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 Basic Life Insurance and Accidental Death and Dismemberment (AD&D) coverage, at no cost to you (for employee-only). 

Basic and Supplemental 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 and free to you if you are a benefit eligible employee. Always keep your beneficiary designation current. Please log in to Oracle Benefits to complete or update the current beneficiary designation form.

Supplemental Life: You may purchase more life insurance for you and your family within the guidelines listed in the insurance certificates.​

SUPPLEMENTAL LIFE INSURANCE 

​You may elect additional life insurance coverage for yourself, your spouse, and children.  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 $250,000 for an employee, $40,000 for a spouse.  Supplemental 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, with a change of status, or during open enrollment.

​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.​

Benefit amount reduces to 65% at age 65, to 45% at age 70, to 30% at age 75 and to 20% at age 80. Your payroll deductions will be adjusted to pay premium based on the new benefit amount(s).

Please note: if your spouse is an active member of the military on a full time basis, they will not be eligible to purchase life insurance.

Check the documents below for current rates.