Life, Accident, Disability & Other Coverage
The company provides basic term life insurance, accidental death and dismemberment (AD&D) and disability coverage at no cost to you. You have the option to buy additional coverage for yourself at group rates, and you can also purchase life insurance and AD&D coverage for your dependents.
Life Insurance and AD&D Insurance
Life and AD&D insurance are especially important when there are people in your life depending on you for everyday living expenses, college tuition or retirement income. If you would like to supplement the coverage FMP provides, you may purchase Group Universal Life insurance and AD&D coverage for yourself. You may also purchase voluntary dependent term life insurance and voluntary dependent AD&D coverage for your dependents. Find more information about your options here.
For information about Group Universal Life insurance, contact Mercer Voluntary Benefits at 1-855-435-3063.
For help with deciding how much coverage is right for you and your family’s needs, use the Life Insurance Estimator .
Additional Protection
For added protection and help paying for care in retirement, consider purchasing long term care (LTC) insurance.
Did you know?
Life insurance is a vital part of your financial plan, helping your loved ones maintain their standard of living in the event of your unexpected death. Consider how much you will need not only to cover funeral costs, estate taxes and college expenses, but also to take care of outstanding debt, including mortgages, credit card debt, student loans and car loans.
Disability Benefits
Disability insurance protects you and your family in the event you become unable to work due to serious illness or injury by replacing a percentage of your salary while you are unable to work. If you become disabled, the company provides short-term disability, which replaces 100% of your salary for nine weeks and 60% of your salary (up to $1,500/week) for 17 weeks. If you’re disabled longer than 26 weeks, the company provides long-term disability which replaces 40% of your salary. You may buy up to increase your coverage to 50%, 60% or 70% (EOI may be required).
Be sure to review the options available through FMP during your working years. Often, these group rates are the most affordable choices. Keep in mind that the older you are when you apply for disability coverage, the higher the cost will be. Short-term and long-term disability end when your employment ends.
What Happens to Coverage When You Leave or Retire
As an active employee, the company provides basic AD&D, travel accident insurance and short-term and long-term disability, all at no cost to you. These coverages end on your last day of employment with FMP. Any AD&D coverage you purchased for yourself and your dependents will also end. Here’s what happens to your life insurance benefits.
| Benefit | What Happens When You Leave or Retire |
|---|---|
| Basic Life Insurance |
|
| Voluntary Dependent Life Insurance |
|
| Group Universal Life Insurance (GUL) |
|
Visit Contacts to find more information about these benefits. You can find more information about Extended Salary Payments and LTD on the internal HR SharePoint site if you’re on PrimeNet.
Other Coverage
Voluntary benefits, including auto/home coverage, pet insurance, critical illness insurance and accident insurance, are available through Mercer Voluntary Benefits. You can enroll in most of these benefits year-round, but you can only enroll in critical illness or accident insurance during Annual Enrollment.
To learn more about these programs or to enroll, visit Mercer Voluntary Benefits at fmpvoluntarybenefits.com or call 1-855-435-3063.
Continuing Coverage
Auto, home, pet insurance, critical illness and accident coverage can be continued when you leave the company or retire. Contact Mercer Voluntary Benefits at 1-855-435-3063 to arrange for direct billing of the premium(s) or to cancel coverage.
Did you know?
Studies show that a 20-year-old worker has a 1-in-4 chance of becoming disabled before reaching full retirement age. As a rule of thumb, you and your spouse should have disability coverage that provides 60%–70% of your income if one of you experiences a disability.
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