Protect Your Income if You Can’t Work
Olympic Steel recognizes the importance of your financial well-being in the event of a disability. Most of us insure our homes, automobiles, and other assets, yet we often overlook our most valuable asset – our ability to earn an income!
Short-Term Disability (STD)
To provide financial protection, you can purchase short-term disability (STD) coverage when you become eligible for benefits. The STD plan:
- Provides 60% of your weekly salary, to a maximum of $1,000 per week for up to twelve weeks of disability
- Benefits begin on the eight day of disability after an accident or illness.
- Eligible claims are subject to a pre-existing condition clause that includes any injury or illness that has been treated in the previous twelve months. Workers Compensation claims are not covered.
- Premiums for coverage are deducted from your paycheck on a post-tax basis.
- Benefits paid to you are non-taxable.
Resources
Long-Term Disability (LTD)
Long-term disability (LTD) coverage provides benefits when you need it most. LTD coverage:
- LTD coverage replaces 60% of your base salary to a monthly maximum of $5,000 if you are disabled for more than 90 days and are unable to work.
- Benefits are offset with other sources of income, such as Social Security and workers’ compensation.
- Premiums are paid with after-tax dollars and are withdrawn automatically from your paycheck. Benefits paid to you are not taxable.
Visit www.unum.com with questions regarding your Life & AD&D Insurance, Accident Insurance and Disability Insurance.