Life Insurance – Human Resources at Ohio State

As an eligible Ohio State employee, you are automatically enrolled to receive university-paid life insurance coverage based on your annual base salary. GTLI provides coverage in the amount of 2.5 times your annual regular base pay, to a maximum of $250,000 (subject to the age reduction formula). Ohio State pays the full cost of this benefit. The benefit is administered by Minnesota Life, an affiliate of Securian Financial.

Eligible employees must designate beneficiaries. Go to Workday and click “Change Beneficiaries” under Benefits to change your designated beneficiaries at any time.

Accidental Death and Dismemberment Benefit

In the event of death due to an accident, this benefit provides an additional 2.5 times your annual regular base pay to a maximum of $250,000 (subject to the age reduction formula). This benefit provides for one-half of the GTLI (subject to the age reduction formula) for the loss of one body part (hand, foot or eye). In the event of the loss of two or more body parts (hand, foot or eye), this benefit provides the full value of the GTLI benefit (subject to the age reduction formula).

Accelerated Death Benefit

In the event of a terminal illness diagnosis with a life expectancy of 12 months or less, this benefit provides for an early payment of up to 100 percent of the life insurance amount. If a terminal illness is diagnosed, notify the Human Resources Customer Service Center immediately to apply for this benefit.

Age Reduction Formula

The GTLI benefit for employee and spouse coverage is subject to age reduction in accordance with the following table. Age reduction will apply during the pay period containing the covered individual’s applicable birthday.

Age of Employee
Amount of Insurance

65
65%

70
40%

75
28%

80
20%

Tax Implications

Under section 79 of the Internal Revenue Code, the university is required to report the imputed cost of any employer-provided life insurance benefit that exceeds $50,000. The imputed cost is calculated using the IRS Premium Table. You can view the IRS Premium Table and information on group term life insurance in IRS publication 15-B.

If you wish to avoid this additional taxable income, you may waive GTLI by completing a Group Term Life Insurance Waiver form. To enroll in GTLI at a later date, medical Evidence of Insurability (EOI) approval by Minnesota Life will be required. Consult your tax advisor or the IRS for additional information about the taxability of life insurance benefits.