WHY LOCAL 295 IS OFFERING THESE BENEFITS
Currently members participating in the Local 295 Health and Welfare Fund have a 26-week $250 Short-Term Disability benefit, which does not include Long-Term Disability. This is simply not enough to protect members out due to injury, illness, or death. 1 in 3 IBEW Members will become disabled for at least 90 days during their career. We are trying to help our members avoid a financially devastating event if the unexpected happens and there is no income for you or your loved ones.
HOW IT WORKS
These Paycheck Protection Benefits pay in addition to your Health and Welfare benefits when you’re unable to work due to illnesses, injuries or death. We’ve made options available so members can protect most of their current take home pay and choose the plan options that best address the needs for themselves and their loved ones.
Our active members are guaranteed approved; there are no medical tests, questions or underwriting to enroll!
Why Short-Term Disability (STD)
Close to 90% of disabling accidents and illnesses in America occur away from work and therefore not covered by workers’ compensation insurance. Think about all the daily activities you engage in off the job, that could potentially affect your ability to earn a living if something where to happen to you…driving in your car, riding your motorcycle, household tasks, side jobs, your hobbies and all your other interests. Becoming injured or suffering an illness can happen at any time; the Local 295 Heath and Welfare fund only pays $250/week for 26 weeks, which leaves a majority of your weekly income exposed if you experienced an unexpected illness or injury. Short-Term Disability can provide additional “cash-flow” and financial protection when you need it most.
Why Long-Term Disability (LTD)
After 26 weeks, there is no Union provided protection and you wouldn’t have any income or cash-flow. The national average for a Long-Term Disability claim lasts almost 3 years. Our Long-Term Disability coverage provides both on and off the job protection 24-7 for illnesses and injuries. By enrolling now, you can protect yourself for up to 5 years after your STD ends. If you believe that Social Security Disability is an attractive option versus enrolling in Long-Term Disability coverage, keep in mind that almost 70% of all Social Security claims and denied, the waitlist is close to a Million claims and the average time to have a claim considered is close to 18 months.
Why Life Insurance with Accidental Death & Dismemberment (AD&D)
Most of us are underinsured for Life Insurance benefits that provide for our loved ones if something happens to us. Experts recommend at least 5 to 10 times your annual earnings in Life Insurance per household.
We encourage our members to think about the future by making sure your loved have been provided for in the event of an unexpected death. Members can purchase $10,000 of term Life Insurance that covers you 24-7, on and off the job. This Life Insurance includes an equal amount of AD&D at no additional cost. This means, if the member dies as the result of an accident, the benefit amount of their Life Insurance paid to their beneficiary would double.