| 2009 Optional Employee Life Insurance |
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| Notice |
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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. See plan documents for details.
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| Eligibility |
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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 insurance carrier.
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| Premium Rates |
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You must self pay for this coverage. The state does not provide a benefit amount for optional employee life insurance coverage.
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Age >
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Thru 24
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25-29
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30-34
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35-39
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40-44
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45-49
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50-54
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55-59
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60-64
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65-69
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70& up
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Rate Per $10,000 >
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$0.44
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$0.52
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$0.67
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$0.74
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$0.81
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$1.26
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$1.85
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$3.48
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$5.40
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$10.36
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$16.80
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AMOUNT
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$20,000
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0.89
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1.04
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1.33
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1.48
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1.63
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2.52
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3.70
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6.96
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10.80
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20.72
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33.60
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$40,000
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1.78
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2.07
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2.66
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2.96
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3.26
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5.03
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7.40
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13.91
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21.61
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41.44
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67.19
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$60,000
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2.66
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3.11
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4.00
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4.44
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4.88
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7.55
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11.10
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20.87
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32.41
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62.16
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100.79
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$80,000
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3.55
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4.14
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5.33
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5.92
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6.51
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10.06
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14.80
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27.82
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43.22
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82.88
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134.38
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$100,000
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4.44
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5.18
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6.66
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7.40
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8.14
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12.58
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18.50
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34.78
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54.02
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103.60
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167.98
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$120,000
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5.33
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6.22
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7.99
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8.88
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9.77
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15.10
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22.20
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41.74
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64.82
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124.32
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201.58
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$140,000
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6.22
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7.25
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9.32
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10.36
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11.40
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17.61
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25.90
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48.69
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75.63
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145.04
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235.17
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$160,000
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7.10
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8.29
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10.66
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11.84
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13.02
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20.13
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29.60
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55.65
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86.43
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165.76
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268.77
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$180,000
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7.99
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9.32
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11.99
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13.32
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14.65
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22.64
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33.30
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62.60
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97.24
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186.48
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302.36
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$200,000
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8.88
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10.36
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13.32
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14.80
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16.28
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25.16
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37.00
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69.56
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108.04
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207.20
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335.96
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$220,000
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9.77
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11.40
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14.65
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16.28
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17.91
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27.68
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40.70
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76.52
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118.84
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227.92
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369.56
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$240,000
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10.66
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12.43
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15.98
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17.76
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19.54
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30.19
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44.40
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83.47
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129.65
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248.64
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403.15
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$260,000
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11.54
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13.47
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17.32
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19.24
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21.16
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32.71
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48.10
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90.43
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140.45
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269.36
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436.75
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$280,000
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12.43
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14.50
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18.65
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20.72
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22.79
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35.22
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51.80
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97.38
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151.26
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290.08
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470.34
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$300,000
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13.32
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15.54
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19.98
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22.20
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24.42
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37.74
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55.50
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104.34
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162.06
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310.80
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503.94
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$320,000
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14.21
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16.58
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21.31
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23.68
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26.05
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40.26
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59.20
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111.30
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172.86
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331.52
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537.54
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$340,000
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15.10
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17.61
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22.64
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25.16
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27.68
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42.77
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62.90
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118.25
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183.67
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352.24
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571.13
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$360,000
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15.98
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18.65
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23.98
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26.64
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29.30
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45.29
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66.60
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125.21
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194.47
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372.96
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604.73
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$380,000
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16.87
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19.68
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25.31
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28.12
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30.93
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47.80
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70.30
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132.16
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205.28
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393.68
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638.32
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$400,000
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17.76
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20.72
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26.64
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29.60
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32.56
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50.32
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74.00
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139.12
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216.08
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414.40
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671.92
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$420,000
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18.65
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21.76
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27.97
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31.08
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34.19
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52.84
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77.70
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146.08
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226.88
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435.12
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705.52
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$440,000
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19.54
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22.79
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29.30
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32.56
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35.82
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55.35
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81.40
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153.03
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237.69
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455.84
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739.11
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$460,000
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20.42
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23.83
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30.64
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34.04
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37.44
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57.87
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85.10
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159.99
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248.49
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476.56
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772.71
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$480,000
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21.31
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24.86
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31.97
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35.52
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39.07
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60.38
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88.80
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166.94
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259.30
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497.28
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806.30
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$500,000
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22.20
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25.90
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33.30
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37.00
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40.70
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62.90
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92.50
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173.90
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270.10
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518.00
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839.90
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$520,000
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23.09
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26.94
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34.63
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38.48
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42.33
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65.42
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96.20
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180.86
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280.90
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538.72
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873.50
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$540,000
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23.98
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27.97
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35.96
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39.96
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43.96
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67.93
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99.90
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187.81
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291.71
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559.44
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907.09
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$560,000
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24.86
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29.01
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37.30
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41.44
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45.58
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70.45
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103.60
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194.77
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302.51
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580.16
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940.69
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$580,000
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25.75
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30.04
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38.63
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42.92
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47.21
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72.96
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107.30
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201.72
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313.32
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600.88
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974.28
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$600,000
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26.64
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31.08
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39.96
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44.40
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48.84
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75.48
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111.00
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208.68
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324.12
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621.60
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1007.88
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| Premium Rate Increases |
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Your life insurance premium rate will increase when your age moves you into a new tier. The tier rate increases on January 1 of the year following your birthday.
