2025 Benefits Guide- updated 10-20 - Flipbook - Page 21
Long Term Disability / Life / AD&D
Long-Term Disability Insurance
VELCO provides employees with long-term disability insurance, administered by UNUM. In
the event that you become disabled by injury or sickness, disability income benefits will
provide a partial replacement of lost income. VELCO pays for the full cost of long- term
disability insurance—meaning that you pay no premium for this benefit.
Long Term Disability
Election Period
180 days
Percentage of Income Replacement
62% of base monthly earnings to a max of
$16,000 monthly
Life and Accidental Death and Dismemberment Insurance
VELCO provides employees with a group life and accidental death and dismemberment
(AD&D) insurance benefit of 1.5 times their annual salary to a maximum of $250,000. These
benefits are administered by UNUM. Life insurance pays for death by natural causes. The separate
AD&D benefits pay an additional amount in the case of accidental death. AD&D also includes
partial payment for an injury that results in dismemberment.
Amounts of life insurance available to you will be reduced at age 65 (to 65% of the amount of life
insurance you had prior to age 65), and at age 70 (to 50% of the amount of life insurance you had
prior to your first reduction).
VELCO pays the full cost of this benefit—meaning you are not responsible for paying any
premiums. You will be asked to name a beneficiary for these employer-paid benefits when you
complete your enrollment in Greenshades.
