Page 15 - CPSS Benefit Guide Class 3 Employee

Life Insurance and Disability

Life and AD&D Insurance
CPS&S provides basic life and AD&D insurance for It is important to note the guarantee issue is available for
employees and offers voluntary insurance options for new hires. If coverage is waived at initial enrollment,
employees and their dependents. Evidence of Insurability (EOI) (an application with your
health condition information) will be required for future
enrollment.
Basic Life and AD&D Insurance
Life insurance is an important part of your financial If you enroll for even the minimum amount of coverage
wellbeing, especially if others depend on you for support. during your initial enrollment, you have the ability to enroll for
CPS&S provides Basic Life and Accidental Death and additional coverage at your next annual open enrollment by
Dismemberment insurance to all eligible employees at no up to $10,000 provided the total amount of insurance does
cost. Coverage is automatic; you do not need to not exceed your maximum benefit amount. This feature
enroll yourself (you will need to elect spouse and allows you to secure additional life insurance protection in
children). the event your needs change. All amounts over Guarantee
Issue will require EOI.

Coverage Benefit
Disability Insurance
For you: $20,000 Disability insurance provides income replacement should
Spouse: $2,000 you become disabled and unable to work due to a non-
Children: $1,000 work-related illness or injury.

Insurance benefits & guarantee issues are subject to age
reductions: Coverage Benefit
At age 70: Amounts reduce to 65%
Short-Term • 60% of your weekly salary, to a maximum
At age 75: Amounts reduce to 45% Disability of $1,000 per week
• Benefits begin on the 15 day of injury or
th
Voluntary Life and AD&D Insurance illness and continues up to the earlier of
You may choose to purchase additional life and AD&D recovery or to 179 days.
coverage for yourself and your dependents at affordable Long-Term • 60% of before tax monthly earnings, not to
group rates. Rates are based on age and the coverage Disability exceed the plan’s maximum less other
level chosen. income sources
• Monthly maximum is $4,333
Voluntary Life Insurance for you • Benefits begin on the later of 180 calendar
Employee: days after the onset of disabling injury or
• Increments of $10,000 up to 5 times your base annual salary illness or date short term disability ends.
• Up to a $500,000 maximum
• Guaranteed issue up to $100,000 for new hires
Voluntary Life Insurance for your Good to know!
dependents These benefits work together to make sure you don’t have
a gap in coverage. When STD coverage is exhausted
Spouse: Child(ren):
• Increments of $5,000 (not • $10,000 per child following 179 days of disability, LTD coverages takes effect
to exceed 100% of your • Covered from age 14 days if you are still unable to return to work.
voluntary life and AD&D • Must be added within 31
coverage) days of birth Did you know?
• Up to a $100,000 • 1 in every 8 people will become disabled for five years or
maximum more in their lifetime.
• Guaranteed issue up to
$25,000
• 30% of people use disability insurance at some point.
Insurance benefits and guarantee issues are subject to age
reductions: • 46% of all foreclosures are cause by financial hardship
At age 65 Amounts reduce to 65% due to a disability.
At age 75 Amounts reduce to 45%
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