Basic Life and Accidental Death & Dismemberment (AD&D)
To assist your family financially in the unfortunate event of your loss, Benesch provides you with basic term life and AD&D insurance at no cost to you.
| Class 1 -- Imputed Income* | 2x salary to $500,000 |
|---|---|
| Class 1 Imputed Income* |
2x salary to $500,000 |
| Class 2 No Imputed Income |
$50,000 |
| Maximum Coverage Amount | $500,000 |
| AD&D | Equal to Basic Life |
| Age Reduction | 65% at age 70 |
*IRS assessed tax for coverage in excess of $50,000
Voluntary Life and AD&D Insurance
You can elect coverage for yourself, your spouse, and/or your child(ren). You pay for the cost of this coverage but get the advantage of group rates
- Guarantee Issue – Employee $250,000 / Spouse $50,000 / Child $10,000
- Coverage above the Guarantee Issue may require completion of Evidence of Insurability (EOI)
- Maximum coverage for Employee – lesser of 5x Salary or $500,000
- Maximum coverage for Spouse – Employee’s elected amount up $500,000
- Maximum coverage for Child — $10,000
- In order to purchase Life coverage for your spouse and/or child, you must purchase Life coverage for yourself.
What is Guaranteed Issue Amount?
If you are newly eligible and have not previously waived your opportunity to elect coverage, you may elect up to the guaranteed issue amounts without submitting Evidence of Insurability (EOI). If you are a late entrant and have previously waived the opportunity to purchase additional coverage, you will be required to submit EOI.
Annual Enrollment Provisions
You may change coverage at annual enrollment and increase up to the guarantee issue without EOI. If the amount during annual open enrollment is over the guarantee issue, then that amount will require EOI. An Employee, Spouse or Child who is not currently insured at annual enrollment and elects coverage for the first time is considered a late entrant and all amounts of Life insurance elected are subject to EOI.
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses (housing, food, bills, etc.)?
- Replace Your Income?
- Maintain financial stability?
Basic Life ADD - Alfred Benesch & Company
Report a Life Claim
Optional Life ADD
Alfred Benesch & Company
Optional Life_Benefit Summary
DS ALFRED BENESCH CO LF CERT CL1
DS ALFRED BENESCH CO LF CERT CL2
Benefits Terminology
Life Insurance
(Employer Paid):
No action required. All Benefit Eligible employees will be automatically enrolled in this benefit.
- Benefit Amount – 66.67% of your weekly earnings
- Maximum Weekly Benefit — $1,750
- Minimum Weekly Benefit — $25
- Maximum Benefit Duration – 13 weeks
- Elimination Period – Accident: 0 days, Illness: 7 days
Short Term Disability
Alfred Benesch & Company STD Benefit Summary
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ALFRED BENESCH Disability Policy
(Employer Paid):
- Benefit Amount – 50% of your monthly earnings
- Maximum Monthly Benefit – $5,000
- Minimum Monthly Benefit – $100
- Maximum Benefit Duration – Social Security Normal Retirement Age (SSNRA)
- Elimination Period – 90 days
(Buy Up/Voluntary):
- Benefit Amount – 66.67% of your monthly earnings
- Maximum Monthly Benefit — $10,000
- Maximum Benefit Duration – SSNRA
- Elimination Period – 90 days
- If you have a medical condition that begins before your coverage takes effect, and you receive treatment for this condition within the 3 months leading up to your coverage start date, you may not be eligible for benefits for that condition until you have been covered by the plan for 12 months.
Long Term Disability
Alfred Benesch & Company LTD Benefit Summary
DS ALFRED BENESCH CO LTD CL1
