Voluntary Life & Disability

Supplemental Life and AD&D Insurance
Summary of Benefit
When it comes to protecting the financial security of you and your family, nothing is more important than planning ahead. Even though you already have Basic Life insurance, it is important to ask yourself whether it provides the protection you need to cover all of your financial responsibilities. Purchasing insurance on yourself, your spouse and/or your children can help alleviate unforeseen expenses if a tragic event occurs.

Voluntary group term life insurance can be purchased in addition to the Basic Life insurance provided by the City of Chattanooga. Premiums can be deducted from your paycheck.

Eligibility
Full-time employees are eligible for coverage through VOYA. Employees must purchase Supplemental Life insurance coverage for themselves in order to purchase coverage for a spouse or child(ren).

Amount of Coverage
Employees: Increments of $10,000, up to Maximum Election of $500,000
Guarantee Issue Amount: $150,000, or 5x salary
Spouse: Increments of $5,000, up to Maximum Election of $250,000*
Guarantee Issue Amount: $25,000
Child(ren): Increments of $2,000 up to Maximum Election of $10,000
Guarantee Issue Amount: $10,000
* - spouse amount cannot exceed employee’s elected amount

Monthly Rates for Voluntary Life Coverage

Age Range Cost per $1,000
of coverage
Age Range Cost per $1,000
of coverage
Less than 25 $0.117 50 to 54 $0.578
25 to 29 $0.128 55 to 59 $0.872
30 to 34 $0.147 60 to 64 $1.352
35 to 39 $0.188 65 to 69 $2.33
40 to 44 $0.252 70 to 74 $4.135
45 to 49 $0.377 75+ $7.988

Voluntary Short Term Disability
Summary of Benefit
Short Term Disability can help provide additional financial protection while you are unable to work. This voluntary insurance coverage will provide a short-term benefit in the event of a non-occupational disability. This plan is designed to provide income to pay 50% or 70% of your earnings. The maximum, depending on the plan you choose, is increasing from $750 to a maximum of $2,000 per week even if you already have this benefit.

Amount of Coverage & Maximum Benefit Period
Beginning on the 15th consecutive day missed scheduled work day for illness or injury, employees can be paid STD for normally scheduled work days missed. Short-Term Disability benefits can continue for 24 weeks of total disability.

  

References

Customer Service: 800.955.7736

www.voya.com/products-services/employee-benefits-work

 

Short Term Disability Rates
(per $10 of benefit)

Age Range Rate per $10
Less than 25 - 54 $0.509
55-59 $0.79
60 and older $1.33