Life Insurance

ORP Life Insurance

The Standard Group Term Life Insurance

Employees who enroll in the ORP must also participate in The Standard Group Term Life Insurance Plan. The Plan provides $75,000 of coverage for each participant age 64 or under. Coverage does not begin to decline until age 65, when it reduces to $48,750 and coverage levels out at $37,500 at age 70. The plan also provides $10,000 of life insurance for retirees. The University pays the total cost of the insurance.

The Standard Supplemental Life Insurance

In addition to the basic policy, all members may purchase supplemental insurance in increments based upon a multiple of salary (1 to 4 times salary) up to the maximum benefit of $1,000,000. When participating in the multiple of salary plan, members may also cover their spouse (maximum benefit of $100,000) and/or dependents (maximum benefit of $10,000). Premiums vary according to age.

If a new member enrolls within 60 days of their date of hire, there is no requirement to complete The Standard Medical Statement up to the guarantee issue amount of $500,000. Any enrollment/change to supplemental life insurance after the 60 day new hire period will require this form to be completed for the employee, spouse and/or child(ren).

Since The Standard Life Insurance program is a group term plan, insurance coverage stops the day you terminate employment for reasons other than retirement. The insurance may be converted to an individual policy with The Standard if application is made within 31 days of coverage termination.

Life Insurance Summary Information

The Standard Life Insurance Website - ORP Life Insurance

The Standard Life Insurance Customer Service - 1.800.843.7979

ORP Links and Forms