Disability
Disability coverage provides an income replacement benefit in the event you are unable to work due to a non-work-related illness or accident. The ability to work is usually an employee’s most important financial asset. The Social Security Administration estimates that just over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67. Once an individual has become disabled for over 90 days, the average length of disability is 4 years.
As an American Exchange employee, you are provided Long Term Disability coverage, free of charge*, and have the opportunity to elect Short Term Disability coverage as well. These plans pay a benefit should you remain disabled and unable to work, and provide you with financial protection in the event of a catastrophic illness or injury.
If you newly elect Short Term Disability or Long Term Disability coverage after your initial eligibility period, an Evidence of Insurability for medical underwriting is required. An EOI Form may be obtained from the benefits website or the Benefits Service Center. Any pended elections will be noted on your Benefits Confirmation Statement.
*Exclusions apply
Short Term Disability - Summary of Benefits
Long Term Disability - Summary of Benefits
** Certain exclusions apply
Short Term and Long Term Disability - Pre-existing Conditions
The Short Term and Long Term Disability plans exclude disabilities caused by a pre-existing condition for the first 12 months of coverage. A pre-existing condition is one for which you have been diagnosed or treated within the prior 3 months before newly enrolling in the plan. Once you have been insured with Long Term Disability coverage for 12 months, no coverage restrictions related to pre-existing conditions apply.
Evidence of Insurability
Any changes to disability (except for new hire enrollments / elections) will require medical underwriting. Changes will only be effective once medical underwriting has been completed, and if Principal has decided to approve the change.
