Finances
Financial Protection
Designate a beneficiary!
Don’t forget to designate a beneficiary(s) for your life and AD&D benefits. Designate a beneficiary in the benefits portal.
Life Insurance
Basic Life and AD&D Insurance (paid by Zovio)
Life insurance protects your family or other beneficiary(s) in the event of your death while you are still actively employed at Zovio. You will automatically be covered under the Basic Life Insurance plan. If your death is due to an accident, your beneficiary will receive an additional amount through Accidental Death and Dismemberment (AD&D) coverage.
What is the Basic Life Benefit?
- Life insurance coverage is a flat amount of $50,000
What is the AD&D Benefit?
- AD&D coverage is a flat amount of $50,000
- AD&D benefits are payable if you pass away, lose a limb, or have a loss of speech, hearing, or eyesight because of a covered accident (either on or off the job) and the loss occurs within one year of the covered accident.
The payable amount of your AD&D benefit depends on the type of loss. In the event of death due to an accident, your beneficiary(s) may receive both your life and AD&D benefits.
Voluntary Life Insurance (paid by you)
It is important to have enough life insurance protection for your family. If you determine you need more than the Basic Life coverage, you may want to add coverage for yourself and your eligible dependents.
Voluntary Life Coverage Options
Coverage is available in $10,000 increments. Benefit amount is a minimum of $10,000 up to $500,000.
| For you | For your spouse/DP | For your children |
| Coverage is available in $10,000 increments. Benefit amount is a minimum of $10,000 up to $500,000. | Coverage is available in $5,000 increments. Benefit amount is a minimum of $5,000 up to $250,000 (not to exceed 50 percent of your additional life coverage). | Under age 26 – $10,000 |
| Guaranteed Issue (only available if enrolling when initially eligible): $150,000.* Coverage reduces to 65% at age 65 and 50% at age 70 | Guaranteed Issue (only available if enrolling when initially eligible): $10,000. Coverage ends at age 70 | Guaranteed Issue: $10,000 |
Cost of Voluntary Life Insurance
Deductions for Voluntary Life/AD&D are taken from your paycheck after taxes. Rates are available online during enrollment.
Guaranteed Issue amounts only apply for newly eligible employees. If you are electing Additional Life Insurance outside of when it was first offered to you, or in amounts over the guaranteed issue, you will be required to submit a Medical History Statement for approval by the insurance company before coverage can become effective.
Disability Insurance
Short-Term Disability
Short-Term Disability (STD) insurance pays you a portion of your income if you become unable to perform your regular job duties for 7 days due to illness or injury.
- You’ll get 60% of your monthly pre-disability base salary, up to $1,200 per week for up to 12 weeks.
- In states with mandated wage-replacement (California, New York, New Jersey, Rhode Island and Hawaii), benefit coordination rules apply.
Long-Term Disability
Long-Term Disability (LTD) insurance pays you a portion of your income if you become unable to perform your regular job duties for 90 days due to illness or injury. LTD works with Social Security and any other group disability coverage to provide you with a combined monthly benefit.
Core Benefit
- You’ll get 40% of your monthly pre-disability base salary, up to $5,000 per month.
- Your benefits may continue until you reach normal retirement age as long as you meet the definition of disability.
Buy-Up Benefit
- You have the option to purchase a buy-up benefit equal to an additional 20% of monthly salary to a maximum of $10,000.
Taxation of Disability Coverage
Because the STD and Core LTD premiums are paid by Zovio for all full-time employees, any disability payments made to you will be taxable. If you choose the Buy-Up option, the benefit is not taxable.
STD and LTD benefits are reduced by any other disability benefits you are eligible to receive. Refer to the plan policy for full limitations.
Stuff Happens
Protect yourself and your family with voluntary legal, identity theft, hospital indemnity, accident and critical illness insurance.
Voluntary Benefits
MetLaw
MetLaw is designed to help you with many everyday issues, including traffic violations, credit problems, child custody matters, and landlord issues. MetLaw also offers identity theft protection. As a participant in the MetLaw plan, you will have access to a wide variety of attorneys from top law firms in your area. For more information on MetLaw, visit www.legalplans.com or call 800.821.6400.
Identity Theft
InfoArmor safeguards your personal and financial information; and with the family plan, InfoArmor can help protect your children from child identity theft, cyber-bullying and predators.
Critical Illness
Cigna’s critical illness insurance can help protect your finances from the expense of a serious health problem, such as a stroke or heart attack. Cancer coverage is also available. Depending on the category, this plan pays a lump sum benefit of $10,000 directly to you at the first diagnosis of a covered condition. Use the cash any way you need. For more information, visit www.mycigna.com or call 800.754.3207.
Accident
Cigna’s voluntary accident insurance can pay benefits based on the injury you have and the treatment you need, including Emergency Room care, doctor visits and related surgery. The benefit can help offset the out-of-pocket expenses that medical insurance does not pay, including deductibles and copays. For more information, visit www.mycigna.com or call 800.754.3207.
Hospital Indemnity
Cigna’s hospital indemnity plan pays benefits if you or a covered family member requires hospital confinement. The benefit pays $1,000 once per period of hospital confinement, per covered person. Family coverage for your spouse and dependents is also available. For more information, visit www.mycigna.com or call 800.754.3207.
