Ohio State offers access to various life insurance plans to help provide you and your family with financial security. The life insurance options are changing in 2020 for eligible Ohio State employees, and Open Enrollment is your opportunity to adjust your coverage with those changes in mind.
Life Insurance Options for Employees
The university pays the full cost of Group Term Life Insurance (GTLI) for eligible faculty and staff. You are automatically enrolled to receive university-paid GTLI coverage of 2.5 times your annual base salary, up to $250,000. The value of coverage over $50,000 is subject to applicable tax withholding, and employees will now have the option to waive all of their GTLI coverage.
In addition, the GTLI age-reduction schedule is being updated. An age-reduction formula reduces the life insurance benefit based on an employee’s age. The age-reduction schedule for GTLI will start at age 65 instead of age 55, and only reduces at certain age intervals instead of every year.
Life Insurance Options for Dependents
For 2020, we are streamlining dependent life insurance options by eliminating the Dependent Group Term Life Insurance (DGTLI) plan and increasing coverage amounts available under the Voluntary Group Term Life Insurance (VGTLI) spouse and child plans.
During 2020 Open Enrollment, all eligible employees may increase VGTLI coverage by one level for their spouse and elect additional coverage for their child(ren) without providing any evidence of insurability (EOI).
Voluntary Group Term Life Insurance (VGTLI)
Securian Financial, Ohio State’s life insurance provider, has also made available a one-time opportunity for you to elect additional life insurance coverage for yourself without EOI during this Open Enrollment. Securian will send a postcard to your home address containing information about the importance of life insurance coverage and the opportunity to enroll in or increase VGTLI coverage by one or two times your annual salary (up to $500,000).
New for 2020: If you and your spouse are both employed by Ohio State, you will be able to elect VGTLI spouse coverage for each other. Additionally, if two parents are employed by Ohio State, each parent may each insure their children under VGTLI.
What you need to do:
- Use the insurance needs calculator to estimate how much coverage you may need to meet your future goals.
- If you wish to waive GTLI benefits, complete the waiver form. [link to form]
- If you are currently enrolled in DGTLI and wish to replace the coverage that will go away in 2020, you need to elect additional coverage in VGTLI during Open Enrollment.
- Review all VGTLI enrollment opportunities and make your elections during Open Enrollment.
For more details about all of the 2020 life insurance changes, please visit hr.osu.edu/oe/life-insurance. You may also want to consider registering for an Open Enrollment webinar or forum.