Life & Disability Benefits
Survivor Benefits
Basic Life and AD&D
Our Life and Accidental Death and Dismemberment (AD&D) insurance plan with Mutual of Omaha has been designed to help meet employee’s individual needs and the needs of their family. Our combination Life/AD&D plan is 100% paid for by the company.
BENEFIT AMOUNTS
Amount of Life Insurance: 1 times Annual Compensation, to a maximum of $150,000
Amount of AD&D Insurance: 1 times Annual Compensation, to a maximum of $150,000
Conversion: An employee can covert this policy to an individual policy, subject to the terms of the company’s contract, upon leaving Michael Sullivan & Associates LLP.
Voluntary Optional Term Life
Mutual of Omaha’s optional life insurance is designed to make available additional death benefits to the employee’s beneficiaries in times of uncertainty at a low cost to the employee. Employees may also purchase coverage for their spouse, domestic partner and children. Premiums are based on the employee’s age, and are payable through convenient payroll deduction. This coverage does have a guarantee issue amount if it is purchased during the employee’s initial enrollment. Portability is available, upon satisfactory completion of evidence of insurability, within 30 days of the termination, layoff, retirement or other separation.
| Amount of Life Insurance | |
|---|---|
| Employee | Available in $10,000 increments. Minimum: $10,000 Maximum: Lesser of 5 times your annual salary or $500,000 Guaranteed Coverage: $100,000 |
| Spouse or Domestic Partner | Available in $5,000 increments. Minimum: $5,000 Maximum: $250,000 Guaranteed Coverage under age 70: $30,000 Guaranteed Coverage over age 70: Not Eligible for Coverage |
| Dependent Children | For eligible children 6 months of age or older, you may elect coverage in the amount of $10,000. For eligible children under 6 months of age, employees who elect child coverage receive $500 of coverage. Guaranteed Coverage: $10,000 |
Basic & Voluntary Life Age Reduction Schedule
For those ages 65 and over, the amount of basic life, accidental death and dismemberment and supplemental life insurance is subject to automatic reduction. Upon attainment of the specified age below, any in-force benefits will be reduced to the applicable percentage:
• At age 65 and over - reduced to 50%
Income Protection
Income protection or paycheck protection is one of those things that are important in case we are unable to work due to a disability. Subconsciously we all like to think it won’t happen to us. Like it or not, surveys have shown that up to 30% of all people in employment will, at one time or another, experience some form of disability which causes them to need time from work, whether that is short term, long term or recurring. Michael Sullivan Associates LLP offers the option to purchase short-term disability coverage, and long-term disability insurance is provided at no cost to our employees.
Voluntary Short-Term Disability (STD)
Our short-term disability program offered through Mutual of Omaha is a voluntary, employee-paid program and designed to replace a portion of your income in the event you become disabled from an injury or illness.
The weekly income benefit is calculated at 60% of your Weekly Covered Earnings up to a maximum of $2,307 per week, minus other income you may be receiving (i.e. Worker’s Comp, state disability income, Social Security Disability income, etc.). Benefits begin after the 7th day of accident or sickness. In the unfortunate circumstance that you remain disabled, this benefit could provide benefits for up to 25 weeks. Because the premiums for this program are paid with post-tax contributions, any benefit you may receive under the STD plan would be tax-free.
Long-Term Disability (LTD)
Our long-term disability program offered through Mutual of Omaha is 100% employer paid and designed to replace a portion of your income in the event that you become disabled from an injury or illness.
The monthly income benefit is calculated at 60% of your Basic Monthly Earnings or Total Compensation up to a maximum of $10,000 per month, minus other income you may be receiving (i.e. Worker’s Comp, state disability income, Social Security Disability income, etc.). Benefits begin after the 180th day of accident or sickness. In the unfortunate circumstance that you remain disabled, this benefit could provide benefits to your Social Security Normal Retirement Age (SSNRA).
