Life Insurance and LTD Insurance
What is it?
Enterprise provides, at no cost to you, basic life insurance coverage, Accidental Death and Dismemberment (AD&D) insurance and Long Term Disability (LTD) coverage. You also have the option of purchasing additional life insurance if you need it. Additional life insurance coverage for employee, spouse and child can be purchased through payroll deduction.
The basic life insurance provides for 1.5 times your annual pay should you die while you are a full-time employee of the company. The minimum benefit from the plan is $25,000, and the maximum benefit is $350,000.
Accidental death and dismemberment (AD&D) insurance pays a benefit to your named beneficiary — equal to your company-paid basic life insurance — if you die within
365 days of an accident or a benefit to you if you lose a limb,
sight, speech or hearing in an accident.
Long-term disability (LTD) coverage is designed to provide a portion of your
income if you are disabled and can no longer work. Long-term disability benefits begin after 90 days of disability and you receive the lesser of:
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60% of your monthly pre-disability pay, or |
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70% of your monthly pre-disability pay minus
other income benefits. |
The maximum LTD benefit is $12,500 per month.
The minimum monthly benefit is the greater of:
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$100 per month, or |
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15% of the monthly benefit before deductions for
other income benefits. |
Rehabilitation may enable your return to work in a part-time or light-duty capacity.
If you are able to earn some income doing a limited amount of work while you are disabled,
your LTD benefit may be reduced.
Why participate?
Life Insurance, AD&D and LTD benefits are important whether you are single or have a family.
They can help provide security for you and your family because you continue to receive a portion
of your income. The company automatically provides these benefits. It is important to review your
life insurance coverage from time to time depending on your family's needs and your financial situation. You may want to purchase supplemental life insurance.
Costs
Premiums for basic life insurance, AD&D and LTD benefits are paid for by Enterprise Rent-A-Car.
In addition to the company-paid basic life benefit, Enterprise employees may elect—as a voluntary program through payroll deduction—to purchase supplemental life insurance in two forms:
Optional Life Insurance — additional employee life insurance coverage at levels of 1x, 2x, 3x, ;4x, or 5x annual pay (Maximum total life insurance is $1,000,000 including basic and optional combined.) Premium
rates calculated using age, tobacco/non-tobacco and annual fiscal pay are deducted from your pay on an after-tax basis.
Dependent Life Insurance — spouse life insurance coverage at levels of $10,000 or $25,000 or child life insurance coverage at levels of $5,000 or $10,000. Premium rates are payroll deducted each pay period on an after-tax basis as follows:
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Dependent Life Insurance
Biweekly Premium Rates
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Spouse Coverage
$10,000 = $.21 biweekly
$25,000 = $.53 biweekly
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Child Coverage
$5,000 = $.23 biweekly
$10,000 = $.46 biweekly
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If you are in a group that is paid weekly, contact your local HR or Payroll department for weekly premium rates.
How do I enroll?
To purchase supplemental life insurance coverage, employees must enroll into the plan by
completing a benefits enrollment form when they are first
eligible
or later during the annual open enrollment period. Your benefits enrollment form shows the supplemental life insurance options you are eligible for and the cost of each option. The annual open enrollment period also allows employees already participating in the plan to increase or decrease coverage levels for themselves or their spouse or child.
Be sure to designate a beneficiary (or beneficiaries) to receive your life insurance benefit
should you die while working for Enterprise. Beneficiary designations can be changed at any time
by submitting a completed Basic Life/Optional Life/ AD&D Insurance Beneficiary Designation Form (PDF) to your local HR department.
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