Personal accident insurance is a very affordable way to increase the amount of coverage in cases of unforeseen accidents. This plan covers accidental dismemberment, paralysis, loss of sight, loss of hearing, travel assistance, and rehabilitation. This plan also provides a way for spouses/qualified partners and dependent children to obtain additional accident coverage to help survivors cope with the financial impact should a family member die as a result of an accident.
All Active, full-time, salaried employee regularly working 30 or more hours per week, are eligible to elect insurance starting on the first of the month following your date of hire.
You may cover a lawful spouse or a same-sex domestic partner, under the age of 70. A domestic partner is eligible for insurance if you have not been married to any person with in the last 12 month and if he/she meets specific criteria stated in the Domestic Partner affidavit. You must have an affidavit on file in the Staff Benefits office.
Also you may elect coverage for your unmarried dependent children who are under age 19 (or under age 25 if they are full-time students). Children must be dependent upon you for support and maintenance.
You may purchase accident coverage in $25,000 increments. You are eligible to purchase from 1 to 10 times your annual salary, rounded to the next higher $25,000, subject to a maximum of $750,000.
Your spouse/partner is eligible for either 100% or 50% if the benefit amount you choose for yourself, with a maximum of $500,000.
Your children coverage will be equal to 10% of your benefit amount. The premium is the same regardless of the number of children covered. The benefit amount per child cannot exceed $10.000. You must notify Staff Benefits when you no longer have dependents that qualify.
The rate per $25,000 of coverage is $.75 for employees and $.75 for spouse/partners. The rate per $1,000 of coverage for children is $.55. Cost are subject to change.
At age 70, benefits will be reduced to 65% of the benefit amount selected. At age 75, benefits will be reduced to 45%, at age 80 they will be reduced to 30% and at age 85 they will be reduced to 15%. All reductions apply to the benefit amount in force on the day before you reach the specified age or if you elect coverage after age 69. Coverage for your spouse/ partner ends when he/she reaches age 70.
See the Personal Accident Insurance brochure for more information and additional benefits offered under this plan.