We all work hard at loanDepot, and most of us don’t like the idea of missing work. Life has other plans sometimes, and whether due to illness or injury, we may find ourselves in need of time off work – per Doctor’s orders.
One of the greatest stressors of missing work is financial. Short-term disability plans cover absences from just over a week to a maximum of 6 months. For medical absences in excess of 6 months, Long-Term Disability provides peace of mind.
Starting in 2022, all eligible loanDepot employees will be covered by a Short-Term Disability plan paid for by the company. This base plan offers a benefit of 60% of your earnings to a maximum of $500 per week.
Employees who would like a higher level of coverage can elect the buy-up Short-Term Disability plan.
If you elect the Short-Term Disability Buy-Up or Long Term Disability plan as a new hire, you won't need to complete an evidence of insurability to qualify for coverage. If you elect coverage later, such as during Open Enrollment or due to a qualifying life event, you would need to complete a medical questionnaire, and coverage is not guaranteed.
7-day elimination period before benefit payment begins
Plans will coordinate with any state disability plan available, so benefit payment will be lower in states with disability coverage
Replaces 60% of your earnings to a maximum of $500/week
Eligible employees are automatically enrolled in this coverage at no cost to you
Replaces 60% of your earnings to a maximum of $2500, for a combined benefit maximum of $3000 with the employer-paid plan
You pay the full cost of this coverage
Replaces your income if you are disabled for longer than 6 months, and can continue until you reach regular Social Security retirement age
You pay the full cost of coverage
Benefit equal to 60% of your regular income to a maximum of $7,000/month
Managers and Above:
loanDepot pays the full cost of coverage
Benefit equal to 60% of your regular income to a maximum of $10,000/month