Supplemental Term Life Insurance
Life insurance is a simple answer to a very tough question: How will my family manage financially when I die? Supplemental Term Life Insurance serves as a foundation of financial protection and is offered through Mutual of Omaha. This plan provides flexible, valuable protection and includes a Financial Counseling Service.
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Coverage Information
Newly eligible defined benefit retirees and spouses age 75 and under will be able to enroll in up to $15,000 of coverage without answering medical questions (Guarantee Issue). Eligible defined benefit retirees ages 76 and above must answer medical questions for any amount of coverage to be approved. All eligible defined benefit retirees can elect coverage up to $50,000 by answering medical questions. Coverage is also available for spouse and child(ren). In order to cover your dependents you must enroll yourself.
If you do not enroll on or before the end of your initial enrollment period and wish to apply for coverage at a later date, evidence of insurability will be required for any amount of coverage.
| Plan Feature |
Benefit to You |
| Coverage Options |
Retiree Only, Retiree & Spouse,
Retiree & Child(ren)
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| Benefit Amounts |
Retiree: Up to $50,000, including other coverage choices of $10,000, $15,000, $20,000, $30,000 and $40,000
Spouse: Up to 50% of retiree's amount
Child(ren): $2,000 increments up to the max benefit of $10,000 ($1,000 for a child between the ages of live birth and six months) |
| Guarantee Issue |
Retiree ages 75 and under: Up to $15,000*
Spouse ages 75 and under: Up to $15,000*
*Retirees and spouses, ages 76 and above, are not eligible for guarantee issue
Child(ren): Up to $10,000 |
| Financial Counseling Service |
This service provides you access to financial experts in areas such as family budgeting, credit
problems, tax questions, estate planning, investment options, money management and
retirement planning. |
| Living Care Benefit |
This benefit allows up to 100% of the policy's death benefit to be paid before death if the insured has a qualifying terminal illness and meets all terms and
conditions of the policy. |
| Waiver of Premium |
If it is determined that you are totally disabled, your life insurance benefit will continue without
payment of premium, subject to certain conditions. |
Click here to view the Mutual of Omaha Policy.
Important Eligibility Guidelines
You must be a State of Michigan, defined benefit retiree who is currently receiving a pension and performing normal activities, and not "confined" as defined in the policy.
Dependent insurance (for your spouse or children) may also be available, but only when you, as the retiree, also select coverage for yourself. A dependent must be performing normal activities and cannot be confined as defined in the policy in order for coverage to take effect.
If you and your spouse both are retired from the State of Michigan and are receiving defined pension payments, you are both eligible for retiree coverage, but you cannot insure each other as dependents. Dependent children can be insured only under one parent.
Enrolling for Coverage
If you and your eligible dependents enroll for coverage within your initial enrollment period and wish to increase your coverage prior to the next annual enrollment period you may do so, but you will be required to provide evidence of insurability (answering health questions). If you previously purchased insurance and you wait until the next annual enrollment period, you may increase coverage up to the Guarantee Issue amount(s) without evidence of insurability. Any increases in coverage beyond the Guarantee Issue amount(s) will be subject to evidence of insurability.
Family Status Changes
If you experience a family status change during the year, you may be able to increase your coverage or add dependent coverage up to the Guarantee Issue amount(s) (ages 75 and under) without evidence of insurability. If you are age 76 and above or want to increase coverage to amount greater than $15,000 (all ages), evidence of insurability will be required. In most cases, you may only increase your coverage or add dependent coverage if the increase or addition is consistent with the family status change.
Total Access Benefit Account
Payment for life insurance benefits exceeding $10,000 are automatically deposited into an interest-bearing checking account for beneficiaries.
Suicide Exclusion
Life insurance benefits will not be paid if the insured's death is the result of suicide within two years from the date of issue. If this occurs, the sum of the premiums paid will be returned to the beneficiary. The same applies for any future increases in coverage under this plan.
File a Supplemental Term Life Claim (special instructions)
To file a Supplemental Term Life claim, a special service has been set up for the State of Michigan. A beneficiary can call 800-283-9591 and Mutual of Omaha will take all the required information necessary to file a claim over the phone. The beneficiary will only be required to provide a copy of a death certificate, which may also be faxed to 402-997-1999.
Supplemental Term Life Sample Rates
Shown below are sample monthly rates for Supplemental Term Life insurance for a non-smoker at ages 55, 60 and 65 with $10,000 of coverage.
| Age |
Monthly Rate for $10,000 of Coverage |
| 55 |
$9.82 |
| 60 |
$13.42 |
| 65 |
$22.94 |
Term life insurance is underwritten by United of Omaha Life Insurance Company, Mutual of Omaha Plaza, Omaha, Nebraska 68175. United of Omaha Life Insurance Company is licensed in every state except New York. Term Life Policy Form Number 7000GM-C-EZ-2001.
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