Optional Insurance Plans

Optional Insurance Plans

As part of your Core Benefits package, PSU provides you with $5,000 of basic life insurance. For individuals who want more than this, PSU offers a few different insurance plans that cover a variety of situations.

Optional Insurance plans replace your income and can help your family meet many important financial needs.

  • Funeral Costs
  • Daily Living expenses
  • Debt
  • Mortgage
  • College
  • Replace Spouse/Partner's Income

Below is an overview of these plans.

Resources:


Optional Life Insurance

As an eligible employee, you may purchase life insurance coverage that goes beyond the basic $5,000 life insurance paid for you as part of your Core Benefits.

Dependent Life Insurance ($1.29 per month to cover all PEBB eligible dependents)

  • Covers spouse/partner/dependent children.
  • Limited to $5,000 per dependent.
  • Doesn't require a health history form.

Employee Life Insurance: You may purchase life insurance coverage for yourself in $20,000 increments up to $600,000.

  • Important: There is a one-time opportunity for newly hired employees to purchase a guaranteed amount of up to $100,000 of life insurance without a medical history form. You must enroll within 30 days from initial eligibility.
  • Employee Life Insurance Rates

Spouse/Partner Life Insurance: You may purchase life insurance coverage for your spouse/partner in $20,000 increments up to $400,000.

  • Important: There is a one-time opportunity for newly eligible spouse/partner to purchase a guaranteed amount of up to $20,000 of life insurance without a medical history form. You must enroll within 30 days from initial eligibility.
  • Spouse/Partner Life Insurance Rates

For all amounts over the guaranteed issued please complete an online medical history form.

See the Optional Life Insurance Plan Documentation for additional information.


Accidental Death & Dismemberment Insurance (AD&D)

Eligible full-time or part-time employees may purchase this insurance to provide extra protection for you and your family in the event of a covered accidental death or injury

The AD&D policy offers features designed to reduce the financial burdens associated with the loss of life, limb, hand, foot, hearing, speech, sight, or thumb and index finder (of the same hand). Coverage is available in amounts from $50,000 to $500,000.

  • Employee is $1.00 per $50,000 coverage.
  • Employee/dependents is $1.70 per $50,000 coverage.

Learn more about Accidental Death & Dismemberment Insurance on PEBB's website.

See the AD&D Plan Documentation for additional information.


Disability Insurance

To reduce the financial impact of illness or injury, PEBB offers Short-Term and Long-Term Disability Insurance plans through The Standard Insurance Company. These policies are available for purchase by eligible full-time or part-time employee. These policies can provide income protection against disabilities resulting from a covered physical disease, injury, pregnancy, or mental disorder. These coverages are not available for dependents.

Short Term Disability

  • Short Term Disability (STD) Insurance replaces 60% of your earnings if you are unable to work due to a condition covered under the policy.
  • The maximum duration of the benefit is
    • 4 weeks if the disability is caused by a pre-existing condition.
    • 13 weeks if the disability is not caused by a pre-existing condition.
  • Short Term Disability payments are offset by available sick leave accruals which must be used concurrently. It is important that you carefully review all the information about this insurance.
  • Learn more about Short Term Disability on PEBB’s website.
  • See the Short Term Disability Plan Documentation for additional information.

Long Term Disability

  • Long Term Disability (LTD) Insurance provides partial income replacement should you experience a disability that extends beyond the scope of the Short Term Disability coverage.
  • You may choose a waiting period of 90 days or 180 days.
  • You choose the coverage: 60% of first $12,000 minus deductible income or 66 2/3% of first $12,000 minus deductible income.
  • The maximum benefit period is dependent in part, on your age at the time you become disabled.
    • 61 or younger to age 65, or 3 years 6 months, if longer
    • 62 - 3 years, 6 months
    • 63 - 3 years
    • 64 - 2 years, 6 months
    • 65 - 2 years
    • 66 - 1 year, 9 months
    • 67 - 1 year, 6 months
    • 68 - 1 year, 3 months
    • 69 or older - 1 year
  • Learn more about Long Term Disability on PEBB’s website.
  • See the Long Term Disability Plan Documentation for additional information.

Long-Term Care Insurance

Long-term care insurance can help ease the financial burdens associated with care if you lose the ability to perform the basic activities of daily living such as walking, moving unassisted, dressing, bathing, eating, toileting. Long-term care may be needed to recover from surgery or to cope with the effects of illness.

*You can enroll or cancel at any time throughout the year.

Who is eligible to enroll:

  • All PEBB-Employee who are 18-84 years old.
  • Employee spouse/domestic partner.
  • Parents and grandparents of employee or of the employee’s spouse or domestic partner.
  • Adult siblings or adult children of the employee or the employee’s spouse or domestic partner.

Enrollment forms for Long Term Care Insurance are available online.

Important: As a newly hired employee you are eligible for benefit amounts up to $4,000 and a facility benefit duration of 3 or 6 years. You must enroll within 30 days from your initial eligibility. You may consider the guaranteed issue amount if you have a family history they may prevent you from gaining coverage.

Learn more about Long-Term Care Insurance on PEBB's website or through the provider, UnumProvident.