When the unexpected happens, it pays to be prepared.
Life catches us all by surprise sometimes. As an employee, you’re always covered with Life, Accident and Disability insurance. Proofpoint provides all eligible employees with basic life and AD&D insurance at two times their annual salary up to $1 million. We also provide all eligible employees with Short and Long-term Disability Insurance.
Life and AD&D Insurance
Proofpoint provides you with basic life and accidental death & dismemberment (AD&D) insurance. These plans will protect your loved ones in case something happens to you.
Basic Life and AD&D insurance is paid for on your behalf, but there’s one catch: according to federal tax law, only the first $50,000 of employer-paid life insurance is available tax-free. The tax, called Group Term Life (GTL) is nominal. However, you have the option to cap your benefit at $50,000 if you feel that is enough insurance for your beneficiaries. Contact the Benefits Team if you wish to reduce your benefit to $50,000.
Beneficiary Designation
You will need to make a beneficiary designation for your Life and AD&D plan. It is important to keep your beneficiary designations up-to-date. You can update beneficiary designations at any time during the year. You do not have to wait until the annual enrollment period to make changes to your beneficiary designations.
Disability Insurance
When you’re too sick or injured to come to work, you won’t have to face it with an empty pocketbook. Disability insurance will preserve a portion of your income until you’re ready to come back.
There are two types of disability insurance:
Short-term Disability (STD) replaces 60% of your weekly salary, up to $2,308 per week for up to 12 weeks. The benefit begins seven days from the initial date of your disability or on the first day if hospitalized, reduced by other sources of disability income, including California SDI for CA residents.
Long-term Disability (LTD) replaces 60% of your monthly salary after 90 days of total disability. Long-term disability pays up to $20,000 per month, reduced by any other sources of disability income you receive.
There are two options for LTD insurance — you can choose for your benefits to be either taxable or nontaxable. If you choose to pay taxes on the premium now, your benefit (should you ever need it) will be tax-free. Depending on your tax bracket, this could result in significantly more money to spend on your ongoing living expenses. Proofpoint will continue to pay the premium for your LTD coverage and will report in your paycheck the amount of taxable “imputed” income.
Lincoln financial
Short-Term Disability
Policy/group #: 90-LF0212
Call: (800) 213-8202
Website: lfg.com
Long-Term Disability
Policy/group #: 90-LF0212
Call: (800) 213-8202
Website: lfg.com
Life and AD&D
Policy/group #: 90-LF0212
Call: (888) 787-2129
Website: lfg.com
AIG
Business Travel Accident
Policy/group #:
GTP 0009133922
Call: (866) 326-1380
Website: aig.com
