Parexel provides basic coverage in Life and Disability and allows you to enroll in supplemental coverage.
Basic life and AD&D insurance
Parexel provides basic life and AD&D insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company.
Benefits are equal to:
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Basic life insurance: 2 times your salary, up to a maximum benefit of $1,250,000
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Basic AD&D insurance: 2 times your salary, up to a maximum benefit of $1,250,000
Voluntary Supplemental life and AD&D insurance
You can also purchase additional life and AD&D insurance for yourself, as well as coverage for your spouse/and your child(ren)
Supplemental employee life insurance — available in $10,000 increments up to a maximum benefit of $1,250,000
Spouse life insurance — available in $5,000 increments up to a maximum benefit of $300,000
Child life insurance — available in $2,000 increments up to $20,000, for children from 14 days old up to age 26
Supplemental AD&D insurance — available in $10,000 increments up to a maximum benefit of $1,250,000; coverage may be purchased for just you or for you and your family
Universal life insurance
Contains a cash value that grows tax-deferred until funds are withdrawn. Unlike term life insurance, your benefit will not decrease and your contribution rates will not increase as you age. The following increments are available:
| Employee | |
|---|---|
| $25,000 | $100,000 |
| $50,000 | $125,000 |
| $75,000 | $150,000 |
| Spouse | Child |
|---|---|
| $15,000 | $10,000 |
Short-and Long-term Disability
Parexel provides both short- and long-term disability coverage for you, at no cost to you. You also have the option to purchase additional long-term disability coverage .
Short-term disability (STD) insurance
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Parexel-paid coverage is offered after initial waiting period of 6 months continuous service is completed — No waiting period for Maternity
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Provides a benefit equal to 60% of your pay
Long-term disability (LTD) insurance
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Parexel-paid coverage after initial waiting period of 6 months continuous service is completed
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Provides a benefit equal to 60% of your pay, up to a maximum monthly benefit of $12,000
Employee Paid LTD buy-up insurance
- Works with your Parexel-paid LTD benefit
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Provides additional coverage to increase your total LTD benefit to 66.67% of your pay, up to a maximum monthly benefit of $20,000