Coverage and Effective Date

 Long Term Disability (LTD)

Coverage

Long-Term Disability (LTD) is a monthly benefit payable in the event that, due to either sickness or accident, you are totally unable to perform your usual occupation and after 30 months any suitable occupation.


Only full- or part-time employees younger than age 65 are eligible for this benefit. Your Center will notify you of your employment status upon enrollment into the Plan. There is no coverage for short-term employees.

You will receive 70% of your monthly salary earned prior to disability less other income as noted in the IARC Death & Disability Benefit Plan Explanatory Booklet, plus employer retirement contributions for those employees actively participating in the IARC Retirement Plan.

The Plan offers a level of free coverage to which you are entitled without the need to provide the insurer with any evidence of health. This means that —

  1. if your LTD benefit does not exceed the maximum Free Cover Limit of $270,000 per annum of base salary, you are immediately accepted under the Plan for full benefits; or
  2. if your LTD benefit exceeds the maximum Free Cover Limit, you will need to follow the underwriting process as described in the IARC Death & Disability Benefit Plan Explanatory Booklet.

Effective Date of Coverage

If you are a full- or part-time employee, LTD coverage becomes effective on the date of employment at your Center and LTD will end on the day you terminate employment from your Center or at age 65.

 Accidental Death & Dismemberment (AD&D)

Coverage

The accidental death and dismemberment (AD&D) benefit is provided in case of death or dismemberment occurring within 180 days of an accident. The Accidental Death payment is in addition to the Life benefit payment. If death results from an accident for which dismemberment has already been paid, the amount of the dismemberment benefit is then deducted from the accidental death benefit payable.


If you are a full- or part-time employee of a Center, your beneficiaries would receive a lump sum accidental death payment equal to your annual base salary multiplied by 3 or 5 times depending on your Center and rounded to next higher $1,000, in the unfortunate event of your death due to an accident. The salary of part-time employees shall be deemed as the pro-rated salary (the amount actually paid on an annual basis).

Your accidental death and dismemberment benefit coverage will be reduced according to the following age restrictions:

  • From age 70 to 74, you will receive 75% of the full benefit.
  • From age 75 to 79, you will receive 50% of the full benefit.
  • At age 80, your coverage will cease.

If you are a short-term employee or long-term consultant of a Center, the Accident Death payment offered is a flat fixed amount of $50,000 or $100,000.


In the event you suffer an injury or disabling loss (dismemberment) due to an accident, you would receive a lump sum accidental dismemberment benefit determined as a percentage of the full accidental death benefit. Please refer to the IARC Death & Disability Benefit Plan Explanatory Booklet for a wide range of medical injuries and losses covered by the Plan for disabling events. Please note that there is no equivalent accidental dismemberment benefit for dependents.


Effective Date of Coverage

If you are a full-time employee, part-time employee, or long-term consultant, AD&D coverage becomes effective five days prior to your official date of employment at your Center and AD&D coverage will end 25 days (the grace period) after you have terminated employment from your Center.


If you are a short-term employee, short-term consultant, visiting scientist, trainee/student or very short-term employee, AD&D coverage becomes effective on the date of employment and AD&D coverage will end 25 days (the grace period) after you have terminated employment from your Center.

 Life

Coverage

If you are a full- or part-time employee of a Center, the death benefit offered is equal to 3 or 5 times your annual base salary, rounded to next higher $1,000. The salary of a part-time employee shall be deemed as the pro-rated salary (the amount actually paid on an annual basis). The Center will provide you with your employment status upon enrollment into the Plan, along with the benefit amount for which you are eligible.

Your death benefit coverage will be reduced according to the following age restrictions:

  • From age 70 to 74, you will receive 75% of the full benefit.
  • From age 75 to 79, you will receive 50% of the full benefit.
  • At age 80, your coverage will cease.

If you are a short-term employee or long-term consultant of a Center, the death benefit offered is a flat fixed amount of $50,000 or $100,000.


The Plan offers a level of free coverage to which you are entitled without the need to provide the insurer with any evidence of health. This means that —

  1. if your life benefit does not exceed the maximum Free Cover Limit of $1.35 million, you are immediately accepted under the Plan for full benefits, or
  2. if your life benefit exceeds the maximum Free Cover Limit, you will need to follow the underwriting process as described in the IARC Death & Disability Benefit Plan Explanatory Booklet.

Effective Date of Coverage

If you are a full- or part-time employee, or long-term consultant, life coverage becomes effective five days prior to your official date of employment at your Center and life coverage will end 25 days (the grace period) after you have terminated employment from your Center.


If you are a short-term employee or short-term consultant, life coverage becomes effective on the date of employment and life coverage will end on the day you terminate employment from your Center.