Life, OAD and AD&D Benefits

We all want a long and healthy life – but that doesn’t mean we shouldn’t have a backup plan that provides financial security to our loved ones if something should happen to us. Whether you are fresh out of college or close to retirement, life insurance is an important part of that plan.

Life Insurance Plan provided by: Minnesota Life Insurance Company
Policy/Contract Number: 34034G
Customer Service Number: 1-877-282-1752
Website: www.lifebenefits.com

What Life Insurance Benefits Does Marathon Oil Provide?

You can rest assured your family’s financial future is protected. Marathon Oil provides two types of employee life insurance coverage, fully paid by the Company:

  • Basic Life Insurance.
  • Occupational Accidental Death (OAD) Benefit.

Basic Life Insurance

Marathon Oil provides regular full-time and regular part-time employees with Basic Life Insurance coverage equal to two times your annual base pay, rounded to the nearest $1,000, to a maximum of $1,500,000.

Important note: If your Basic Life Insurance coverage exceeds $50,000, you may have imputed income that is subject to federal income taxes and in some cases, state and local taxes. If this applies to you, it will be indicated on your W-2.

Occupational Accidental Death (OAD) Benefit

We care about the health and safety of our employees, contractors and neighboring communities. The Occupational Accidental Death (OAD) Benefit Plan is designed for the very rare instance in which the unthinkable occurs while you’re engaged in the actual performance of a Company duty, and your death results directly from a work-related accident.

The amount of OAD coverage for regular and casual employees is the greater of:

  • $500,000; or
  • Twice your gross pay from the Company in the 12 calendar months immediately prior to your death, but not to exceed $1,500,000.

What Additional Life or Accident Coverage Options Do I Have?

Would you like additional financial protection for your family? If you are interested in having more than the Company-paid coverage, the following plans are available to help meet your needs:

  • Optional Contributory Life Insurance.
  • Dependent Life Insurance.
  • Accidental Death and Dismemberment (AD&D).
  • Level Premium Life Insurance (closed to new participants).

Optional Contributory Life Insurance – Employee (Age-Based)

Do you feel that your Basic Life Insurance coverage will not support your family in the event of your death? You may want to consider enrolling in employee age-based Optional Contributory Life Insurance. You can elect coverage of one to six times your annual base pay, rounded to the nearest $1,000, to a maximum of $2,000,000.

You can elect Optional Contributory coverage as a new hire or during the Benefits Open Enrollment period held each fall. If you elect coverage in excess of $750,000, you’ll have to provide proof of good health (evidence of insurability). You pay the entire cost of coverage.

Smart Tip! How much life insurance do you need? Get an estimate using Minnesota Life’s handy online Life Insurance Calculator at www.lifebenefits.com.

Optional Contributory Life Insurance Rates

Below are the 2017 monthly contribution amounts for regular, full-time employees.

2017 Optional Employee Contributory Life Insurance Monthly Contributions
Your Age (as of January 1, 2017) Cost per $1,000 of Coverage
< 25 $0.012
25 – 29 $0.014
30 – 34 $0.019
35 – 39 $0.021
40 – 44 $0.023
45 – 49 $0.036
50 – 54 $0.054
55 – 59 $0.102
60 – 64 $0.156
65 – 69 $0.300
70 + $0.516

Dependent Life Insurance

You can also purchase Dependent Life Insurance for your spouse and/or eligible child(ren) – with no evidence of insurability (physical exam) required. To elect dependent coverage, you must also have employee age-based Optional Contributory Life Insurance coverage (or Level Premium Life Insurance) and your dependent must meet the definition of an “eligible dependent.” You pay the entire cost of coverage.

Your Dependent Life Insurance options include:

  • Spouse Life Insurance – For an eligible spouse, you can elect coverage of $10,000 to $100,000 in $10,000 increments. The maximum coverage you may elect for your spouse when you enroll as a new hire is $50,000.
  • Child Life Insurance – For your eligible children, you can elect coverage of $10,000, $20,000 or $30,000. One premium covers all eligible children at the same level of coverage.

Important note: The combined total of Spouse Life and Child Life coverage cannot exceed the sum of your Basic Life Insurance plus your Optional Contributory Life Insurance (or Basic Life Insurance plus Level Premium Life Insurance, if applicable).

Dependent Life Insurance Rates

Below are the 2017 monthly contribution amounts for regular, full-time and part-time employees.

2017 Dependent Life Insurance Monthly Contributions
Spouse Coverage Child(ren) Coverage
Age of Spouse (as of January 1, 2017) Cost per $1,000 of Coverage Coverage Cost per Month
< 25 $0.012 $10,000 $0.76
25 – 29 $0.014 $20,000 $1.52
30 – 34 $0.019 $30,000 $2.28
35 – 39 $0.021    
40 – 44 $0.023    
45 – 49 $0.036    
50 – 54 $0.054    
55 – 59 $0.102    
60 – 64 $0.156    
65 – 69 $0.300    
70 + $0.516    

Accidental Death and Dismemberment (AD&D)

Why would you want Accidental Death and Dismemberment (AD&D) Insurance? In the event of death, or loss of a limb, an eye, hearing or other bodily loss, this insurance can help you, your eligible dependents or your beneficiaries with financial assistance to cover expenses relating to the injury or for other needs.

