Page 13 - Success Academy | 21-22 Benefits Summary

Long-Term Disability Plan Comparisons
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Life Insurance and Accidental Death & Dismemberment (AD&D)
At no cost to you, Success covers Basic Life and Accidental Death & Dismemberment (AD&D) insurance to help protect your family financially in the event of your death or serious injury due to an accident. This benefit is 1x your annual salary, up to $50,000.
You also have the option of purchasing additional life insurance for you (up to $500,000), your spouse/domestic partner (up to $100,000), or your children (up to $10,000 per child) at group rates. Note: If you would like to increase your Voluntary Life insurance, you may be required to complete an evidence of insurability form.
Short-Term Disability
Effective July 1, 2021, Success Academy will now cover the cost of short-term disability for all full-time eligible employees. Short-term disability can be used in the event that you cannot work due to an injury, sickness, or if you’re recovering from childbirth. Short-term disability provides 60% of income protection, up to $1,500 a week for up to 12 weeks.
Note: For short-term disability / parental leave, please refer to page 20.
Long-Term Disability
Success-Covered Plan
Success Academy will cover the cost of long-term disability. After 12 weeks of disability, you would receive 60% of your basic monthly earnings, up to the monthly maximum of $15,000, if you were to remain disabled. The disbursement of this benefit is taxable.
Tax-Advantaged Plan
You also have the option to cover the cost of long-term disability yourself. After 12 weeks of disability, you would have the benefit, 60% of your basic monthly earnings, up to the monthly maximum of $15,000, if you were to remain disabled. When you choose the option of covering the cost of long-term disability insurance yourself, the benefit you receive is not taxed.
Annual Salary
$50,000 $75,000 $100,000
Tax-Advantaged Plan
Monthly: 60% Benefit, Tax Free
$1,750 $2,500 $2,625 $3,750 $3,500 $5,000
Success Covered Plan
Monthly: 60% Benefit, 30% Taxes