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New Employee Guide to Benefits for Plan Year 2007
Enroll during your first 31
days:
Life Insurance and other Optional Coverage
Get additional insurance to further protect your
family
You can enroll in optional coverage during your first 31 days of
employment. Here's our Optional
Coverage Premium Rates (195 KB PDF).
| If
you don't enroll during your first 31 days, you may not be able to
get the coverage you want later, because you will have to go through EOI and you may not be approved. |
During this initial period, you can enroll with no questions asked and
without proof of good health in optional term life levels I and II,
short-term and long-term disability insurance, and dependent term life
insurance. Fort Dearborn Life Insurance Co. is the current carrier for
these benefits.
Optional term life insurance
When you enroll in employee health coverage, you also receive $5,000
Basic Group Term Life Insurance for you with $5,000 of Accidental Death
and Dismemberment (AD&D) coverage, effective the first of the month
following your 90th day of employment. You will not receive this coverage
if you waive your state health insurance coverage or waive your coverage
and sign up for the Health Insurance Opt-Out Credit.
Your first 31 days of employment are the perfect opportunity to get
additional term life insurance to protect your family in the event of your
death. This is your only chance to get optional term life levels I or II
(one or two times your annual salary) without providing EOI or proof of
good health. EOI always is required to enroll in optional term life levels
III or IV (three or four times your annual salary).
Voluntary Accidental Death & Dismemberment (AD&D)
insurance
For additional financial protection in the event of accidental death
and certain accidental injuries (including loss of sight and
dismemberment), you may purchase Voluntary AD&D policies for you only or
you and your family. You don't need EOI for this coverage. When you enroll
in Voluntary AD&D coverage, your coverage is paid at the full amount (if
you are under age 70, from a minimum coverage of $10,000 up to a maximum
coverage of $200,000). Your family members are entitled to a percentage of
coverage.
Dependent term life insurance
For a small monthly premium, you can get dependent term life insurance,
which includes $5,000 term life with $5,000 AD&D for each family member.
Your first 31 days of employment are the only time your current dependents
can enroll without having to go through EOI. If you acquire a new eligible
dependent during the plan year, he or she can be enrolled in dependent
term life insurance without EOI if it is done within 31 days of the new
dependent being acquired.
The benefit will be paid to you upon the death of your covered
dependents or in the event of certain accidental injuries. Your dependent
term life premium covers all of the
eligible dependents you
enroll.
Disability insurance
Your first 31 days of employment are the only time you can enroll in
either or both coverage plans without going through EOI. If you become
disabled and unable to work, disability insurance can provide you with a
portion of your monthly income, once you have met the waiting period and
used all of your sick leave.
Short-term disability (STD) insurance will provide you with a portion
of your monthly income after a 30-day waiting period (plus any sick leave
you may have) if illness or injury (including maternity) keeps you from
working for up to five months. Long-term disability insurance will replace
a portion of your monthly income if you become disabled and are unable to
work for a longer period.
When deciding if you need disability insurance, remember:
- Benefit periods in the long-term plan are shorter if total
disability occurs after age 60.
- Workers' compensation, disability retirement and benefits from other
sources reduce disability insurance benefits. Social Security disability
benefits also reduce long-term disability insurance benefits.
- Before the plan pays you benefits, you must exhaust your sick leave
balance (including any extensions), or the waiting period, whichever is
greater. You may not need short-term disability insurance if you have an
ample sick leave balance.
- If you have a preexisting condition for which you have received
medical treatment, advice or services, or taken prescribed drugs or
medicine in the three months prior to the coverage begin date,
disability income for that specific condition would not be covered for
six months.
More details on these benefits are provided in the
FDL Optional
Coverages Benefits Book for Active Employees.
Short-Term Disability (STD)
Benefit Amount – Your maximum monthly income benefit will be 60%
of your insured monthly salary (maximum $3,000) or $1,800, whichever is
less. Your minimum monthly income benefit will be 10% of your insured
monthly salary (if you are receiving worker's compensation, a disability
retirement benefit, or other group disability benefits).
Coverage Period – Benefits are payable up to five months after
you have been certified as totally disabled by an approved practitioner,
used all of your sick leave, extended sick leave, sick leave pool, or
completed the waiting period of 30 consecutive days, whichever is greater,
and have been approved by FDL.
Long-Term Disability (LTD)
Benefit Amount – Your maximum monthly income benefit will be 60%
of your insured monthly salary (maximum $10,000) or $6,000, whichever is
less. Your minimum monthly income benefit will be 10% of your insured
monthly salary for up to 12 months (if you are receiving Social Security
disability, worker's compensation, a disability retirement, or other group
disability benefits).
Coverage Period – Benefits are payable to you after you have
been certified as totally disabled by an approved practitioner, used all
of your sick leave, extended sick leave, sick leave pool, or completed the
waiting period of 90 consecutive days, whichever is greater, and have been
approved by FDL. Benefits are payable up to the maximum benefit period,
which depends on your age when you become totally disabled:
| Under 60 |
Payable to age 65* |
| 60-64 |
Payable for 60 months |
| 65-69 |
Payable to age 70, or
12 months, whichever is greater* |
70 and over
|
Payable for 12 months
|
| *
Benefits end the first day of the plan month following attainment of
the limiting age. |
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Revised 12/22/06 |
