LIFE AND DISABILITY INSURANCE
LIFE INSURANCE Jagged Peak provides basic life insurance to all full-time employees working 30 or more hours per week. You may also purchase voluntary life insurance coverage through the group plan. The chart below provides an overview of your options.
Basic Life Insurance
$30,000 Life and Accidental Death and Dismemberment **The Basic Life insurance is paid 100% by Jagged Peak.**
Employee Only
Benefit Reduction Schedule At age 65, benefits reduce by 35% of the original amount. At age 70, benefits reduce by 50% of the original amount. Voluntary Life Insurance Employee Only Increments of $10,000 up to a maximum of $500,000. Minimum Election: $10,000
No evidence of insurability up to a max of (newly eligible employees only): Employees less than age 65: $150,000 Employees age 65-69: $50,000 Employees age 70+: $10,000 Employees may increase their current coverage up to $50,000 during open enrollment, not to exceed the Guarantee Issue. Increments of $5,000 up to a maximum of $250,000 (not to exceed 100% of the employee’s elected amount). Minimum Election: $10,000
Employee Guarantee Issue
Spouse
No evidence of insurability up to max of (newly eligible dependents only): Less than age 65: $50,000 Age 65-69: $10,000 Age 70+: $0
Spouse Guarantee Issue
Benefit Reduction Schedule At age 65, benefits reduce by 35% of original amount and at age 70, benefits reduce by 50% of in force amount. Child(ren) $5,000 or $10,000 (one rate covers all eligible children in the family) Refer to the Guardian material or the online enrollment system for Voluntary Life rates.
DISABILITY Jagged Peak provides all regular full-time employees with short and long term disability benefits, and pays the full cost of this coverage. In the event you become disabled from a non-work-related injury or sickness, disability income benefits are provided as a source of income. Short Term Disability
Accident; 1 st Day/ Sickness; 8 th Day
Benefits Begin
Benefits Payable
26 Weeks
Percentage of Income Replaced
60% of weekly income
Maximum Benefit
$1,000 weekly
Long Term Disability
181 th Day
Benefits Begin
Benefits Payable
Social Security Normal Retirement Age
Percentage of Income Replaced
60% of monthly income
Maximum Benefit
$6,000 monthly
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