Life Insurance

To provide you and your family with a sense of security if you are seriously injured or pass away, Cherry Creek School District automatically enrolls all full time, benefits-eligible employees in Life Insurance and Accidental Death and Dismemberment (AD&D) coverage, at no cost to you (for employee-only). 

Basic and Voluntary Life Insurance

Basic Life: Your beneficiaries will receive a lump-​sum benefit if you pass away while employed by Cherry Creek School District. 

AD&D: If you are seriously injured or lose your life in an accident, you will be eligible for a benefit up to your Basic Life coverage. 

Enrollment in the Basic Life Insurance benefits is automatic.  However, you s​hould keep your beneficiary designation current. Please log in to Oracle Benefits to complete or update the current beneficiary designation form.​

VOLUNTARY LIFE INSURANCE 

​You may elect additional life insurance coverage for yourself and spouse.  Evidence of Insurability (EOI) may be required if the voluntary coverage is not requested at the time you are hired and the voluntary coverage is higher than $200,000 for an employee, $200,000 for a spouse.  Voluntary Accidental Death & Dismemberment does not require Evidence of Insurability to enroll.  

If you wish to enroll in any of the additional voluntary life insurance plans, complete the enrollment form in Oracle when you sign up for benefits.  NOTE: You can only enroll or make changes to your life insurance as a new hire or with a change of status.

​WHAT IS GTL ON MY PAYSTUB?

Group term life (GTL) ​insurance is classified by the Internal Revenue Service as a fringe benefit for employees. The Internal Revenue Code Section 79 allows up to $50,000 of group term life insurance coverage to be provided under a policy. If the insured employee's group life benefit amount is over $50,000, then the benefit is considered an excessive fringe benefit. More information can be found on the GTL Imputed Income document below.

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LIFE INSURANCE POLICIES​

You can find the policy books below, which are dependent on your position in the district. These policies include basic life insurance, basic accidental death and dismemberment, voluntary life insurance, and voluntary accidental death and dismemberment.​

*NOTE

Personal 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 20% of the original amount;

- At age 75, benefits will reduce an additional 15% of the original amount;

- At age 80, benefits will reduce an additional 10% of the original amount.

Benefits will terminate when you retire.

If you first enroll for Personal Life and AD&D Insurance at age 65 or older, the above age reductions will apply to:

- Any Guarantee Issue Amount available without evidence of insurability; and

- The maximum amount of insurance for which you are eligible.