Short-Term Disability (STD)
STD insurance offers eligible associates income protection in the event you become sick or injured and are unable to work for an extended period.
The company pays the full cost for STD coverage. If/when you are out, the STD benefit payment paid to you will be considered taxable income to you.
Short-Term Disability (STD) | |
---|---|
Disability Benefit | Replaces 100% of your base wages up to a weekly benefit maximum of $8,500 |
When Benefits Begin | 15-continuous-day waiting period |
Maximum Benefit Duration | 180 days (includes waiting period) |
Learn More
Long-Term Disability (LTD)
LTD insurance offers eligible associates income protection in the event you become sick or injured and are unable to work for more than 180 days.
The company pays the full cost for LTD coverage, but you pay taxes on the premiums. If you are out and receive LTD payments, taxes will not be withheld from your monthly benefit.
Long-Term Disability (LTD) | |
---|---|
Benefit Percentage | 60% of eligible compensation up to a monthly maximum of $25,000 |
When Benefits Begin | After 180 days |
Maximum Benefit Duration | Retirement Age under the Social Security Act* |
*Depending upon your age on the date the disability began, your maximum benefit duration may pay a minimum number of months that exceed Retirement Age under the Social Security Act.
Group Life and AD&D Insurance
Life and accidental death & dismemberment (AD&D) insurance benefits help provide financial security to you and your loved ones in the case of death or other unforeseen events resulting in the loss of a limb or vital function.
Company-provided Group Life and AD&D Insurance | |
---|---|
Associate | 1x your annual base pay or $50,000, whichever is greater (rounded to the next $1,000 increment), up to a maximum of $500,000 |
Voluntary Life & AD&D Insurance
Voluntary Life and AD&D Insurance | |
---|---|
Associate | Increments of $10,000, up to a maximum of the lesser of 7x your annual base wages or $1 million (company-provided and voluntary combined). Guaranteed Issue for up to $350,000. |
Spouse* | Increments of $10,000, up to a maximum of the lesser of $250,000 or 50% of the associate’s life coverage. Guaranteed Issue for up to $30,000. |
Child(ren)* | $10,000 |
*Active military dependents are not eligible for coverage.
Imputed Income
The value of the company-provided group life insurance coverage in excess of $50,000 is considered imputed income. It is non-cash compensation and although you do not receive cash, you are taxed as if you received cash in an amount equal to the value of this coverage. For more information, please refer to IRS.gov.
Designating a Beneficiary
While you are automatically enrolled in group life insurance, you’ll be required to designate a beneficiary(ies) to receive your benefit in the event of your death. Review and update your beneficiaries each year during Open Enrollment in My Workday. You will need the following information for your beneficiaries: legal name, address, phone number, date of birth, and Social Security number.
Evidence of Insurability (EOI)
EOI is an application process in which you provide information on your health to be considered for certain types of insurance coverage. EOI is required for certain amounts of life insurance and enrollment timing. If required, you’ll be prompted to provide EOI after you enroll. Submitting this information is not a guarantee of coverage.
As your life changes, so could your insurance needs.
Life events, like getting married, buying a new home, or having children, often mean increased financial responsibilities. These responsibilities could fall to loved ones if something happens to you. You may want to ask yourself whether you need life insurance or if you have enough. Figure out how much you may need by visiting: www.prudential.com/EZLifeNeeds
You may have life insurance, but is it enough?
Everyone’s needs are different, and they can also change over time. But factors like your kids’ ages, any increase in income, and ongoing family expenses can affect how much coverage you should have. Learn more by watching a short video: www.prudential.com/mos-life