LIFE & DISABILITY
One of the most important assets you can protect is your income. What would you do if a sickness or injury left you unable to come to work and earn your paycheck?
Hapag-Lloyd is pleased to offer you employer-paid Life/AD&D, Short-Term and Long-Term Disability.
BASIC LIFE/AD&D INSURANCE
Life insurance can help provide for your loved ones if something were to happen to you. Hapag-Lloyd provides all regular, full-time employees group life and accidental death and dismemberment (AD&D) insurance.
Hapag-Lloyd provides full-time employees a life insurance benefit of 2X annual earnings up to $500,000 and an accidental death and dismemberment (AD&D) policy in the same amount. This benefit is provided by Hapag-Lloyd at no cost to you.
SHORT TERM & LONG TERM DISABILITY
In the event that you become disabled from an injury or sickness, disability income benefits will provide a partial replacement of lost income. Hapag-Lloyd provides both Short-Term and Long-Term coverages at no cost to you!
The definition of disability differs under the Salary Continuation plan compared to the Long-Term Disability plan. The Long-Term Disability plan has pre-existing condition exclusions; however, the Salary Continuation plan does not. As a result, approval for Salary Continuation does not automatically mean you will be approved under the Long-Term Disability plan.
VOLUNATRY LIFE/AD&D INSURANCE
You can purchase additional life and accidental death and dismemberment (AD&D) insurance at your own cost during open enrollment each year for you, your spouse, and your children.
With Voluntary Life/AD&D insurance, you are responsible for paying the full cost of coverage through payroll deductions.
Important Things to Note
- Guaranteed Issue: When you are first eligible, (30 days from date of hire) Voluntary Life Insurance is offered on a Guaranteed Issue basis. This means you are automatically approved for a certain coverage amount.
- Enrolling in Coverage: You are only eligible to enroll in Voluntary Life Insurance during open enrollment or your new hire enrollment period.
- Late Entrant: You will be considered a Late Entrant if you do not elect coverage when you are first eligible. As a Late Entrant, you will be required to complete an Evidence of Insurability Form when you apply for coverage.
- Conversion and Portability: If your Term Life and AD&D coverage ends, you may be able to apply for Conversion or Portability if you meet the requirements.
- Naming a Beneficiary: It is important that you name a beneficiary for your Basic Life/ AD&D Insurance and Voluntary Life/AD&D Insurance (if you elect coverage). A beneficiary is the person(s) who would receive your Basic Life/AD&D Insurance and Voluntary Life/AD&D Insurance should something happen to you. You should keep your beneficiaries as up-to-date as possible. Your benefits will be paid to the most recent beneficiaries on file. We maintain beneficiary information electronically and updates need to be processed on the UKG portal.
