Page 17 - Non-NC OE Guide
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Voluntary Long Term Disability—NEW!
Long term disability (LTD) protects your family by providing you with a percentage
of your income while you are disabled for a longer period than short-term disability
would otherwise cover. This voluntary coverage is offered through our new
partnership. The LTD plan will pay 50% of your gross wages up to a maximum
beneit of $5,000 per month. Payments will begin after you have been totally disabled
for 90 days. Those eligible continue to receive LTD beneits until they reach Social
Security normal retirement age. The cost of the plan is paid on a post-tax basis so
beneits will be paid tax-free.
If you do not elect coverage during this initial open enrollment period and you
would like to elect coverage at a later date, you must provide evidence of insurability
and be approved by UNUM.
In order for coverage to be effective on December 1, you must be actively at work.
If not, coverage will not be effective until you return to active employment.
LTD Premium Example
As you go online to enroll on the new MG+BW Lockton Marketplace website,
the cost of coverage will automatically be calculated based on your age as of
December 1 and your current base salary. The example below is for someone in the
40–44 age group.
$12 hourly rate * 40 hours = $480 * 52 weeks = $24,960
$24,960/12 months = $2,080/100 = $20.80 * $1.04 = $21.63 monthly premium
LTD Rates per $100 of Covered Payroll
Age 50%
<25 $0.16
25–29 $0.25
30–34 $0.42
35–39 $0.67
40–44 $1.04
45–49 $1.37
50–54 $1.74
55–59 $2.01
60–64 $2.12
65–69 $2.06
70+ $1.73
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Long term disability (LTD) protects your family by providing you with a percentage
of your income while you are disabled for a longer period than short-term disability
would otherwise cover. This voluntary coverage is offered through our new
partnership. The LTD plan will pay 50% of your gross wages up to a maximum
beneit of $5,000 per month. Payments will begin after you have been totally disabled
for 90 days. Those eligible continue to receive LTD beneits until they reach Social
Security normal retirement age. The cost of the plan is paid on a post-tax basis so
beneits will be paid tax-free.
If you do not elect coverage during this initial open enrollment period and you
would like to elect coverage at a later date, you must provide evidence of insurability
and be approved by UNUM.
In order for coverage to be effective on December 1, you must be actively at work.
If not, coverage will not be effective until you return to active employment.
LTD Premium Example
As you go online to enroll on the new MG+BW Lockton Marketplace website,
the cost of coverage will automatically be calculated based on your age as of
December 1 and your current base salary. The example below is for someone in the
40–44 age group.
$12 hourly rate * 40 hours = $480 * 52 weeks = $24,960
$24,960/12 months = $2,080/100 = $20.80 * $1.04 = $21.63 monthly premium
LTD Rates per $100 of Covered Payroll
Age 50%
<25 $0.16
25–29 $0.25
30–34 $0.42
35–39 $0.67
40–44 $1.04
45–49 $1.37
50–54 $1.74
55–59 $2.01
60–64 $2.12
65–69 $2.06
70+ $1.73
17
