from your paycheck either before or after taxes are calculated. You must be off work at least 180 days (6-months) and be approved before benefits begin. Benefit payments are less when they are offset by other sources of income such as Oklahoma Teachers' Retirement System and Social Security. The benefit period is limited to two years if there is a mental health diagnosis.

LTD Plan Options

Long-term disability insurance is available in the three levels described below.

Plan 1

Plan 1 - 50 % of pay, does not include cost-of-living adjustment or a contribution to the Defined Contribution Plan.

  • Benefit Percentage
    • 50%
  • Maximum Monthly Benefit 
    • $2,000
  • Minimum Monthly Benefits
    • $100
  • Annual Income Requirement
    • None

Plan 2

Plan 2 - 66 2/3 % of pay, includes a cost-of-living adjustment and contributions to the Defined Contribution Plan.

  • Benefit Percentage
    • 66 2/3%
  • Maximum Monthly Benefit 
    • $5,000
  • Minimum Monthly Benefits
    • $100
  • Annual Income Requirement
    • None

High Option (Plan 5)

High Option - 66 2/3% of pay, applies only to employees earning $70,000 or more annually.

  • Benefit Percentage
    • 66 2/3%
  • Maximum Monthly Benefit 
    • $15,000
  • Minimum Monthly Benefits
    • $100
  • Annual Income Requirement
    • $70,000