Life & Disability Insurance
Life insurance is an important part of your financial security, especially if others depend on you for support. That's why Veritext provides you with Basic Life & Accidental Death and Dismemberment (AD&D) coverage through New York Life, at no cost to you. You also have the option of purchasing Voluntary Life Insurance.
Disability insurance provided by Veritext work together to help you pay your household expenses if you become disabled and cannot work. These disability benefits also work with other sources of coverage to replace a certain percentage of your earnings. As a result, the disability payments you receive from our plans will be reduced by any benefits you are eligible to receive from Social Security, Workers' Compensation, Retirement Benefits, or any other disability coverage to which you are entitled. Your disability benefits are administered by New York Life.
Company Paid Life and AD&D
Basic Life and AD&D
Basic Life Insurance pays your beneficiary a lump sum if you die. AD&D (Accidental Death & Dismemberment) coverage provides a benefit to you if you suffer from loss of a limb, speech, sight, or hearing, or to your beneficiary if you have a fatal accident. The cost of coverage is paid in full by the company.
Plan Details:
- All benefit-eligible employees receive this Life and AD&D insurance
- If you die of natural causes, your beneficiary will receive a flat amount of $50,000
- If you die from a covered accident, your beneficiary will receive double the flat amount of your life coverage, or $100,000
Life Benefit Summary: Please click on the button below to view detailed information about this benefit.
Beneficiaries
Life insurance provides a valuable financial safety net for your loved ones in the event of your death. By naming a beneficiary, you select the person who will receive your life insurance policy benefits when you pass away. Group life benefits are generally not taxable to your beneficiary, regardless of the amount. The interest on the amount payable to your beneficiary is the only taxable portion. Please maintain a current list of your beneficiaries not just during Open Enrollment, but throughout the year. It is important to make sure your beneficiaries are accurate in the event a carrier needs to initiate contact with your noted beneficiary on record. You can make changes to your beneficiary information at any time via your enrollments in ADP.
Primary Beneficiary: The person(s) you name to receive life insurance benefits (proceeds) upon your death.
Contingent Beneficiary: The person(s) you name to receive life insurance proceeds in the event that the primary beneficiary passes away before or at the same time as you, the insured.
Supplemental Life and AD&D
Protecting those you leave behind
Employees have the opportunity to purchase additional life insurance to protect your family's financial security. Coverage is available for your spouse and/or child(ren) if you purchase additional coverage for yourself through New York Life.
Life Plan Details:
- Spouse rates are based on the employee’s age.
- The coverage is portable, so it can be continued after separation of service from Veritext. Rates may vary.
- Special rules apply to those employees who elect Voluntary Life and AD&D after they first became eligible (late entrants) and to employees who currently have Voluntary Life and AD&D coverage.
Age Reductions & Exclusions:
- Insurance benefits and guarantee issue amounts are subject to age reductions: At age 65, amounts reduce to 65%. At age 70, amounts reduce to 50%.
- Spouse coverage terminates when you reach 70.
In the event of a serious or fatal accident
Voluntary AD&D Insurance includes accidental death and dismemberment coverage that pays your beneficiary if you have a fatal accident. If you experience a serious injury such as a loss of a limb, speech, sight or hearing, the plan pays a benefit to you. Coverage is available for your spouse and/or child(ren) if you purchase coverage for yourself.
You can purchase:
FOR YOURSELF (EMPLOYEE):
up to 5 times your annual salary up to a maximum of $1,000,000
Guarantee Issue up to $200,000
FOR YOUR SPOUSE:
from $10,000 up to 50% of the employee benefit, up to $150,000
Guarantee Issue up to $30,000
FOR YOUR CHILD(REN):
from $2,000 up to 50% of employee benefit, up to $10,000
Guarantee Issue is available to new hires. Amounts over the guarantee issue will require a health application/evidence of insurability form to be filled out. For late entrants, all amounts will require a health application/evidence of insurability form to be filled out.
Disability Benefits
Expect the unexpected
Most people underestimate the likelihood of being disabled at some point in their life. Disability insurance provides partial income replacement if you can’t work due to illness or injury so you have a continuing income for living expenses
Short-Term Disability (STD) Insurance
Veritext provides all benefit-eligible employees with Short-Term Disability insurance through Mutual of Omaha at no additional cost to you. By replacing a portion of your income if you are unable to work due to a prolonged sickness or injury, pregnancy issues, childbirth recovery, or surgery and recovery time, STD insurance can help provide financial security until you get back on your feet and return to work. It can help you pay bills like your mortgage, tuition, and car payments, and help cover expenses for food, clothing, and utilities.
The benefit amount is 60% of your average weekly earnings up to a maximum of $3,000 per week for up to 13 weeks. Benefits begin on the 8th day for disability due to injury or sickness.
Long-Term Disability (LTD) Insurance
Veritext provides all benefit-eligible employees with Long-Term Disability insurance through Mutual of Omaha as well at no additional cost to you. A lengthy disability can be devastating; if you are unable to return to work after your short-term disability ends, LTD insurance allows you to continue paying bills and meeting financial goals and obligations.
The benefit amount is 60% of your average monthly earnings up to a maximum of $6,000 per month up to age 65 (if disabled prior to age 62). Benefits begin on the on the later of 90 calendar days after the onset of your disabling injury or illness or the date your short-term disability ends.
