Financial Planning Benefits: Life & Disability Insurance
The Supreme Court provides Basic Life and Accidental Death & Dismemberment Insurance at no cost for active, benefits-eligible employees who regularly work at least 20 hours per week. The Basic Life and AD&D become effective when you are hired, provided you meet the active work requirement on that date. The Basic plan insures you for $15,000 of Life Insurance and $15,000 of AD&D Insurance.
You can purchase additional coverage through payroll deduction for both life and AD&D insurance. Rates are based on age and per $5,000 increments. Rates automatically increase on October 1st of each year according to your age.
Dependent Life Insurance can also be purchased. Spouse and eligible children (to 19 years of age or 25 years if full-time student) can be insured for the amount you choose -- either $2,000, $4,000, $6,000, $12,000, $15,000 or $50,000.
Employees may elect Short Term Disability benefits, a partial income (66.67% of your base pay) replacement for a non-occupational disability. Benefits start your first day of total disability due to an accident or the 31st or 61st day of total disability due to an illness. Premiums are paid on an after-tax basis.
Long Term Disability is provided as a benefit under the State Retirement System (ASRS). After six months of total disability, there is a 66.67% of base pay benefit.
This is an overview of the State of Arizona's life & disability plan options. For complete details & premium information, please go to www.benefitoptions.az.gov.