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About

Life and Accidental Death and Dismemberment Insurances

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The Lincoln National Life Insurance Company

Waiting Period

First day of the month following the day you become eligible for the coverage.

Personal Life and Accidental Death and Dismemberment (AD&D) Insurance

Otterbein pays the cost for full-time active employees to have Personal Life and AD&D Insurance equal to 2 times their basic annual earnings. If not a multiple of $1,000, this amount will be rounded to the next higher multiple of $1,000. This amount may not exceed $250,000.

Personal Life and AD&D Insurance will be reduced as follows:

  • At age 67, benefits will reduce by 35% of the original amount
  • At age 70, benefits will reduce an additional 15% of the original amount
  • Benefits terminate when you retire

Voluntary Life Insurance

Full-time and regular part-time employees working at least 20 hours per week may elect Voluntary Life Insurance in any $10,000 increment; subject to a maximum of five times their basic annual earnings, rounded up to the next higher $10,000.  Coverage is subject to a minimum of $10,000 and an overall maximum of $500,000.  Coverage is also available for a spouse and/or dependent child(ren).  

Voluntary Accidental Death and Dismemberment (AD&D) Insurance:

Full-time and regular part-time employees working at least 20 hours per week may elect Voluntary AD&D Insurance in any $10,000 increment; subject to a maximum of $500,000, not to exceed ten times their basic annual earnings.  Coverage is also available for a spouse and/or dependent child(ren).  

Voluntary Life and AD&D Insurance will be reduced as follows:

  • At age 65, benefits will reduce by 35% of the original amount
  • At age 70, benefits will reduce an additional 15% of the original amount
  • Benefits terminate when you retire.

 

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