Page 8 - CFA 2020 Benefits Guide
P. 8
Short Term and Long Term Disability Plans
Employees have the opportunity to purchase Voluntary Short Term and Long Term Disability Insurance
provided by SunLife Financial. Disability insurance protects you and your family if you are unable to work due
to an illness or non-work related injury. Short term disability (STD) is intended to protect your income for a
short duration in case you become ill or injured. Long term disability (LTD) is intended to protect your income
for a long duration after you have exhausted any STD or sick leave that you may have.
Short term disability (STD) coverage provides a weekly beneit equal to 60% of your weekly earnings to a
maximum of $1,000. You may be eligible for STD payments after a 15-day waiting period. Beneits pay up to
13 weeks or until you are no longer disabled, whichever is earlier.
Long term disability (LTD) coverage provides a monthly beneit equal to 60% of your monthly earnings to a
maximum of $6,000. LTD payments may begin after a 90-day waiting period.
Short Term Disability Cost Calculation Worksheet
Age Band Monthly Rate
Under age 25 $0.286 Short Term Disability
25–29 $0.286
30–34 $0.286 Example
Example
Weekly
35–39 $0.313 Beneit (60% Divided by Multiplied Monthly Cost*
by Rate
10
40-44 $0.354 of earnings)
45-49 $0.394 $350 / 10 = 35 × $0.394 $13.79
50-54 $0.571 Your Weekly
55-59 $0.762 Beneit (60% Divided by Multiplied Your Monthly
by Rate
Cost*
10
60-64 $0.952 of earnings)
65-69 $0.993 $ / 10 × $ $
70+ $0.993 =
Your Monthly # of Annual # of Pay Periods Your Estimated
Per Year (12,
Cost Per Pay
Long Term Disability Cost Months Cost 24, 26, 52, etc.) Period
Age Band Monthly Rate $ = $ / = $
Under age 24 $0.310
25–29 $0.200 Long Term Disability
30–34 $0.270
35–39 $0.520 Example
Example
40–44 $0.700 Monthly Divided by Multiplied Monthly Cost*
100
by Rate
45–49 $1.060 Earnings
50–54 $1.420 $3,500 / 100 = 35 × $0.52 $18.20
55–59 $1.980 Your Monthly Divided by Multiplied Your Monthly
by Rate
100
Cost*
Earnings
60–64 $2.360 / 100
65–69 $2.160 $ = × $ $
70+ $1.210 # of Pay Periods Your Estimated
Your Monthly # of Annual Cost Per Year (12, Cost Per Pay
Cost Months 24, 26, 52, etc.) Period
$ 12 = $ / = $
Naming A • Basic Life and AD&D Insurance: You may designate anyone as
your beneiciary.
Beneiciary • Dependent Life Insurance: You will be the beneiciary of your
Dependent Life Insurance beneits.
• To update your beneiciary, please contact the Beneit Solutions
Center at (855) 847-6066.
8
Employees have the opportunity to purchase Voluntary Short Term and Long Term Disability Insurance
provided by SunLife Financial. Disability insurance protects you and your family if you are unable to work due
to an illness or non-work related injury. Short term disability (STD) is intended to protect your income for a
short duration in case you become ill or injured. Long term disability (LTD) is intended to protect your income
for a long duration after you have exhausted any STD or sick leave that you may have.
Short term disability (STD) coverage provides a weekly beneit equal to 60% of your weekly earnings to a
maximum of $1,000. You may be eligible for STD payments after a 15-day waiting period. Beneits pay up to
13 weeks or until you are no longer disabled, whichever is earlier.
Long term disability (LTD) coverage provides a monthly beneit equal to 60% of your monthly earnings to a
maximum of $6,000. LTD payments may begin after a 90-day waiting period.
Short Term Disability Cost Calculation Worksheet
Age Band Monthly Rate
Under age 25 $0.286 Short Term Disability
25–29 $0.286
30–34 $0.286 Example
Example
Weekly
35–39 $0.313 Beneit (60% Divided by Multiplied Monthly Cost*
by Rate
10
40-44 $0.354 of earnings)
45-49 $0.394 $350 / 10 = 35 × $0.394 $13.79
50-54 $0.571 Your Weekly
55-59 $0.762 Beneit (60% Divided by Multiplied Your Monthly
by Rate
Cost*
10
60-64 $0.952 of earnings)
65-69 $0.993 $ / 10 × $ $
70+ $0.993 =
Your Monthly # of Annual # of Pay Periods Your Estimated
Per Year (12,
Cost Per Pay
Long Term Disability Cost Months Cost 24, 26, 52, etc.) Period
Age Band Monthly Rate $ = $ / = $
Under age 24 $0.310
25–29 $0.200 Long Term Disability
30–34 $0.270
35–39 $0.520 Example
Example
40–44 $0.700 Monthly Divided by Multiplied Monthly Cost*
100
by Rate
45–49 $1.060 Earnings
50–54 $1.420 $3,500 / 100 = 35 × $0.52 $18.20
55–59 $1.980 Your Monthly Divided by Multiplied Your Monthly
by Rate
100
Cost*
Earnings
60–64 $2.360 / 100
65–69 $2.160 $ = × $ $
70+ $1.210 # of Pay Periods Your Estimated
Your Monthly # of Annual Cost Per Year (12, Cost Per Pay
Cost Months 24, 26, 52, etc.) Period
$ 12 = $ / = $
Naming A • Basic Life and AD&D Insurance: You may designate anyone as
your beneiciary.
Beneiciary • Dependent Life Insurance: You will be the beneiciary of your
Dependent Life Insurance beneits.
• To update your beneiciary, please contact the Beneit Solutions
Center at (855) 847-6066.
8
