Life Insurance - Mutual of Omaha
Stampin’ Up! provides basic term life and dependent term life insurance coverage for regularly scheduled full-time employees. You may also purchase additional supplemental life insurance coverage at your own cost. You may enroll in supplemental life insurance at any time; however, if you do not sign up during the first thirty days of eligibility (the guaranteed issue period), evidence of insurability (health testing) will be required.
Home / Core Benefits / Life Insurance
Basic Employee and Dependent Life
Employee Basic Term Life
Dependent Term Life*
*Employees are responsible to pay taxes on the value of dependent life coverage for their spouse and children. The value of this benefit is based on the employee’s age at the end of the year and the IRS tax table governing fringe benefits.
- Benefits for employee and spouse will decrease to 65% at age 65 and 50% at age 70.
- This benefit terminates upon retirement or end of employment at Stampin’ Up!; however, there is a guaranteed conversion privilege.
- Accidental Death & Dismemberment (AD&D): In addition to the amount of basic term life insurance, this benefit is payable to the designated beneficiary if an insured employee dies as the result of an accident. In the event of the insured employee’s loss of life as the result of an accident, a matching amount of the basic term life benefit ($50,000) is payable to the beneficiary.
Supplemental Life Information
Our optional Supplemental Life Insurance plan gives you the flexibility to choose the life insurance amount that best fits your family needs. Participation in this insurance program is voluntary and premiums are deducted after-tax from your paycheck.
You may apply for Supplemental Life Insurance in $10,000 increments up to 7.00 times your annual salary. The minimum coverage level is $10,000 and the maximum coverage level is $500,000.
Your spouse may apply for Supplemental Life Insurance coverage in $5,000 increments up to 50 percent of your elected benefit amount. The minimum coverage level is $5,000, and the maximum coverage level is $250,000.
- Voluntary supplemental life benefits for employee and spouse will reduce to 65% at age 65 and 50% at age 70.
- These benefits terminate upon retirement or end of employment with Stampin’ Up!; however, you have the option to convert your coverage.
- The coverage level that you apply for may or may not be the amount you are approved for.
- Spouse coverage is only available if the employee is insured for voluntary coverage.
Employees have 30 days after the eligibility date (usually your hire date) to apply for coverage without providing evidence of insurability for the guaranteed issue amounts of:
- Up to $300,000 for employee (not to exceed 7.00 times your annual salary).
- Up to $50,000 for spouses. Amount cannot exceed 50 percent of employee amount.
- Up to $10,000 for children.
Supplemental Employee and Spouse Life Rates
Deduction amounts will automatically increase each year on January 1, following a move into a new age category.
Age and monthly rates per $1,000 of coverage
Supplemental Child Life
You may purchase $10,000 of supplemental coverage on your dependent children. This benefit is only available if you are insured for voluntary coverage and it provides coverage for all dependent children. Coverage begins from birth and continues to age 26. The cost for this benefit is $.97 a month.