Income Protection
Ryan Specialty can help you protect your income in the case of illness, disability, or death. Review your options for:
Company-Paid Life Insurance and AD&D
Ryan Specialty provides coverage for two times your earnings. Employees may be required to complete an evidence of insurability if their income exceeds the guarantee issue amount of $750,000. Life and Accidental Death and Dismemberment Benefits reduce 35% at age 65 and 50% at age 70.
Company-Paid Short Term Disability and Long Term Disability
Ryan Specialty provides Short Term and Long Term Disability insurance to you at no cost. Short Term Disability covers a percentage of your salary should a serious health condition keep you from working for up to 13 weeks. Long Term Disability covers a percentage of your salary should a health condition extend beyond the Short Term Disability timeframe.
| Short Term Disability | Long Term Disability | |
|---|---|---|
| Benefit Amount | 70% of weekly earnings | 60% of monthly earnings |
| Maximum Benefit | $2,500 / week | $10,000 / month |
| Elimination Period |
Disability due to injury: 0 days Disability due to sickness: 7 days |
90 days (begins the day after the insured STD benefit ends) |
| Benefit Duration | 13 weeks | Age 65 / ADEA 1 |
Voluntary Life Insurance and AD&D
In addition to the Ryan Specialty-provided coverage, you have the opportunity to purchase additional Group Term Life and Accidental Death and Dismemberment (AD&D) insurance coverage for yourself and your family members. Employees may be required to complete an evidence of insurability (EOI). You can purchase AD&D coverage for yourself regardless of whether you purchase Life coverage.
| Term Life | AD&D | |
|---|---|---|
| Employee | Up to 5 times salary, not to exceed $2,000,000 | Up to 5 times salary, not to exceed $2,000,000 |
| Legal Spouse (Domestic Partner) | Up to 100% of employee amount in increments of $5,000, not to exceed $500,000; benefits will be paid to the employee | Up to 100% of employee amount in increments of $5,000, not to exceed $500,000; benefits will be paid to the employee |
| Child | Up to 100% of employee coverage amount in increments of $2,000, not to exceed $10,000 | Up to 100% of employee coverage amount in increments of $2,000 |
At new hire enrollment, Voya does not require medical underwriting for employee insurance amounts less than $300,000 or spouse amounts less than $25,000.
Critical Illness Insurance
Critical Illness insurance provides financial protection by paying a lump sum benefit if you are diagnosed with a covered critical illness. The amount paid depends on the type of critical illness. Unlike your medical plan, this plan pays benefits directly to you or your family member.
Sample Critical Illnesses
- Coronary Artery Disease (major)
- Coronary Artery Disease (minor)
- End Stage Renal (Kidney) Failure
- Heart Attack (Myocardial Infarction)
- Major Organ Failure Requiring Transplant
- Cancer
Related PDF:
Accident Insurance
Accident Insurance pays you benefits for specific injuries and events resulting from a covered accident. The amount paid depends on the type of injury and care received.
Sample accident benefits:
- Accident hospital care
- Follow-up care
- Common injuries
- Dislocations
- Fractures
- Emergency care benefits
Related PDF:
Wellness Benefit
Should you enroll in Critical Illness, and/or Accident coverage, you will be eligible to receive a wellness benefit from Voya. For either of the benefits, when you complete a health screening test, you will receive an annual benefit payment of $50 for a total of $100 if enrolled in Critical Illness and Accident. If your spouse and/or children are covered under the Critical Illness, and/or Accident plan, they are also eligible for the Wellness Benefit. Each individual may only receive a wellness benefit once per year per coverage. Learn more about the wellness benefit here, and claim your benefit at voya.com/claims.
Hospital Indemnity Insurance
Hospital Indemnity coverage pays you a benefit for each day of hospital confinement. You’ll receive a fixed daily benefit if you have a covered stay in a hospital or intensive care unit.
Related PDF:
Long Term Care Benefits
Ryan Specialty offers Universal Life insurance with Long Term Care (LTC) benefits through Allstate.
LTC services are needed when an individual cannot safely care for themselves. Care is often received at home, in an assisted living facility, or in a nursing home. LTC planning is an important part of a personal financial plan. As we age, the likelihood of needing LTC increases and the average cost of care is $43,000/year or more. Your health insurance, disability, and Medicare do not cover most LTC costs.
Plan Advantages
- Guarantee issue (no health questions) for employees and spouses (ages 18-65)
- Employee may apply for $25,000, $50,000, $75,000,or $100,000 (4% LTC/month)
- Spouse coverage up to 50% of employee’s election
Business Travel Accident
The AIG Travel Accident plan is available to employees who work 30 hours or more per week on a regular, full-time basis and travel for business. The plan extends to personal travels taken during the course of the business trip. The plan is available to your eligible spouse or dependent children should they accompany you on a business trip, or if they relocate with you for business.
| Benefit Details | |
|---|---|
| Eligible Employee | 2x annual salary up to $1,000,000 maximum |
| Eligible Spouse Traveling with Employee | $50,000 flat benefit |
| Eligible Children Traveling with Employee | $10,000 flat benefit |
Note: “Annual Salary” means the insured based annual salary exclusive of overtime, bonuses, tips, commission, and special compensation.
Travel Assistance Services
This policy includes travel assistance services, including a 24/7 assistance services phone line, a website and a mobile app with travel destination information, advisories and alerts.
To access this benefit, visit aig.com/us/travelguardassistance. Download the AIG Travel Assistance Mobile App on your Apple or Android smartphone. You will need your policy number to register: 0009153949.
MetLife Legal Plan
MetLife Legal provides fully covered attorney services for a wide array of frequently utilized legal services for personal legal matters. There are no waiting periods, deductibles, copays, or claim forms. The Legal Plan does not limit the number of different matters, hours per matter, or usage per employee. To access the benefit, visit legalplans.com.
Examples of Covered Services
- Student loan debt assistance
- Credit monitoring and access to identity theft specialists
- Creating wills and estate planning documents
- Reviewing contracts and leases
- Unlimited telephone advice and office consultations
- Defense of traffic tickets
- Powers of attorney
- Divorce (up to 20 hours)
- Medicare
$50 – $100
Wellness Benefit
If you’re enrolled in Critical Illness and Accident insurance, each family member can earn up to $100 simply by completing a health screening test. Claim your benefit at voya.com/claims.
Norton LifeLock Identity Theft
ifeLock helps provide you peace of mind with comprehensive identity theft protection. If a potential threat is detected, you are notified via email, text, phone, or mobile app alerts. Should you become a victim of identity theft, LifeLock provides a dedicated restoration specialist to help restore your identity. This is a benefit that requires an election in order to participate in this plan.
To learn more about the benefits through LifeLock, visit Add Cyber Safety to Your Portfolio | Gen™ (gendigital.com) or call 800.607.9174.