Life and Disability Insurance
Long-Term & Short-Term Disability - Symetra
Foundation For The Carolinas Pays 100% of This Benefit
Disability coverage is an important employee benefit that provides income replacement for an employee in the event he or she becomes sick, injured or otherwise disabled and cannot work.
When Am I Considered Disabled?
You are considered disabled when, because of injury or sickness, you are unable to perform the material and substantial duties of your regular occupation and you are under the regular care of a doctor.
Short-Term Disability
Short-Term Disability (STD) is a company-paid benefit that provides partial income protection if a serious illness or injury causes you to be on a medical leave of absence from work more than 8 days.
- The benefit provides you with 60% of your earnings during your approved disability period up to a maximum of $2,000 (taxable income) per week. The benefit remains in effect for up to 13 paid weeks, based on continued disability status.
- You are not covered for a disability caused by war or any act of war, declared or undeclared, an intentionally self-inflicted injury, active participation in a riot, and commission of a crime for which you have been convicted. Benefits are not payable for any period of incarceration as a result of a conviction.
- Disability benefits must be approved by a physician and the disability provider.
Long-Term Disability
The cost of Long-Term Disability (LTD) plan coverage is currently paid entirely by the Foundation. The LTD premiums are paid in a “gross-up and deduct” manner, where Foundation For The Carolinas increases the employee’s salary by an amount equal to the cost of the premium, and then takes a payroll deduction for the premium. This results in a benefit that is tax-free to the employee since they pay for the premium with their after-tax dollars that were “bonused” to them by FFTC.
Foundation For The Carolinas provides regular employees who work 30 hours or more per week a Long-Term Disability policy.
- Long-Term Disability coverage protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time.
- This benefit will pay 60% of your monthly salary to a maximum payment of $10,000 less deductible sources of income and disability earnings (benefits from statutory plans, unemployment benefits and salary continuation).
- Benefits begin after 90 days (three (3) months) of disability.
- Your benefits will be non-taxable.
- You are not covered for a disability caused by war or any act of war, declared or undeclared, an intentionally self-inflicted injury, active participation in a riot, and commission of a crime for which you have been convicted. Benefits are not payable for any period of incarceration as a result of a conviction.
Short-Term-Disability
Long-Term-Disability
E-Cert 18097 VLTD Class 1 #01
Basic Life and AD&D Insurance - Symetra
Foundation For The Carolinas Pays 100% of This Benefit
Foundation For The Carolinas provides each regular employee who works 30 hours or more per week a Basic Life Insurance and Accidental Death & Dismemberment policy based on 3x annual earnings up to a guarantee issue maximum of $425,000.
If death is the result of an accident, your beneficiary will receive an amount equal to your basic life insurance coverage. If you are dismembered (such as loss of sight in an eye, loss of a hand, foot, limb, hearing, speech, etc.), benefits will be paid to you as a percentage of the basic life amount. When you turn 65, the benefit amounts will follow a pre-determined reduction schedule. Please view the benefit summaries for more details.
| Symetra | ||
|---|---|---|
| Life & AD&D Benefit Amount | Three (3) times Annual Salary | |
| Employee Non-Medical Guarantee Issue | $425,000 | |
| Age Reductions | Benefits reduce to 67% at age 65, then to 34% at age 70 | |
The cost of group insurance coverage is currently paid entirely by the Foundation. The Internal Revenue Service provides an exclusion for the first $50,000 of group term life insurance coverage provided by the Foundation. The premiums paid to provide any additional life insurance coverage in excess of the first $50,000 of coverage are paid in a “gross-up and deduct” manner, where Foundation For The Carolinas increases the employee’s salary by an amount equal to the cost of the premium, and then takes a payroll deduction for the premium. This results in a benefit that is tax-free to the employee since they pay for this portion of the premium with their after-tax dollars that were “bonused” to them by FFTC.
Optional Term Life and AD&D Insurance - Symetra
Foundation For The Carolinas provides each regular employee who works 30 hours or more per week the opportunity to purchase additional life insurance for themselves or their dependents. In order to obtain coverage for dependents, the employee must obtain coverage for him/herself. The spouse’s benefit cannot exceed 50% of the employee’s benefit.
Employee
Employees are eligible for increments of $10,000 up to $100,000 of coverage with no medical questions asked if you apply when you are first eligible. Total coverage is up to $300,000 with medical evidence of insurability.
The employee must be actively at work and not confined to a hospital or disabled on the effective date of the coverage.
Spouse
Spouses are eligible for increments of $5,000 up to 50% of the employee’s benefit, if the employee is electing coverage. Spouses can obtain up to $25,000 with no medical questions if applying when first eligible, and up to $150,000 with medical evidence of insurability.
Children
Children aged 15 days to 26 years of age can obtain a benefit of $10,000. The employee must also elect coverage before the child can be covered. The cost per pay period is $0.42, regardless of how many children are being covered.
Basic Life Insurance
| Voluntary Life Premiums for Employee/Spouse (per bi-weekly pay period) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age | Rate | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | Up to $100,000 | |||||||
| under 30 | $0.11 | $0.51 | $1.02 | $1.52 | $2.03 | $2.54 | $5.08 | |||||||
| 30-34 | $0.11 | $0.51 | $1.02 | $1.52 | $2.03 | $2.54 | $5.08 | |||||||
| 35-39 | $0.14 | $0.65 | $1.29 | $1.94 | $2.58 | $3.23 | $6,46 | |||||||
| 40-44 | $0.20 | $0.92 | $1.85 | $2.77 | $3.69 | $4.62 | $9.23 | |||||||
| 45-49 | $0.30 | $1.38 | $2.77 | $4.15 | $5.54 | $6.92 | $13.85 | |||||||
| 50-54 | $0.53 | $2.45 | $4.89 | $7.34 | $9.78 | $12.23 | $24.46 | |||||||
| 55-59 | $0.81 | $3.74 | $7.48 | $11.22 | $14.95 | $18.69 | $37.38 | |||||||
| 60-64 | $0.92 | $4.25 | $8.49 | $12.74 | $16.98 | $21.23 | $42.46 | |||||||
| 65-69 | $1.64 | $7.57 | $15.14 | $22.71 | $30.28 | $37.85 | $75.69 | |||||||
Benefits reduce to 65% at age 65, then to 50% at age 70.
Evidence of insurability (medical questions) will be required if an employee elects an amount over the guarantee issue limit or elect coverage after the initial eligibility period.
Please click here to learn more about Evidence of Insurability (EOI) and to obtain the required form.
Extras: Discount Pass & Value-Add Programs - Symetra
Discount Pass
Enjoy savings on your next dental, vision, or hearing visit with a discount pass offered through Careington. To sign up for an account, visit lovemypass.com/symetra.
Value-Add Programs
Your Group Life and Disability Income Insurance provides several additional benefits including:
- Employee Assistance Program (EAP) with Will Preparation;
- Travel Assistance;
- Beneficiary Companion;
- Health Care Navigation;
- Identity Theft Protection Program.
For more information, contact your Group Benefits representative.
Discount Pass
