Basic Life and Accidental Death & Dismemberment (AD&D)
The premium for this benefit is paid 100% by your employer.
Tip:
Review and/or update your beneficiaries annually at open enrollment. A beneficiary is someone that would get your life insurance/AD&D payment in the event of you losing your life. You can have as many primary and contingent beneficiaries as you need or want. You can change your beneficiaries at any time.
| Basic Life & AD&D Benefit | |
|---|---|
| Life Benefit | 1X Base Annual Salary to maximum of $300,000 |
| AD&D Benefit | Equal to Life Amount |
| Age Reduction Schedule | Reduces by 50% at age 70 |
This is an optional benefit that is paid entirely by you, the employee. This protection can be important not only for you, but for eligible dependents.
- No Evidence of Insurability needed if you are enrolling under the guarantee issue…a true Open Enrollment!!
- Evidence of Insurability will be needed to enroll in any amount over the guarantee issue (unless you are newly eligible)!
- Any amount you are currently enrolled in will carry forward.
- You must purchase coverage for yourself in order to purchase coverage for your spouse and dependents
| Voluntary Life & AD&D Benefit | Employee | Spouse | Child |
|---|---|---|---|
| Purchase Increments | $10,000 | $5,000 | $2,000 |
| Max issue Amount | $500,000 | $500,000 (not to exceed Employee Amount) | $10,000 |
| Guaranteed Issue Amount | $150,000 | $30,000 | $10,000 |
Disability Insurance
Short-Term Disability
Short-Term Disability (STD) coverage is designed to help you meet your financial needs if you are unable to work due to a non-occupational injury or illness. For working individuals, a disability is a medical condition that reduces your ability to perform your job duties, usually an injury or illness.
| Short-Term Disability Benefits | |
|---|---|
| Plan Type | Employer Paid |
| Benefit | 60% |
| Accident Benefits Begin | 1st Day |
| Sickness Benefits Begin | 8th Day |
| Duration of Benefits | 12 Weeks |
Long-Term Disability
Long-Term Disability (LTD) insurance protects workers in the event they become disabled for a prolonged period prior to retirement.
| Long-Term Disability Benefits | |
|---|---|
| Plan Type | Employer Paid |
| Benefit | 60% |
| Maximum Weekly Benefit | $7,500 |
| Elimination Period | 90 Days |
| Duration of Benefits | 12 Weeks |
Tip:
Currently, there are state-mandated disability insurance requirements in California, Hawaii, New Jersey, New York and Rhode Island. Speak with HR or reference your state’s government web page for updates and changes.