BASIC LIFE INSURANCE
As a Compass Group associate, you receive Basic life insurance at no cost. Federal law requires the company to report the “value” of any pre-tax life insurance over $50,000.
When you reach age 65, the amount of your life insurance coverage will be reduced to 65% of the original benefit as of January 1 on or following your birthday. When you reach age 70, the amount of your life insurance coverage will be reduced by 50% of the original benefit as of January 1 on or following your birthday.
Basic life insurance is designed to provide coverage while you are working and terminates when you retire or leave Compass Group.
Supplemental Life Insurance
You may choose to purchase supplemental life insurance coverage for yourself, in addition to the company-paid benefit. You may “move up” only one level of coverage each enrollment period.
Coverage is subject to the plan maximum of $4,000,000 basic and supplemental life insurance combined. You may be subject to evidence of insurability rules if coverage exceeds the guaranteed issue maximum of $700,000.
Spouse Life and Child(ren) Life Insurance
You may choose to purchase life insurance on your eligible spouse and/or dependent children. You may “move up” only one level of coverage each enrollment period.
If you select child life insurance, you pay the same price whether you have one child or several children. The maximum benefit for a child from live birth to the age of six months is $2,500.In the event of a dependent’s death, the benefit amount is paid to you.
For additional information about the life insurance plans, review the Benefits at-a-Glance.
ACCIDENTAL DEATH AND DISEMBERMENT
Accidental death and dismemberment insurance pays a benefit in the event of your death, or if you suffer dismemberment as a result of an accident. Death benefits from this plan are paid in addition to benefits from your life insurance plan. You may “move up” only one level of coverage each enrollment period.
If you choose to cover your family, benefits payable for the death or physical loss of a dependent will be a portion of the amount of your coverage. You can reference the benefit schedule listed in the Summary Plan Description.
For additional information about AD&D coverage, click here.
For all associates on an approved leave of absence, the effective date of enrollment into or an increase to basic life, supplemental life, spouse life, child(ren) life and/or accidental death and dismemberment will be delayed until the day you return to work.
SHORT TERM DISABILITY
Short Term Disability (STD) insurance replaces a portion of your income, for up to 26 weeks, if an injury or illness forces you out of work for an extended period of time. STD does not cover work related disabilities. (Workers Compensation covers these disabilities.) You may “move up” only one level of coverage each enrollment period.
Short Term Disability is not offered to full-time hourly associates who work in CA, HI, NJ, NY, RI and PR due to state provided disability benefits.
LONG TERM DISABILITY
The Long Term Disability (LTD) plan begins paying benefits after you have been disabled through your elimination period of 180 days. The LTD plan pays a monthly benefit for up to five years, depending on your age at the time of disability. You may “move up” only one level of coverage each enrollment period.
Generally, benefits are payable as long as you remain totally disabled, up to age 65. However if you become totally disabled on or after age 65, your benefit is paid according to the schedule listed in the Benefits a-a-Glance.
Monthly LTD benefits are reduced by any other disability benefits received, such as Social Security or Workers Compensation, etc
For all associates on an approved leave of absence, the effective date of enrollment into or an increase to short and long term disability will be delayed until the day you return to work.
For additional information about the short and long term disability options available, review the Benefits at-a-Glance .
Carrier Information and Benefits Forms and Resources
To access carrier contact information and for more details on the plans available, please visit Enrollment Central.
To access the Summary Plan Descriptions, Summary of Benefits Coverage, claims forms and more, click here.