Corporate Excess Disability Insurance (CEDi)

2020 and 2021 Plan Year Information

Corporate Excess Disability Insurance (CEDi)

Insured by Lloyd’s of London, Excess Disability Insurance is a voluntary insurance policy to supplement other forms of Disability Insurance you may have through the Firm, independently or through Social Security.

There are two options available based on your eligible pay, Lump Sum Benefits or Monthly The amount coverage amount(s) you are eligible for is based on your eligible pay.

If your eligible pay is less than $500,000, you are eligible to enroll in the Lump-Sum Benefit option. Employees with an eligible pay of $500,000 or more are eligible for either the Lump-Sum or Monthly Benefit options.

LUMP-SUM BENEFIT OPTION

The plan will pay out your elected coverage amount in the event you become permanently and totally disabled. This means you are unable to perform your regular occupation due to a covered injury or illness which first manifests during the policy period and are not expected to ever recover and be able to return to your occupation. The disability must commence within 730 days of the date the covered injury or illness occurred.

You will be paid out the full amount of the lump-sum benefit you enrolled in one year after you are determined to be permanently and totally disabled. If you die before the one year date, no payment is made.

Eligibility

You are eligible to enroll in the Lump-Sum Benefit if:

  • You have been actively at work for the 180 days prior to your enrollment date
  • You are under the age of 59 up to a maximum of $3,000,000
  • Ages 60-65: up to a maximum of $1,000,000

There is a pre-existing clause however some conditions may be covered if they have been fully disclosed to underwriters and are not excluded from coverage by name or specific description or have been included on special terms. Please see the for details.

MONTHLY BENEFIT OPTION

The plan will pay out your elected coverage amount in the event you become totally disabled. This means you are unable to perform your regular occupation due to a covered injury or illness which first manifests during the policy period for the month that the benefit is payable. The disability must commence within 730 days of the date the covered injury or illness occurred.

The plan will also pay out a partial benefit if you become residually disabled, i.e., you have a partial loss of pay due to a disability.

Your monthly benefit is eligible for payment on the 181st day of the disability and will continue so long as you stay totally disabled for up to 5 years. If you die before the 181st day, payments are not made.

Eligibility

You are eligible to enroll in the Monthly Benefit if:

  • Your eligible pay is $500,000 or more
  • You have been actively at work for 180 days
  • You are under the age of 65

If you satisfy the criteria above, you are eligible for a monthly benefit amount of up to $50,000; the maximum amount will depend upon your eligible pay, and the total amount of disability insurance you have from all other sources.

Pre-existing Limitation Clause

Means a sickness or accidental injury for which you, in the 24 months before your insurance or any increase in the amount of insurance under this certificate takes effect, have:

  • Received medical treatment, consultation, care or services; or
  • Taken prescription medication or had medication prescribed; or
  • Had or have any symptoms or conditions that would cause a reasonably prudent person to seek diagnosis, care or treatment.

CEDi will not pay benefits, or increase in benefit amount related to an elected increase in the amount of your insurance for disability that results from a Pre-existing Condition unless for a continuous 12 consecutive month period after the effective date of your CEDi policy or the date on which the elected increase in the amount of such insurance takes effect under this certificate you have been actively at work and have not:

  • Received medical treatment, consultation, care or services or
  • Taken prescription medication or had medication prescribed or
  • Had or have any symptoms or conditions that would cause a reasonably prudent person to seek diagnosis, care or treatment.

Certain pre-existing conditions may be covered if they have been fully disclosed to underwriters and are not excluded from coverage by name or specific description or have been included on special terms. Contact Dye & Eskin for more information.

Qualifying Life Event:

An employee has 30 days from the date of any Qualifying Life Event to enroll in or cancel current CEDI coverage.

A Qualifying Life Event is defined as:

  • Changes in household such as marriage, divorce, or birth of child; or
  • Changes in residence.

Loss of health coverage or employment is not considered a Qualifying Life Event for purposes of this coverage.

To adjust coverage based on a Qualifying Life Event employee must contact Plan Administrator at 888-556-8767 between the hours of 8:00am and 6:00pm Eastern time within 30 days of any event to adjust coverage.

Direct Billing

Contact the Plan administrator, Dye and Eskin , at 888-556-8767 between the hours of 8:00am and 6:00pm Eastern time within 30 days of the due date of any premium payment in order to set up direct billing.

Failure to initiate alternative billing methods in a timely manner may cause your coverage to lapse if payroll deduction ceases and direct billing payment not received within grace period.

Please review the Plan Brochure and FAQs for additional information or contact the Plan Administrator at 888-556-8767 between the hours of 8:00am and 6:00pm Eastern time.