THIS MONTH'S STORY: WORKPLACE INSURANCE PRODUCTS
Short Term Disability Insurance
Short Term Disability Insurance1
provides a benefit if you become sick or hurt and unable to work so
that you can still afford to pay your bills while you recover.
By
purchasing short term disability insurance through your workplace, you
benefit from liberalized underwriting techniques and are not required
to have a medical exam.
Premiums are payroll deducted, so you
don't have to worry about receiving an extra bill each month. And,
because you own the policy, the coverage is portable, so you can take
it with you if you leave your job.
How does it work?
If
you become sick or hurt and unable to work, short term disability
insurance begins paying benefits, depending on the terms of your
contract. This benefit is a portion of what your typical paycheck would
be (up to 60%), and can be used to pay bills, buy groceries and fund
other necessary expenses while you recover. Depending on your policy,
benefits will be paid for 3 months to 60 months2 with a wide
selection of accident and sickness elimination periods, giving you time
to focus on getting better instead of worrying about how to make ends
meet.
Plus, with Short Term Disability through your workplace,
our waiver of premium is included at no additional cost. This means
that if the insured is disabled for longer than 90 days, Illinois
Mutual will waive premium payments until recovery or the end of the
benefit period.
Illinois Mutual's STD is simple, easy to understand, affordable coverage that protects you from the unpredictable.
Benefits
- Affordable, flexible coverage designed to fit your budget and personal needs
- Liberalized underwriting makes it easy for you to obtain coverage
- Convenient payroll deduction of premiums
- You can take your policy with you if you switch jobs
- Guaranteed renewable until age 72
- Benefits paid are not reduced by benefits received from Social Security or Worker's Comp
- Peace of mind - You have income coming in if you are disabled
Who's Eligible?
- Employees age 17 to 64 who are actively at work for a minimum of 20 hours per week.
1 May not be available in all states.
2 Subject to eligibility guidelines.
ACCIDENT INSURANCE
Accident Insurance1 offers 24-hour or Off-the-Job coverage for accidents, injuries and accidental death for eligible employees and family members.
While
most people carry medical insurance to pay the hospital, the injured
party is still financially affected as they are faced with paying
deductibles, co-payments and other out-of-pocket expenses. In addition,
even if you carry disability insurance, many injuries are not serious
enough to receive a disability benefit.
Accident Insurance covers you where medical and disability insurance coverage can't.
How does it work?
After
an accident or injury, Accident Insurance pays a cash benefit directly
to the injured party, so that you don't have to suffer financially when
you are already suffering physically. There is no coordination of
benefits for existing plans, which means the plan pays regardless of
other coverage. Your premiums are paid through payroll deduction, and
you retain full ownership of the policy. Even if you leave your current
job, the coverage is portable, so you can take it with you when you
leave.
Benefits
- Affordable premiums
- No medical exams
- Convenient payroll deduction
- Portable coverage
- Fast claims service
- Guaranteed renewable
Optional Benefits2
Off Job Accident Disability Rider
can provide additional coverage if an accident leaves you unable to earn a paycheck.
Sickness Hospital Confinement Rider
can provide additional coverage if an illness leaves you or anyone else covered by the rider confined to a hospital.
Wellness Benefit Rider
the
benefits you receive will help pay for the cost of expensive medical
and health screening tests that are sometimes necessary to prevent or
detect health challenges.
Catastrophic Accident Rider
the
benefits you receive will help ensure your family has the funds
necessary to make adjustments in their lives following a catastrophic
accident.
Who's Eligible?
- Employees age 18 to 69 who are actively at work for a minimum of 20 hours per week.
- Spouses age 18 to 69 are eligible to apply if they are not disabled.
- Dependent children age 14 days to 18 or to age 24 if a full-time student.
1 May not be availble in all states
2 Riders available on a case basisdoes
not include bonus or commission), start when short-term benefits are
exhausted, and continue anywhere from five years to life. Often, group
long-term insurance is fully paid for by employers without
contributions by employees. As a result, employer-paid disability
income benefits are subject to income tax, and you should take this
into consideration when evaluating your needs.