Life & Disability Insurance
LIFE & AD&D INSURANCE - Provided at no cost to you
Life Insurance provides additional financial protection for you and your family in the event of your death. Jay Group provides life insurance of 1x annual pay + $10,000. There is no cost to you for this coverage. Your benefit amount will reduce by 35% at age 65, and by 50% at age 70.
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LONG-TERM DISABILITY - Provided at no cost to you
The long-term disability program begins on the 180th day of disability. The benefit is as follows:
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If your annual pay is >$65,000 / year: 60% of pre-disability monthly earnings up to $6,000 / month
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If your annual pay is <$65,000 / year: 60% of pre-disability monthly earnings up to $3,000 / month
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VOLUNTARY LIFE & DISABILITY INSURANCE
Employees can elect Voluntary Life Insurance in $1,000 increments, with a guaranteed issue of $200,000 and a maximum benefit of the lesser of 7x annual base earnings or $500,000. Increases can be made each enrollment period without Evidence of Insurability for the greater of 10% of current coverage or $10,000, up to plan maximums. Coverage reduces by 50% at age 70.
Spousal Voluntary Life is available in $500 increments up to a $250,000 maximum (not to exceed 50% of the employee’s amount) with a $20,000 guaranteed issue.ā
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Dependent Child Life is offered in $2,500 increments up to $10,000, with $10,000 of coverage costing only $0.10 per payroll regardless of the number of children.ā
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Employees who did not elect coverage when first eligible must complete Evidence of Insurability (click here to learn more), or if you elect employee coverage over $200,000 or spouse coverage over $20,000.
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VOLUNTARY SHORT-TERM DISABILITY
Jay Group provides short-term disability coverage to replace income if you cannot work due to a non-occupational illness or injury lasting more than seven days. Benefits pay 60% of basic weekly earnings up to $2,000 per week for up to 25 weeks. The cost of
coverage is 0.817% of regularly scheduled hours per pay cycle.