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Life Insurance Information

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Compensation and Benefits - Basic Life Insurance

As a full-time employee of the Omaha Public Schools, you are eligible for Group Term Basic Life Insurance coverage.  The $25,000 in life insurance coverage is a benefit provided by the District at no cost to you.

The effective date of coverage for new employees is the first of the month following 30 days of employment.  e.g., employment date October 10, 2005, coverage begins December 1, 2005.

You also have the option to purchase up to $200,000 coverage in Supplemental Life insurance at a nominal charge. (See Supplemental Life Insurance for more details.)

Click here for Basic Life Insurance Booklet

The Supplemental Group Term Life Insurance Program offers full-time employees, spouses and dependents the option to purchase additional term life insurance coverage. Employees who enroll within 30 days of employment will not have to provide personal health information, however, future enrollments or increases in coverage will require evidence of insurability. The rate used for a spouse’s coverage is based on the age of the employee. Dependent child/children cost is a flat $1.00.

Supplemental Life Insurance is available in the following coverage amounts

Employee Coverage

Spouse Coverage

Child/Children

$12,500 , $25,000, $50,000, $75,000, $100,000, $150,000, $200,000

$12,500, $25,000, $50,000

$10,000

 Benefit Reduction Schedule

At Age

Benefits Reduce to:

70

45%

75

30%

80

20%

85

15%

90

10%

                                                                                                                       

 

       

 

 

 

Enrollment forms can be found below.  The monthly cost you will pay through payroll deductions can be determined using the rates listed below: 

SUPPLEMENTAL LIFE INSURANCE MONTHLY PAYROLL

Attained Age                    Deduction for each $1,000
Under Age 30 . . . . . . . . . . . . . .  . . . . .$ .07
30 through 34. . . . . . . . . . . . . . . . . . . .$ .08
35 through 39 . . . . . . . . . . . . . . . .  . . .$ .11
40 through 44. . . . . . . . . . . . . . . . . . . .$ .17
45 through 49. . . . . . . . . . . . . . . . . . . .$ .25
50 through 54. . . . . . . . . . . . . . . . . . . .$ .40
55 through 59. . . . . . . . . . . . . . . . . . . .$ .64
60 through 64. . . . . . . . . . . . . . . . . . . .$ .94
65 through 69. . . . . . . . . . . . . . . . . . . .$1.49
70 through 74. . . . . . . . . . . . . . . . . . . .$2.30
75 through 79. . . . . . . . . . . . . . . . . . . .$3.42
80 and over  . . . . . . . . . . . . . . . . . . .. .$6.71

Example:  An employee is age 29 and wants to purchase $25,000 of Life Insurance.  The monthly cost would be $ .07 x 25 or $1.75 per month.

 SUPPLEMENTAL LIFE INSURANCE CHANGE
If you are currently enrolled in one coverage amount you may transfer to another coverage amount only by submitting satisfactory evidence of insurability to the Insurance Company.  Such increase in benefits shall be effective the first of the month after the evidence of insurability is approved by the Insurance Company.

 IF YOU ARE DISABLED
Your life insurance may continue while you are totally and continuously disabled.  Total disability, however, must begin prior to age 65 and while you are insured under the Plans.  Proof of disability must be submitted to the Insurance Company annually.  During the period that insurance is continued because of disability, the School District is required to pay the premium for Basic Life Insurance.  Supplemental Life Insurance will also be continued without payment of premium.

 TERMINATION OF INSURANCE
Your insurance under the Plan terminates on the first day of the month following the month you leave employment with the School District, or upon written request by the employee. (See Supplemental Life Plan booklet for more details)

 Please return the completed enrollment form to the Compensation & Benefits Department