EAP, Life & Disability Insurance
To help you protect those you love from the unexpected, Colonial Group provides all full-time, active employees, spouses and children with Basic Life Insurance and Accidental Death and Dismemberment (AD&D) Insurance - at no cost to you. These coverages are provided through Lincoln Financial Group. AD&D benefits are paid in addition to any life insurance if you pass away in an accident or become seriously disabled.
Long Term Disability insurance provided by Colonial Group works together to help you pay your household expenses if you become disabled and cannot work. These disability benefits also work with other sources of coverage to replace a certain percentage of your earnings.
Employee Assistance Program (EAP)
Employee Assistance Program (EAP)
The EAP is free for you and your household members
- Help with emotional health, substance use disorder, parenting/childcare needs, financial coaching, legal consultation, and eldercare resources
- Unlimited phone access - 24/7
- In-person or video counseling for short-term issues; up to 5 sessions per issue
- Unlimited access to website resources
- All counseling services are confidential
For those within the Savannah Area, contact Edel EAP:
- Phone: (912) 619-1331
- Website: EdelEAP.com
For those outside the Savannah Area, contact Guidance Resources:
- Phone: (888) 628-4824
- Website: GuidanceResources.com
Life and AD&D
Basic Life and AD&D
Basic Life Insurance pays your beneficiary a lump sum if you die. AD&D (Accidental Death & Dismemberment) coverage provides a benefit to you if you suffer from loss of a limb, speech, sight, or hearing, or to your beneficiary if you have a fatal accident. The cost of coverage is paid in full by the company. You are automatically enrolled in these coverages administered by Lincoln Financial Group.
Important Notes:
- At age 70, benefits will reduce by 50% of the original amount.
- The value of any life insurance coverage exceeding $50,000 is considered "imputed income" by the IRS. Imputed income will be reported on your W-2 form as part of your taxable income.
- These policies includes an Accelerated Death Benefit that can pay out a lump sum if you or your dependent is terminally ill and expected to pass away within 12 months.
Beneficiaries
Life insurance provides a valuable financial safety net for your loved ones in the event of your death. By naming a beneficiary, you select the person who will receive your life insurance policy benefits when you pass away. Group life benefits are generally not taxable to your beneficiary, regardless of the amount. The interest on the amount payable to your beneficiary is the only taxable portion.
Primary Beneficiary: The person(s) you name to receive life insurance benefits (proceeds) upon your death.
Secondary Beneficiary: The person(s) you name to receive life insurance proceeds in the event that the primary beneficiary passes away before or at the same time as you, the insured.
Visit PlanSource to add beneficiaries.
How much life insurance do you need?
Many financial experts recommend you have five to eight times your household income in life insurance. To calculate your needs, consider your current income, how much it costs to maintain your family's standard of living, current expenses, and future financial needs such as:
Supplemental Life & AD&D
Protecting those you leave behind
Supplemental Life Insurance allows you to purchase additional life insurance to protect your family's financial security. Coverage is available for your spouse and/or child(ren) if you purchase coverage for yourself, on a post-tax basis.
Evidence of Insurability
Evidence of Insurability (EOI) is required if you purchase new Supplemental Life Insurance or increase your coverage amount above the guaranteed issue amount. EOI certifies that you're generally healthy at the time of purchase, and a determination may take several weeks or months. Your new coverage amount won't begin until it is approved.
Portability: You may continue personal life, dependent life and AD&D coverage if you leave Colonial Group by making written application and first payment to Lincoln within 31 days of the date your coverage would otherwise end.
This policy includes an Accelerated Death Benefit that can pay out a lump sum if you or your dependent is terminally ill and expected to pass away within 12 months. To see if you qualify for the benefit or to learn more, review your Voluntary Life Policy.
You can purchase:
FOR YOURSELF (EMPLOYEE):
Increments of $10,000, up to $500,000, not greater than 5x annual salary Guaranteed Issue: $250,000
FOR SPOUSE:
Increments of $5,000, up to $250,000, not greater than 50% of employee coverage
Guaranteed Issue: $50,000
*Premium for spouse coverage is based on employee's age
FOR CHILDREN:
$10,000 > 6 months $250 age 14 days to 6 months
Disability Benefits
Expect the unexpected
The loss of income due to illness or disability can cause serious financial hardship for your family. That's why Colonial Group offers Voluntary Short-Term Disability (STD) and Long-Term Disability (LTD) insurance. Both coverages are provided through Lincoln Financial.
Voluntary Short-Term Disability (STD) Insurance
A disabling injury or illness that keeps you out of work could have a serious impact on your income, jeopardizing your ability to cover normal household expenses. Voluntary Short Term Disability Insurance provides a cash benefit when you are out of work for up to 26 weeks due to accidental injury, illness, surgery or recovering from childbirth and features group rates for employees of Colonial Group, Inc.
