Long Term Disability Insurance (2008)
Disability Insurance benefits are provided by Fort Dearborn. Coverage is available
for the member only. This is a required benefit (subject to your eligibility). Please refer to the Summary Plan Description
(SPD) for more information.
| Standard Option: |
50% of wages* |
| |
90 day waiting period |
No health underwriting is required for initial enrollment. If coverage is waived,
future enrollment will be subject to medical underwriting. In order to waive coverage, you must be able to certify you
have another disability insurance contract in force.
| High Option: |
60% of wages* |
| |
60 day waiting period |
A brief health questionnaire must be completed. Carrier approval is required. If you elect the High Option you will be enrolled at the standard level (subject to your eligibility, see SPD) until approval is received from the Carrier. If you are not approved for the High Option, you will remain at the Standard Benefit level (if coverage was not previously waived).
| *Maximum Monthly Benefit: $5,000. Fort Dearborn will pay you up to 50% or 60% (depending on option selected) of your pre-disability work earnings, based upon wages earned by contributions made to the Flex Plan (examples follow): |
| |
Monthly Benefit |
| Annual Salary |
Standard Opt |
High Opt |
| $20,000 |
$833 |
$1,000 |
| $60,000 |
$2,500 |
$3,000 |
| $80,000 |
$3,334 |
$4,000 |
| $100,000 |
$4,167 |
$5,000 |
|
| Work Requirement: You must have worked in covered employment within 90 days of disability. |
| Benefit Payment Period: 60 months (reduced at age 65, minimum payment
period 1 year).
|
| Pre-existing Conditions Are excluded for the first 12 months of coverage. |
| Deductible Income Sources: Your monthly benefit may be reduced by certain sources, eg: Social
Security, Worker's Compensation and State Disability Income.
|
| Survivor Benefit: 3 times the monthly benefit without reduction by Deductible Income. |
| Individual Disability Policy: If you already have an individual Disability Policy, check
with your carrier to see how this benefit would work with your policy. |
| Taxability: The earnings from this policy are taxable. |
Monthly Rates through 12/2008
(Includes $0.50/ $1.00 administration fee) |
| Member only (Standard) |
$16.86 |
| Member only (High Option) |
33.03 |
|
