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Optional Employee Life Insurance

Optional Employee Life Insurance

All PEBB-eligible employees may enroll for optional employee life insurance coverage. Some coverage amounts may require approval of a medical history statement by The Standard.

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.
Premium Rates:
You must self pay for this coverage. The state does not provide a benefit amount for optional employee life insurance coverage.
This life insurance is tobacco rated annually. Your life insurance premium rate is higher in the next Plan Year when you have used tobacco products in the 12 months prior to enrollment. Your premium rate increases when your age moves you into a new tier. The tier rate increase goes into effect on January 1 of the year following your birthday.
Life Insurance Premium Rates
Effective Dates:

If you enroll during Open Enrollment, your coverage becomes effective January 1 of the new plan year.

If you enroll outside of Open Enrollment, your coverage becomes effective the first of the following month, or the first of the month following approval by The Standard if it requires a medical history statement.

Description of Benefits:

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 whose premium payments are current. The Standard pays the benefit upon death from any cause (excluding suicide during the first two years of coverage).

If the covered individual dies by suicide during the first two years of coverage, The Standard will not pay the benefit but will refund the premiums paid during that period. This insurance does not accumulate any kind of cash value.

Coverage Limit:
The coverage limit for employee optional life insurance is $600,000.

Guaranteed Issue:

Guaranteed issue means you don't have to give a medical history for insurance company approval of your application; the company can't deny coverage as long as you are eligible through PEBB.

You may enroll in up to $100,000 in coverage as guaranteed issue within 30 days of your hire date or within 30 days of your initial eligibility.
Premium Waiver on Disability:
The Standard may waive your premium payment and continue your coverage if you become totally disabled from all occupations before age 60. This waiver will end if:
  1. Your disability ends
  2. You fail to provide ongoing proof that you are eligible for the waiver
  3. You fail to cooperate with The Standard
  4. You convert your coverage
Medical History Statement:
If you want to enroll or increase the level of current coverage during Open Enrollment, (or as a newly eligible employee enrolling for more than guaranteed issue), you may have  to submit a medical history statement to The Standard. The Standard will base approval or denial of the coverage request based on review of your medical history.

The Standard requires a medical history statement if you: 
  1. Enroll after 60 days from your date of eligibility (initial period of eligibility)
  2. Request coverage of more than $100,000 (if you are enrolling during your initial period of eligibility)
  3. Enroll or want to increase your existing coverage during Open Enrollment
TheStandard's online medical history statement
    Tax Treatment:
    For employee life insurance, your premium payment for the first $40,000 in coverage is taken pretax. Premium payments for coverage over $40,000 are taken after taxes.  
    Standard Designation:
    The Standard Designation creates a chain of beneficiaries that automatically allows for future marriages, divorces, births, deaths, or adoptions within your family as established by Oregon law. It will name your next of kin surviving you at the time of your death in the following groups in the order listed:
    1. To my spouse; and if he or she does not survive me, then to;
    2. My child or children in equal shares, and the shares of any child who does not survive me to his or her children living at my death in equal shares; but, if none of my children survive me, then to the children of my children living at my death in equal shares; and if neither my children nor any of their children survive me, then to;
    3. My mother and father in equal shares, or to the survivor; and if neither survives me, then to;
    4. My brothers and sisters in equal shares, and the shares of any brother and sister who does not survive me to his or her children living at my death in equal shares; but, if none of my brothers and sisters survive me, then to the children of my brothers and sisters living at my death in equal shares.
      • The terms “child” and “children,” as used in this beneficiary designation, shall include both biological and adopted children, whether born or adopted before or after the date on which I selected this beneficiary.
      • No payment shall be made to persons included in any of the above groups should they be living at the date of my death. Persons in any groups preceding it as listed.
      • Except as I have designated in groups (1) and (4) above, I choose not to have the dependents of any beneficiary who does not survive me take any interest or benefit in property subject to this designation.
    If  you lose eligibility for this coverage, you may continue the coverage through portability. Portability rates are based on the employee rate you pay at the time you lose eligibility.

    You must apply for portability directly to The Standard within 30 days following your employment termination date.
    If  you become disabled, you may convert your coverage to a whole life individual policy. A whole life policy provides coverage for your whole lifetime (as long as premiums are current) rather than a specified term.

    You can apply for an individual policy of whole life insurance without submitting a medical history statement. You must apply for conversion directly to The Standard within 30 days of the date your coverage ends.