COMPANY PROVIDED LIFE INSURANCE
As an eligible Employee, you receive Basic Life and AD&D insurance in the amount of $10,000 at no cost to you. Life insurance helps protect your family’s finances by providing a cash benefit if you pass away. This ensures that they’ll be financially supported and can cover important things from bills to funeral costs.
COMPANY PROVIDED DISABILITY INSURANCE
As an eligible Employee, you receive Short Term and Long-Term Disability at no cost to you. Disability may be more common than you might realize, and people can be unable to work for all sorts of different reasons. There are times when many disabilities can be caused by illness, including common conditions like heart disease and arthritis. However, many disabilities aren’t covered by workers’ compensation.
Short Term Disability Insurance
STD insurance provides a portion of your income if you are unable to work due to a covered illness or injury. STD benefits pay 60% of your weekly pre-disability earnings up to $1,500 after a 14-day elimination period from the date of your illness or injury. Benefits continue for as long as you are disabled up to a maximum duration of 26 weeks of Disability.
Long Term Disability Insurance
LTD insurance is designed to assist you financially in the event of an extended illness or injury. The LTD monthly benefit pays 60% of your pre-disability earnings up to $10,000 maximum benefit per month after a 180-day elimination period. In most cases, LTD payments are provided during your disability up to age 65, or longer depending upon your initial age at disability.
VOLUNTARY LIFE INSURANCE
You may purchase voluntary life insurance coverage (Term Life) for yourself and your dependents through MetLife. You pay for the cost of this coverage through payroll deductions. Cost is based on age and coverage level.
Employee Life Insurance
The amount of voluntary life insurance available for purchase is up to 5x times basic annual earning up to $500,000.
You will have a guaranteed issue of $100,000, no medical questions asked, only if you enroll during your initial eligibility period.
Spouse Life Insurance
You can purchase voluntary life insurance for your spouse up to $100,000.
Guarantee Issue of $25,000. Amounts above the Guarantee Issue will require evidence of insurability.
Child Life Insurance
You can purchase voluntary life insurance for your child(ren) as a flat amount follows:
$1,000, $2,000, $3,000, $4,000, $5,000 or $10,000.