Standard Insurance Company and the University of Minnesota have partnered to provide you the Academic Disability Program. You are in good company. The Standard is a leading provider of employee benefits products and services and insures more than 29,000 groups covering more than 7.5 million employees across the nation.1
The Academic Disability Program is designed to pay a benefit to you in the event you cannot work because of illness or injury. This benefit replaces your income, thus helping you meet your financial commitments in a time of need.
The risk of disability is greater than most people think. And if you're like most people, you probably think disability is something that only happens to someone else. Here are the facts:
University policy provides salary continuation during the first 90 days of disability. The University will self-insure disability benefits from the 91st day through the 365th day of disability allowing benefits to be paid bi-weekly through payroll. The Standard will provide administrative services from the 15th day through the 365th day of disability.
After 365 days the Academic Disability Claim benefit becomes 66 2/3% of monthly Predisability Earnings, reduced by Deductible Income. The maximum payment available is $12,500 before reduction by Deductible Income, the minimum is $300 or 15% of the LTD Benefit before reduction by Deductible Income, whichever is greater. At this time The Standard will continue claims administration, and take over benefit payments. Your payment will come directly from The Standard.
For answers to commonly asked questions, costs, exclusions, limitations and reductions, please review the Frequently Asked Questions and Certificate.