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Basic Life Insurance
Summary Information Only
 
This Web page presents summary information only. Any error or omission here is unintentional and will be resolved in favor of plan documents or applicable federal or state law or rule.




Eligibility & Effective Dates
 
Eligibility
 
All PEBB-eligible employees are automatically enrolled in basic life insurance coverage.

Effective Dates
 
Your coverage becomes effective the first of the month following when you first become eligible. It is automatic. You do not need to enroll for this coverage.



Description of Benefit
 
This is term life insurance. Term life insurance means that the insurance benefit is payable only if the insured person dies during period specified by the policy. The beneficiary receives the benefit payment if the insured person dies while covered under the policy. In this case, that is while the person is a PEBB-eligible state employee. The carrier pays the benefit upon death from any cause (excluding suicide during the first two years of coverage). This insurance does not accumulate any kind of cash value.  

 ●Optional Life Insurance Certificate
 ●More Information on Life Insurance
 ●The Standard Insurance Company Website 


Premium Rates
 
The premium rate is $1 per five thousand dollars in coverage. Premium for $5,000 in coverage is paid by the employer. 


Tax Treatment
 
For employee life insurance, your premium payment for the first $50,000 in coverage (including the $5,000 basic life coverage) is taken pretax. Premium payments for coverage over $50,000 is taken post-tax.


Beneficiaries
 
You choose the beneficiaries of your basic life insurance coverage. If you do not name your beneficiaries, the designation reverts to the standard designation established by Oregon law.
 
The standard designation pays benefits according to the chain of family beneficiaries. It automatically accounts for such life changes as marriage, divorce, death, birth or adoption within your family.
 
You can make your beneficiary designations online or with a form. You will need to enter:
  • The legal name of the individual, will or trust, and relationship to you
  • The whole-number percentage you wish the individual, will or trust to receive from your benefit
  • Whether the individual, will or trust is a primary or a contingent beneficiary.
This designation will not change until you change it.


Continuing Coverage
 
You may not continue this coverage when you lose eligibility.



Contact The Standard
 
Contact The Standard Insurance Company at: 1-800-242-1888, or visit their web site.