Life Insurance
Most people agree that protecting their loved ones in the event of death is very important. Consider what would happen to your dependents if they no longer had your income to rely on. Life insurance can help your family maintain its standard of living as well as secure plans for college and retirement. With the right amount of life insurance, you’ll know that your family’s financial obligations will be covered.
Together with your employer, Lincoln Financial Group offers you an opportunity to purchase Optional Group Term Life and Accidental Death & Dismemberment (AD&D) Insurance for you and your dependents.
Your basic group term life insurance and AD&D is a benefit fully paid by Foster Farms.
| Feature | Description |
|---|---|
| Waiting Period | All Non-union exempt and clerical Foster Poultry Employees working a minimum of 30 regularly scheduled hours per week. |
| Employee Benefit | Employee Basic Term Life and AD&D: Coverage is equal to three times your base annual salary1 rounded up to the next $1,000. This amount may not exceed $1,000,000. Coverage is employer-paid. Employee Optional Term Life and AD&D: You may purchase increments of $10,000 not to exceed the lesser of five times your base annual salary or $500,000. |
| Dependent Spouse Benefit | Dependent Spouse Basic Life: Spouse coverage is equal to Option 1 $3,000, Option 2 $13,000, or Option 3 $28,000. Option 1 is employer-paid. Optional Dependent Spouse Life and AD&D: You may purchase increments of $5,000 to a maximum $150,000. The amount of Dependent Life and AD&D Insurance coverage cannot be greater than 100% of the Employee Benefit. |
| Dependent Child Benefit | Dependent Child Basic Life: Child coverage is equal to: $1,000 if at least age 1 day but under age 6 months. Option 1 $3,000, Option 2 $8,000, or Option 3 $13,000 if at least age 6 months but under age 19, or age 24 if a full-time student. Option 1 is employer-paid. Optional Dependent Child Life and AD&D: You may purchase increments of $2,000 to a maximum of $10,000 for children at least age Live Birth but under age 19, or age 24 if a full-time student |
| Evidence of Insurability | Employee: If electing for the first time a health statement is required for any election at each annual enrollment. If not electing for the first time a health statement is required if the amount of the increase is greater than $150,000. Spouse: If electing for the first time a health statement is required for any election at each annual enrollment. If not electing for the first time a health statement is required if the amount of the increase is greater than $25,000. |
Supplemental Life Insurance
Basic Life and Accidental Death & Dismemberment (AD&D) coverage.
Your basic group term life insurance and AD&D is a benefit fully paid by Foster Farms.
You may purchase additional Life and AD&D insurance through the convenience of payroll deduction.
Purchasing supplemental voluntary life insurance through Foster Farms' plan can offer several benefits.
- Convenience: Enrollment is easy during the open enrollment period.
- Lower Premiums: Group rates negotiated by your employer can be more affordable than individual rates. Employers often secure better pricing due to the collective bargaining power of a larger group of employees.
- Guaranteed Coverage: You can purchase up to 5x your annual base salary, up to $500,000, without a medical exam or medical questionnaire, guaranteed issue
- Payroll Deduction: Premiums are deducted directly from your paycheck, simplifying the payment process and helping ensure you don't miss a payment.
- Portability: The Foster Farms supplemental life insurance plan offers the option to continue your coverage if you leave the company, either by converting to an individual policy or through a portability feature. This can provide continuity of coverage during job transitions.
- Spousal and Dependent Coverage: Many plans offer the option to purchase additional coverage for your spouse and dependents, providing comprehensive protection for your entire family.
Disability Insurance
One of your most important benefits is the ability to support your household during a period where you are disabled and unable to earn.
Foster Farms provides two forms of disability income protection.
Short Term Disability
Short-Term Disability insurance provides income protection if you are unable to work for a period of time due to a qualifying non-occupational illness or injury. This employer-paid benefit helps replace a portion of your income while you recover, so you can continue managing everyday expenses when you are temporarily away from work.
- Pays 60% of weekly earnings, up to a maximum benefit of $2,650 per week.
- Benefits begin after seven calendar days of disability due to sickness or injury.
- Benefits may continue for up to 25 weeks of payable disability.
- Coverage is available to eligible active employees working at least 30 regularly scheduled hours per week.
Long Term Disability
Long-Term Disability insurance provides income protection if you are unable to work for an extended period of time due to a qualifying non-occupational illness or injury. This benefit helps replace a portion of your income after a longer period of disability, giving you financial support for ongoing expenses if your condition prevents you from returning to work.
- Base LTD pays 60% of monthly covered earnings, up to a maximum benefit of $7,500 per month.
- Employees may elect Buy-Up LTD coverage, which also pays 60% of monthly covered earnings, up to a maximum benefit of $11,500 per month.
- Benefits are payable after 180 consecutive days of disability.
- Coverage is available to eligible active employees working at least 30 regularly scheduled hours per week.