Our group insurance plan is designed to provide coverage to help you and your family deal with a catastrophic event like a death or disabling injury or illness. We have three main types of coverage on our plan; disability insurance, life insurance and accidental death and dismemberment (AD&D) insurance.
Disability insurance is arguably the most important coverage inside our group plan since it provides income replacement at a time when you are unable to work due to illness or injury. In our plan we have both short term and long term disability coverage. Disability benefits are a non-taxable benefit. The coverage is mandatory for all employees and it does not cover dependents.
- Short Term Disability Benefit is 66.67% of Weekly Gross Earnings up to maximum of $1000 per week.
- Long Term Disability Benefit is 66.67% of first $4K gross monthly earnings plus 56% of the balance to a maximum of $9K per month.
Life and Dependent Life Insurance:
Group life insurance is a benefit to assist you and your loved ones in the event of your passing. Our life insurance benefit is calculated at 2 times annual earnings up to a non-evidence maximum of $100,000. This coverage is mandatory for staff and any benefits paid are non-taxable to the designated beneficiary. It is important to keep your beneficiary designations up to date as your life circumstances change as the life insurance proceeds are paid the designated beneficiary on file.
You can apply for additional optional life insurance through the group plan but it is subject to approval by the insurer.
In addition to basic life insurance we have dependent life coverage in our plan that provides the member a benefit in the event your spouse or dependent child passes away. This benefit is currently $10,000 spouse and $5,000 child and it is also a non-taxable benefit. Dependent life is always paid to the plan member and is there to assist you with funeral and other related out of pocket expenses.
AD&D - Accidental Death and Dismemberment:
Accidental Death and Dismemberment (AD&D) coverage within our plan is a low cost but valuable insurance that provides lump sum benefits if you are injured in an accident and your injuries result in death, dismemberment, paralysis or a loss of use. Our AD&D coverage includes a critical illness component as well that will pay a benefit if you are diagnosed with one of four specified illness.
AD&D coverage is only for employees only and does not extend to dependents.
Service Technicians who keep their tools and tool boxes onsite are able to purchase tool insurance to protect against a loss due to fire, theft or vandalism. We know you have spent an entire career accumulating the tools of the trade and we offer affordable protection to give you peace of mind that your investment and livelihood are protected.