You may purchase coverage (known as the “principal sum”) in any amount from $10,000 to $100,000 in multiples of $10,000, and from $100,000 to $250,000 in multiples of $50,000. You may also elect to cover your spouse and children under your AD&D coverage – and the amount of their coverage is a percentage of the principal sum.

AD&D Rates

Below are the 2017 monthly contribution amounts for regular, full-time and part-time employees.

2017 AD&D Monthly Contributions
Principal Sum Employee Only Employee + Spouse Employee + Children Employee + Family
$10,000 $0.16 $0.22 $0.19 $0.22
$20,000 $0.32 $0.44 $0.38 $0.44
$30,000 $0.48 $0.66 $0.57 $0.66
$40,000 $0.64 $0.88 $0.76 $0.88
$50,000 $0.80 $1.10 $0.95 $1.10
$60,000 $0.96 $1.32 $1.14 $1.32
$70,000 $1.12 $1.54 $1.33 $1.54
$80,000 $1.28 $1.76 $1.52 $1.76
$90,000 $1.44 $1.98 $1.71 $1.98
$100,000 $1.60 $2.20 $1.90 $2.20
$150,000 $2.40 $3.30 $2.85 $3.30
$200,000 $3.20 $4.40 $3.80 $4.40
$250,000 $4.00 $5.50 $4.75 $5.50

How Do I Update My Beneficiaries?

Keeping your beneficiaries up-to-date is an essential element of your Life Insurance, OAD and AD&D coverage. As part of the enrollment process, you will need to establish beneficiaries for your coverages. You can make updates to your beneficiaries at any time online at www.lifebenefits.com or by completing and submitting a Beneficiary Designation and Change Request Form.

To create or update your beneficiary designations online, please follow these steps:

  1. Log onto www.lifebenefits.com.
  2. Your User ID is the letters MOC followed by your 8-digit employee ID number.
  3. If this is your first visit to the site, your Password is your 8-digit date of birth (mmddyyyy) followed by the last four digits of your Social Security number. You will need to change this to another password for future visits.
  4. Complete the site’s Welcome steps.
  5. For initial beneficiary designations click on the “Begin” button.
  6. If you already have beneficiary designations on file, click on “View Beneficiary” to see them. You may then click on “Update Designation” to make any changes.
  7. Complete all the Beneficiary Designation steps.
  8. Minnesota Life will mail you a confirmation letter after you complete your designations.

You are the designated beneficiary for any benefits payable under the AD&D Insurance Plan (except as the result of your own death). You are also the beneficiary of benefits payable under Dependent Life Insurance coverage.

Can I Increase or Decrease My Coverage Amounts?

Yes – but only during the annual Benefits Open Enrollment held each fall. During the Benefits Open Enrollment period you may make the following changes.

Optional Employee Contributory Life Insurance

  • You can increase your coverage by one times your annual base pay, up to the plan maximum of six times your annual base pay.
  • If you are not currently enrolled in coverage, you can enroll for coverage of one times your annual base pay.
  • Coverage elected in excess of $750,000 requires proof of good health (evidence of insurability).
  • You may decrease coverage by any multiple or terminate coverage.

Dependent Life Insurance

  • You must be enrolled in Employee Optional Contributory Life Insurance coverage to elect Dependent Life Insurance.
  • If electing spouse coverage for the first time, you can elect coverage of $10,000 (as a new hire, you can elect $50,000 in spouse coverage).
  • You can increase your current spouse coverage by $10,000, up to the plan maximum of $100,000.
  • You can elect child coverage of $10,000, $20,000 or $30,000 (or change your coverage amount to any level).
  • You can decrease your spouse or child coverage by any amount or terminate coverage.
  • Remember that the combined total of spouse and child coverage cannot exceed the sum of your Basic Life Insurance plus your Optional Contributory Life Insurance (or Basic Life Insurance plus Level Premium Life Insurance, if applicable).

Accidental Death and Dismemberment (AD&D)

  • You can enroll in, increase or decrease your coverage in multiples of $10,000 up to $100,000, and in multiples of $50,000 from $100,000 to $250,000.

Generally, changes made during Benefits Open Enrollment will be effective the following January 1. You may elect to terminate your coverage at any time. The effective date of any cancellation (except during Benefits Open Enrollment) will be the date on which your request to terminate coverage is received by the Company.

Note: If you’re participating in the Level Premium Life Insurance Plan (closed to new membership since June 1994), your options for increasing and decreasing coverage may be different. Call the Marathon Oil Benefits Department at 1-855-652-3067 for more information.