Life & Disability Insurance
Life insurance is an important part of your financial security, especially if others depend on you for support. That's why Asset Living provides you with Basic Life & Accidental Death and Dismemberment (AD&D) coverage through Mutual of Omaha, at no cost to you. You also have the option of purchasing Voluntary Life Insurance.
Disability insurance provided by Asset Living work together to help you pay your household expenses if you become disabled and cannot work. These disability benefits also work with other sources of coverage to replace a certain percentage of your earnings. As a result, the disability payments you receive from our plans will be reduced by any benefits you are eligible to receive from Social Security, Workers' Compensation, Retirement Benefits, or any other disability coverage to which you are entitled. Your disability benefits are administered by Mutual of Omaha.
Company Paid Life and AD&D
Basic Life and AD&D
Basic Life Insurance pays your beneficiary a lump sum if you die. AD&D (Accidental Death & Dismemberment) coverage provides a benefit to you if you suffer from loss of a limb, speech, sight, or hearing, or to your beneficiary if you have a fatal accident. The cost of coverage is paid in full by the company.
Property Level employees are eligible for 1X annual salary to a max of $200,000; participation in a medical plan is required to receive this coverage.
Community Managers/Corporate employees (Non- Execs) are eligible for 1.5X salary to a max of $300,000; participation in a medical plan NOT required.
Beneficiaries
Life insurance provides a valuable financial safety net for your loved ones in the event of your death. By naming a beneficiary, you select the person who will receive your life insurance policy benefits when you pass away. Group life benefits are generally not taxable to your beneficiary, regardless of the amount. The interest on the amount payable to your beneficiary is the only taxable portion.
Primary Beneficiary: The person(s) you name to receive life insurance benefits (proceeds) upon your death.
Contingent Beneficiary: The person(s) you name to receive life insurance proceeds in the event that the primary beneficiary passes away before or at the same time as you, the insured.
Supplemental Life and AD&D
Protecting those you leave behind
Voluntary Life Insurance allows you to purchase additional life insurance to protect your family's financial security. Coverage is available for your spouse and/or child(ren) if you purchase coverage for yourself through Mutual of Omaha.
In the event of a serious or fatal accident
Voluntary AD&D Insurance allows you to purchase accidental death and dismemberment coverage that pays your beneficiary if you have a fatal accident. If you experience a serious injury such as a loss of a limb, speech, sight or hearing, the plan pays a benefit to you. Coverage is available for your spouse and/or child(ren) if you purchase coverage for yourself.
You can purchase:
FOR YOURSELF (EMPLOYEE):
up to 5 times your salary up to a maximum of $500,000. Amounts over $250,000 require Evidence of Insurability (EOI)
FOR SPOUSE:
from $5,000 up to the lesser of $250,000 or 100% of employee's supplemental life coverage ($50,000 guarantee Issue without EOI)
FOR CHILDREN:
up to $10,000 for each child.
*Purchasing coverage above the Guaranteed Issue amounts will require you or your spouse to submit Evidence of Insurability (EOI).
Disability Benefits
Expect the unexpected
Most people underestimate the likelihood of being disabled at some point in their life. Disability insurance replaces part of your pay while you are unable to work so you have a continuing income for living expenses.
Short-Term Disability (STD) Insurance
STD benefits are offered on a voluntary basis with employees being responsible for the cost of coverage. If you become injured or ill, STD benefits begin on the 8th day following an illness or injury and pays 60% of your pre-disability earnings to a maximum of $750 per week and can last up to 26 weeks (benefits are paid for 25 weeks; 26 weeks includes the 7-day elimination period).
Long-Term Disability (LTD) Insurance
LTD benefits begin after a 180-day elimination period following an illness or injury and pay a benefit of up to 50% of earnings to a maximum of $5,000 per month. LTD is offered at no cost to you by Asset Living, participation in a medical plan is required.