Life, Disability, & Long Term Care Insurance
The Institute includes the following insurance plans as part of Schepens Eye Research Institute's comprehensive benefits package. See the Benefit Eligibility Chart .pdf).
Life Insurance
We offer group term life equal to twice the annual salary to a maximum of $105,000 at no cost to the employee. Coverage is underwritten by Sunlife Assurance Company.
Dependent Life Insurance
You may purchase $20,000 of life insurance for your spouse and/or $4,000 for each of your children at a group rate.
Group Rates
The premium cost is paid for by you on an after-tax basis.
Spousal Life Insurance Annual Rates
This plan provides $20,000 of life insurance coverage for your spouse.
| Spouse Age | Rate/$20,000 |
|---|---|
| <30 | $12.72/Year |
| 30-34 | $17.04/Year |
| 35-39 | $22.80/Year |
| 40-44 | $33.12/Year |
| 45-49 | $54.72/Year |
| 50-54 | $92.40/Year |
| 55-59 | $153.36/Year |
| 60-64 | $247.20/Year |
| 65-69 | $412.32/Year |
| 70-74 | $686.88/Year |
| 75-79 | $1,234.80/Year |
| 80+ | $2,061.60/Year |
Childrens Life Insurance
This plan will provide $4,000 of life insurance coverage for your child(ren) at a cost of $8.64 per year.
Supplemental Life insurance
See the Supplimental Life Insurance.pdf
Long Term Care Insurance
The Institute offers a Group Long Term Care insurance program, as underwritten by Unum Insurance Company. The plan offers a range of coverage and other options that can be tailored to fit the employee’s needs. The plan provides financial protection against the costs associated with long-term care due to illness, injury, or advancing age. The coverage includes services in a nursing home, assisted-living facility (for those with cognitive impairments) and professional home care. The Institute pays 100% of the basic plan.
Nursing Home
$2,000 for up to 36 months or $72,000
Professional Home Care
$1,000 for up to 36 months or $72,000
Options are available to you to upgrade the basic plan. You may purchase higher limits or more flexible coverage at your own cost. In addition, employees may choose to purchase coverage for their spouse, grandparents, parents, and in-laws at the group rates. No medical evaluation is required for the basic plan, but is required for the upgrade portion or family member coverage. The plan is completely portable. After termination, the employee may elect to continue the coverage at the rates, determined by age, established at the time of eligibility. Long Term disability is available to employees on the first of the month following three months of employment.
Disability Insurance
Short-term disability Coverage
This program is a self-insured plan that goes into effect for eligible employees, the first day of the month following 3 months of employment and is provided at no cost to the employee. This plan provides income during the temporary disability period from any short-term non-work related illness or injury, including maternity leave. Maximum benefit period for a similar event is 26 weeks with income at 2/3rd pay. The Institute provides a supplement to the 2/3rd disability income with 1/3rd for each year of service.
Long Term Disability
The Institute provides long-term disability coverage for eligible employees at no cost. Your coverage is effective after completing at least one year of service. The Institute acknowledges service credits from other non-profit research organizations. Service credits are applied against the waiting period.
Coverage is underwritten by The Standard Insurance Company and includes:
Income Benefit
Coverage is available for eligible employees after one year of continuous service and covers long term illnesses or disabilities (non-work related) that last longer than 26 weeks and provides you with 60% of your salary that you were earning at the time of disability.
Annuity Benefit
If you have at least two full years of service when you become disabled, this plan will, in conjunction, with your disability income benefit, continue to remit retirement contributions to your pension account with TIAA-CREF.
Supplemental Income Protection
Eligible employees may elect to purchase Supplemental Income Protection at group rates on an after-tax basis. This insurance provides an additional 15-40% of your salary that you were earning at the time of a disability. The coverage is underwritten by UnumProvident. Medical underwriting may apply.
