Income Protection Plans
Life and Accidental Death and Dismemberment (AD&D)
Life insurance helps protect your family from a sudden loss of income in the event of your death. Because this protection is an important part of your overall financial plan, the Company is proud to help support your loved ones with this plan, at no cost to you.
| Plan Features | |
|---|---|
| Basic employee life insurance | 2 times your annual salary up to $600,000 rounded to the next higher $1,000 |
| Accidental death & dismemberment (AD&D) | Amount equal to your life benefit |
You are important to us, and we know your family is important to you. You can elect to buy additional coverage for yourself, your spouse and your child(ren), on top of what we are already providing. Proof of good health may be required if you don’t elect coverage as a new hire.
| Plan Features | |
|---|---|
| Employee Coverage | $10,000 increments up to a maximum of $500,000. Proof of good health required for amounts over $130,000. |
| Spouse Coverage | $5,000 increments up to a maximum of $100,000. Proof of good health required for amounts over $30,000. |
| Child Coverage | $10,000 for children 14 days or older. $1,000 for children under 14 days old. |
Employee coverage is required to elect coverage for dependents.
Disability
We provide you with short and long-term disability (STD and LTD) at no cost to you. These plans provide income protection if you are unable to work due to illness or injury.
| Plan Features | Short Term Disability (STD) | Long Term Disability (LTD) |
|---|---|---|
| Elimination Period | 7 days | 180 days |
| Benefit | 60% of your weekly pay up to $2,500 maximum | 60% of your annual salary |
| Maximum Benefit | $2,500 maximum | $15,000 monthly maximum |
| Duration of Benefit | 25 weeks | Social security normal retirement age |
| Definition of Earnings | On target base, bonus and commission compensation | On target base, bonus and commission compensation |
| Who provides the Benefit Payments | The Company pays 100% of income less SDI for days 8–58. Principal policy pays for days 59–179. | Principal policy |