Income Protection
SpaceX provides you with a variety of insurance plans to provide replacement income to you or your beneficiaries in the event of disability, accident, or death.
Short-Term Disability (STD)
SpaceX provides eligible employees with Short-Term Disability benefits at no cost. STD provides income protection after seven consecutive days of a qualified accident or illness. The plan pays 66.67% of your weekly base pay, up to a maximum of $1,600 per week for up to 12 weeks. This benefit is coordinated with other disability income benefits you may receive.
Long-Term Disability (LTD)
If you have exhausted your Short-Term Disability benefits and still are unable to return to work, SpaceX provides you with Long-Term Disability benefits at no cost. LTD insurance pays a monthly benefit in the event you cannot work after 90 continuous days of disability. Your LTD benefit is equal to 66.67% of your monthly base pay, up to a maximum of $10,000 per month. Benefits continue until you are no longer disabled under the plan or until you reach normal retirement age. This benefit is coordinated with other disability income benefits you may receive.
Pre-existing Condition Limitations
The Long-Term Disability plan does not cover any disabilities caused by, contributed to, or resulting from a pre-existing condition. You have a pre-existing condition if, for example, you received medical treatment, consultation, care, or services, including diagnostic measures, or took prescribed drugs or medicines in the three months just prior to your effective date of coverage. After you have been covered under the plan for 12 months, pre-existing condition limitations no longer apply.
Basic Life and AD&D
SpaceX provides you with basic life insurance and accidental death and dismemberment (AD&D) coverage in the amount of 1x your base pay (up to $200,000) at no cost to you. The principal amount reduces by 35% at age 65, by an additional 25% at 70, and by an additional 15% at 75.
Voluntary Life and AD&D
You can purchase voluntary life and AD&D insurance coverage to provide you and your family additional financial security.
You can elect additional life and AD&D insurance for:
Yourself
In increments of $10,000, up to a maximum of $500,000; guarantee issue* of $200,000.
Your Spouse
In increments of $5,000, up to the lesser of 50% of employee's amount for $250,000; guarantee issue* of $30,000.
Your Child(ren)
$10,000 from live birth to age 26 per child.
The principal amount reduces by 35% at age 65, by an additional 25% at 70, and by an additional 15% at 75. For the cost of this coverage, please refer to the Voluntary Life and AD&D Rate Summary chart at right. If you elect voluntary life insurance you must also elect voluntary AD&D as well and at the same coverage level.
*Guarantee issue (GI) is the amount of coverage you can elect without answering health questions. If you request coverage over the GI amount, The Hartford will send you an Evidence of Insurability form to complete. After you have completed and submitted it, The Hartford will notify you of the coverage approval or denial. Please note that the GI amount only applies if you are newly eligible. If you were previously eligible and are electing coverage for the first time or electing to increase your current coverage, you will need to provide Evidence of Insurability that is satisfactory to The Hartford before coverage can become effective.
Note: To purchase coverage for either your spouse or child(ren), you must purchase employee coverage. If you elect voluntary life insurance for yourself or your spouse, you must also elect voluntary AD&D as well at the same coverage level. You pay 100% of the cost for this coverage.
Portability and Conversion Features
If you reduce your hours or your employment terminates, you can take this coverage with you according to the terms outlined in the contract. Portability/conversion is available for both basic and
voluntary life.
Voluntary Life and AD&D Rate Summary
Employee & Spouse Monthly Life Rates (Spouse Rates Based on Employee’s Age)
2024 Rates
AD&D Rate (regardless of age): $0.0198 per $1,000 in coverage
Child Life Rate (regardless the # of children): $.08 per $1,000 in coverage
The Hartford is our short-term disability (STD), long-term disability (LTD), life and accidental death & dismemberment (AD&D) insurance carrier.
📞 (866) 945-7801 | STD & LTD
📞 (888) 563-1124 | Life & AD&D
📃 Policy Number: 402677
