Voluntary Long-Term Disability Plan for ORP
Purpose of the Plan
The Standard has a comprehensive Long-Term Disability Policy that can assist you when a disability can radically change a person’s quality of life. This plan gives you income protection. You insure your life, your home, your car and your health. And each of those coverages is absolutely important.
But protecting your income is equally important. No individual or family can long survive without a regular source of income.
Think of what would happen if you were disabled from an accident or illness and could not work for an extended period of time.
It’s a frightening prospect that can be prevented.
The University of North Carolina’s Group Long-Term Disability plan can provide you with a monthly check that can replace a significant portion of your salary…month after month or year after year…when you are totally disabled and cannot work.
Here are the highlights of your Group Long-Term Disability Plan:
- Replaces up to 66 2/3 percent of your monthly salary, with a maximum benefit of $15,000 per month, when you are disabled and unable to work (some offsets may apply).
- Protects your retirement income. The plan continues contributions to your TIAA-CREF Retirement Annuity equal to 12.84 percent of your monthly salary.
- Disability is defined as being completely unable to perform your normal occupation.
- Pays benefits as long as disability continues as outlined in the Certificate of Insurance.
- Pays a benefit to your surviving dependent(s) if you die after having been disabled for at least nine months.
- Allows you to convert to an individual policy if coverage ends due to termination of your employment, if at that time, you had at least 12 months of continuous coverage under the group plan.
- Provides a work transition period, if you return to work on a limited basis while disabled.
- Provides partial disability benefits if you are disabled and continue to work on a limited basis but are unable to earn your full monthly salary.
Frequently Asked Questions
Q: Who pays for this Long-Term Disability Insurance?
A: You pay the cost of this group insurance through payroll deduction, which frees you from premium reminders, check writing and lump-sum payments. No premium payments will be required from you while you are receiving benefits under this plan.
Q: Who is eligible for this insurance?
A: All full-time permanent employees who are employed by the University of North Carolina, who participate in the Optional Retirement Program.
Q: Is a medical exam necessary?
A: No. However, you will need to provide evidence of insurability if you do not enroll within 60 days of being eligible for this insurance.
Q: If I became disabled, when would benefits begin?
A: You would receive benefits after three months of being totally disabled.
Q: Am I covered if I take a leave of absence?
A: Coverage may continue for up to 24 months during a sabbatical or leave for which you receive at least 1/4 pay; or if you are actively engaged in education or research; or pursuing an advanced degree. You may also be covered during maternity leave for up to four months following the termination of pregnancy; and for family or medical leave approved by your employer for up to six months.
How to Enroll
- Determine your rates from the easy-to-use premium calculator.
- Obtain and complete the application.
- Return it to your Human Resources Benefits Department
About the Underwriter
Founded in 1906 in Portland, Oregon, Standard Insurance Company offers group insurance as well as individual products and retirement plans. The Standard has built a national reputation for providing quality insurance products, personalized service and consistently delivering strong financial performance.
StanCorp Financial Group, Inc., a Fortune 1000 company, is the holding company for Standard Insurance Company. Standard Insurance Company, the largest subsidiary of StanCorp, markets products in 49 states (excluding New York) and the District of Columbia. At the Standard, we thrive on teamwork, strong ethics and customer service on every level. Our track record proves it. The Standard’s financial ratings: an A (Excellent) from A.M. Best; an “A1” from Moody’s Investors Service (Good); and A+ (Strong) from Standard & Poor’s Insurance Rating Services and AA- (Very Strong) from Fitch.