Welcome to Life Insurance

OGB offers three fully-insured life insurance plans for employees and retirees through The Prudential Insurance Company of America (Prudential). The state pays half of the life insurance premium for covered employees and retirees.

The Prudential policy is Term Life Insurance, which involves transferring risk in exchange for premium payments. Prudential and any prior carriers have provided coverage and assumed the risk of the insured's death during the term. If the insured passes away, the benefit is paid; if not, the premium compensates the insurer for the risk. Term Life has no cash value or paid-up features. Refunding premiums would mean Prudential provided risk coverage at no cost, which is not the intent of the policy.

Evidence of Insurability may be required to enroll in Prudential Life Insurance.

• New employees who enroll within 30 days of hire are eligible for life insurance without needing to provide evidence of insurability.
• Employees enrolling after 30 days must submit evidence of insurability to the insurer.
• Employees are responsible for 100% of dependent life insurance premiums.

Types of Life Insurance

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*Amount based on employee’s salary and age group as of December 31st of prior year.

Accidental Death and Dismemberment (AD&D)

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AD&D insurance is a type of insurance that pays a cash benefit to a beneficiary if the insured person dies or is dismembered as a result of a covered accident.

If retired, coverage for AD&D automatically terminates on January 1 following the covered person’s 70th birthday. If the plan member is still actively employed at age 70, coverage terminates at midnight on the last day of the month in which retirement occurs.

Plan Changes at Age 65 and 70

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Plan members enrolled in life insurance coverage will have a 25 percent reduction in benefits on January 1 following their 65th birthday, and another 25 percent reduction on January 1 following their 70th birthday.