Dearborn National Life

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Dearborn National Life Insurance

Group Number: GAE00255

Customer Service Telephone: 1-800-778-2281

Customer Service Hours: Mon - Fri, 7 a.m. - 7 p.m. CST

 

Retirees may purchase a $10,000 group term life insurance policy (a surviving spouse is not eligible to purchase this benefit) at the time of retirement. Group term life insurance is payable only when the insured retiree dies. There are no permanent policy benefits such as cash or loan value.  In addition, there is no benefit reduction based on age.

Can I purchase more life insurance through the City?

No.  The City of Oklahoma City offers a $10,000 life insurance policy to retirees at the time of retirement.  There are no additional life insurance policies available to retirees through the City of Oklahoma City Employee Benefits Division.

Can I purchase retiree life insurance after my retirement date?

If the retiree elects not to participate in this life insurance policy at the time of retirement, he/she is not eligible to elect coverage at a later date.  In addition, if you waive coverage whether voluntarily or due to non-payment of premium, you will not be eligible to elect this life insurance policy at a later date.

How do I update/change my beneficiary(ies) for my retiree life policy?

You may change your beneficiary at any time by completing a new beneficiary form (located under Forms on main Retiree page) and returning it to the Employee Benefits office or by logging onto PeopleSoft and changing it online. 

It is important to select a beneficiary(ies). In the event of your death, life insurance benefits are distributed as indicated on your Life Insurance Enrollment Form or as designated online, unless prohibited by law. You should review and/or update your beneficiary information periodically to make sure that you have listed the persons or organizations whom you want to receive benefits in the event of your death.  The form to update or make changes to your beneficiaries is located under “Forms”.

You may name more than one beneficiary and indicate the percentage of your death benefit each should receive.  Please refer to the beneficiary form for additional information regarding primary and contingent beneficiaries.  If minors are named, a guardian or trustee must be appointed on their behalf. You should discuss this with an attorney to make sure the minor(s) will be paid according to your wishes.

Other Life Insurance Coverage

Your Enrollment Form will only reflect your participation in the City of Oklahoma City’s basic retiree coverage. As an active employee or as a retiree, you may have had additional life insurance coverage purchased through a union or employee association. For information on those policies contact the union, employee association, or insurance carrier directly.