A biking accident, a rear-end collision—a lot of unpleasant things can keep you out of work. If you’re ill or injured and unable to work, disability insurance provides you with a benefit that can help ease your financial concerns during a challenging time.
Short-term disability (STD)
Rivian pays the full cost of your short-term disability insurance.
STD replaces 66.67% of your income, up to a weekly maximum of $3,464 (or $4,000 with evidence of insurability).
STD benefits begin after a seven-day waiting period for an illness. There is no waiting period if you are injured or admitted to the hospital. STD payments are subject to tax.
You receive STD payments for as long as you’re disabled, up to 112 days (16 weeks).
Long-term disability (LTD)
You pay the cost for long-term disability insurance, up to a maximum of $14.08 per pay period, depending on your salary.
LTD replaces 66.67% of your income, up to a monthly maximum of $9,300 without evidence of insurability. You can apply for additional coverage by reaching out to Owen & Associates.
LTD benefits begin after STD ends. LTD payments are tax-free.
You receive LTD payments for as long as you’re disabled, up to age 65, or until you retire, whichever comes first.