Short Term, Long Term Disability and Life Insurance
Short Term Disability (STD)
The company provides full-time employees with a company-paid short-term disability policy. Without disability coverage, you and your family may struggle to get by if you miss work due to an injury or illness.
If you become disabled from a non-work-related injury or sickness, disability income benefits will provide a partial replacement for lost income.
Please note, though, that you are not eligible to receive short-term disability benefits if you are receiving workers’ compensation benefits.
Long Term Disability (LTD)
Employees have the option of electing long-term disability income benefits.
LIFE INSURANCE
BASIC LIFE INSURANCE
Life insurance can help provide for your loved ones if something where to happen to you. Velocity Development Group provides full-time employees with $50,000 in group life and accidental death and dismemberment (AD&D) insurance.
This benefit is paid for 100% by the company, meaning no cost for you. Make sure to update your life insurance beneficiaries in ADP Workforce now or contact your People/Human Resources department.
VOLUNTARY LIFE INSURANCE
Some employees may want to purchase additional coverage. Think about your personal circumstances. Are you the sole provider for your household? What other expenses do you expect in the future (for example, college tuition for your child)? Depending on your needs, you may want to consider buying supplemental coverage.
With voluntary life insurance, you are responsible for paying the full cost of coverage through biweekly payroll deductions. You can purchase coverage for yourself in $10,000 increments and the maximum amount is $500,000. If this is your first opportunity to purchase this coverage, you may elect a Guarantee Issue amount up to $150,000 (if you are under age 70) with no health questions asked.
Spouse’s Life Insurance
Voluntary Life insurance is also available to purchase for your spouse. You can purchase spouse coverage in increments of $5,000, up to a maximum of 50% of the benefit you elect for yourself. If this is your first opportunity to purchase this coverage for your spouse, you may elect a Guarantee Issue amount up to $35,000 (if you are under age 70) with no health questions asked.
Child Life Insurance
Voluntary Life insurance is also available to purchase for your child(ren). You can purchase child coverage in amounts of $2,000, $5,000, or $10,000.