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| Description of Benefit |
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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 carrier 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 insurance carrier will not pay the benefit but will refund the premiums paid during that period.
This insurance does not accumulate any kind of cash value.
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| Coverage Amounts |
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Guarantee Issue
Guarantee 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 also enroll in up to $40,000 in coverage as guarantee issue within 60 days of your hire date or within 60 days of your initial eligibility.
Coverage Limit
Beginning 2009, the coverage limit for employee optional life insurance is $600,000.
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| Medical History Statement |
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If you want to enroll for certain levels of coverage, you may have to submit a medical history statement to the insurance carrier. The carrier will base approval or denial of the coverage request based on review of your medical history.
The carrier requires a medical history statement if you
- Enroll after 60 days from your date of eligibility
- Request coverage of more than $40,000 (if you are enrolling during your initial period of eligibility)
- Want to increase your existing coverage
Your may download a medical history form, or you can provide the information to the carrier online.
NOTE: Applications for coverage of $100,000 or more may require physical and laboratory exams coordinated by the insurance carrier at the carrier's expense.
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| Effective Date |
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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 carrier if it requires a medical history statement.
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| Tax Treatment |
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For employee life insurance, your premium payment for the first $50,000 in coverage (including the $25,000 basic life coverage) is taken pretax. Premium payments for coverage over $50,000 is taken post tax.
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| Beneficiaries |
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You choose the beneficiaries of your employee 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. You will need to enter:
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The person’s (or trust’s) legal name and relationship to you
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The whole-number percentage you wish the person to receive from your benefit
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Whether the person is a primary or a contingent beneficiary.
This designation will not change until you change it.
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| Portability, Conversion, Premium Waiver, Terminal Illness |
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Portability
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 insurance carrier within 60 days following your employment termination date.
Conversion
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 insurance carrier within 60 days of the date your coverage ends.
Waiver of Premium on Disability
The insurance carrier 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
- Your disability ends
- You fail to provide ongoing proof that you are eligible for the waiver
- You fail to cooperate with the insurance carrier
- You convert your coverage.
Terminal Illness
If you become terminally ill and are expected to live less than 12 months, you may elect a one-time, lump-sum benefit payment.
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| Retiree Life Insurance |
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You may enroll in continuation coverage within 60 days after your retirement date. You may enroll in conversion coverage within 60 days of the date your coverage ends. Generally, you may enroll for up to 50 percent of the amount of life insurance coverage you had on the day before your retirement date.
The benefit amount will decrease by percentages as you age, beginning at age 65, with coverage decreasing by 35% at age 65, by 50% at age 75 and by 65% at age 75.
If you are retiring and your spouse or domestic partner is also a state employee, you can roll over your current optional life insurance coverage premium to the other employee's payroll deduction.
To enroll in conversion or continuation coverage, you must complete the Retiree Life Insurance Application and submit it directly to the insurance carrier.
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2009 Retiree Life Insurance Monthly Premium Rates
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Age
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55-59
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60-64
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65-69
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70-74
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75-79
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80-84
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85-89
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AMOUNT
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10,000
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$5.50
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$7.50
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$15.00
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$25.00
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$37.50
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$55.00
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$82.00
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20,000
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11.00
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15.00
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30.00
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50.00
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75.00
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110.00
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164.00
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30,000
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16.50
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22.50
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45.00
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75.00
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112.50
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165.00
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246.00
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40,000
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22.00
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30.00
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60.00
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100.00
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150.00
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220.00
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328.00
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50,000
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27.50
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37.50
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75.00
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125.00
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187.50
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275.00
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410.00
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60,000
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33.00
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45.00
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90.00
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150.00
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225.00
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330.00
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492.00
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70,000
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38.50
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52.50
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105.00
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175.00
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262.50
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385.00
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574.00
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80,000
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44.00
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60.00
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120.00
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200.00
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300.00
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440.00
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656.00
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90,000
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49.50
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67.50
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135.00
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225.00
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337.50
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495.00
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738.00
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100,000
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55.00
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75.00
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150.00
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250.00
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375.00
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550.00
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820.00
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110,000
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60.50
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82.50
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165.00
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275.00
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412.50
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605.00
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902.00
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120,000
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66.00
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90.00
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180.00
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300.00
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450.00
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660.00
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984.00
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130,000
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71.50
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97.50
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195.00
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325.00
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487.50
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715.00
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1,066.00
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140,000
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77.00
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105.00
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210.00
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350.00
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525.00
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770.00
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1,148.00
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150,000
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82.50
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112.50
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225.00
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375.00
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562.50
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825.00
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1,230.00
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160,000
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88.00
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120.00
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240.00
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400.00
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600.00
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880.00
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1,312.00
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170,000
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93.50
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127.50
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255.00
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425.00
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637.50
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935.00
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1,394.00
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180,000
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99.00
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135.00
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270.00
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450.00
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675.00
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990.00
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1,476.00
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190,000
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104.50
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142.50
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285.00
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475.00
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712.50
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1,045.00
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1,558.00
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200,000
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110.00
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150.00
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300.00
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500.00
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750.00
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1,100.00
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1,640.00
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