As you’d think, life insurance will pay a benefit to beneficiaries in the event of an enrollee’s death. Typically, the benefit through a group plan will be a multiple of 1x or 2x annual salary.

Accidental Death and Dismemberment coverage provides benefits for both loss of life as well as serious specific injuries, such as the loss of a limb, sight, or hearing. This coverage is often offered as a supplement to life insurance to helps cover unexpected costs from death or serious injury.

In the event of an illness or accident, short term disability will provide a weekly benefit to replace lost income. Short Term disability will typically run for either 13 or 26 weeks with a standard payout of about 60% of salary.

In the event of an illness or accident, long term disability will provide a monthly benefit to replace lost income. Long Term disability will typically have a waiting period of either 13 or 26 weeks, picking up where short term disability ends. Depending on the severity of the situation, long term disability can pay out to retirement age with a standard pay out of about 60% of salary.