Life and Disability Insurance
Life and Disability Insurance At Inova, you have a variety of options for life and disability insurance.
Basic Term Life Insurance
If you are budgeted to work 36 hours or more a week, your coverage amount will be equal to your annual salary rounded down to the nearest thousand, up to a $500,000 maximum. If you are budgeted to work 16 to 35 hours, your coverage amount will be equal to 50 percent of your annual salary up to a $50,000 maximum. You have an opportunity to convert the policy to an individual policy within 31 days of termination or change of employment status.
Supplemental Life Insurance
Active full-time employees may purchase supplemental life insurance coverage of up to six times their basic term life insurance to a maximum of $750,000, ($1,250,000 combined with basic). Employees who are budgeted to work 16 to 35 hours may purchase up to six times their annual salary of additional coverage up to a $300,000 maximum.
Spouse/Dependent Life Insurance
If you are budgeted to work at least 16 hours per week, you may elect life insurance for your spouse or your eligible dependent children up to age 24. The amount of coverage available depends on the number of hours you are budgeted to work.
Short-Term Disability Program (STD)
If you are budgeted to work 16 or more hours a week, you are automatically enrolled in this plan the first of the month after date of hire. This STD coverage, offered at no cost to you, will provide continued compensation of 66 2/3 percent of your salary. STD benefits begin on the eighth day of total disability and end when you are no longer totally disabled or after 180 days of benefits have been paid, whichever comes first.
Long-Term Disability Program
If you are budgeted to work 36 hours or more a week, Inova pays 100 percent of your long-term disability insurance. It becomes effective the first day of the month following your one-year anniversary with Inova. If you are approved, the plan begins payment on the 181st day from onset of injury or illness. You may elect additional coverage up to 70 percent coverage.
