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.