Organon offers different types and levels of life insurance protection for you and your family. The company also automatically provides you with company-paid short-term and long-term disability coverage. You have the option of choosing additional employee-paid long-term disability coverage.
Organon pays for basic life insurance coverage from New York Life at 1x base pay, up to a maximum of $1 million.* Organon also provides BTA insurance of 4x base pay, administered by Zurich.
* Imputed income on basic life insurance
The IRS requires you to be taxed on the value of employer-provided group term life insurance over $50,000. The taxable value of your basic life insurance coverage is called “imputed income.” Even though you don’t receive cash, you are taxed as if you received cash in an amount equal to the value of this coverage over $50,000.
If you are disabled beyond 26 weeks, LTD coverage may pay benefits after your Organon STD benefits end. However, you must be certified as disabled by the claims administrator to qualify for LTD benefits. Organon pays the full cost of basic LTD, which provides 60% of base pay. You can choose to receive this benefit with before-tax or after-tax dollars.
Organon provides STD coverage at no cost to you. However, you may be required to pay for STD coverage in states with mandated STD coverage. STD covers eligible founders who are unable to work due to an illness, injury or medical condition.
Group auto & homeowners*, offered through Farmers Insurance may save you money on your car and home insurance. If you are located in California, please visit https://www.farmers.com/california.
Note: If you live in New Jersey or Pennsylvania, you may be able to save money on your car insurance through New Jersey Manufacturers Insurance Group (NJM). Visit njm.com/partners/organon to learn more.
For More Information or to Enroll
You may enroll in either program at any time by contacting MetLife or NJM directly.
*Homeowners insurance is not offered in Florida.
The group legal plan is offered through MetLife Legal Plans. When you see a plan attorney for covered services, fees are paid in full. There is no per-service cost to you for telephone consultations or office visits. You may visit a non-network attorney and receive a fixed reimbursement based on the type of legal service.
Office and phone consultation topics include:
You pay the full cost of group legal plan coverage. You can only enroll for group legal coverage during annual enrollment. You cannot add or drop coverage until the next annual enrollment period. Qualified life event changes will not apply.
You may choose to protect yourself and your family with additional employee-paid life insurance from New York Life. Rates depend on your age, salary, and your smoker/non-smoker status. Rates will increase every five years as you reach certain age bands (30, 35, 40, 45, etc.). Costs also can increase during the year if you have a salary change.
You may purchase life insurance for:
You also may purchase Accidental Death & Dismemberment (AD&D) Insurance of 1x to 8x base pay, up to $1 million. AD&D Insurance protects you and your family if you sustain certain serious injuries as a result of an accident or in the event of your accidental death.
If you are electing voluntary coverage for the first time, or are increasing your coverage, you will need to provide Evidence of Insurability (EOI), proof of good health.
*If the value of the combined benefit exceeds $2 million, your voluntary life benefit will decrease.
You have the option of choosing a higher level of LTD coverage by choosing coverage of 70% paid with after-tax dollars. In this case, you will have the 60% company-provided coverage on an after-tax basis. You cannot elect to have the employer-paid 60% benefit provided on a before-tax basis if you purchase the 70% LTD coverage option.
Your basic and voluntary LTD options are:
If your pet becomes sick or hurt, this benefit offers coverage for veterinarian services, including specialists and emergency providers. When you enroll in pet insurance, you can choose between two levels of coverage: basic pet protection or pet protection with wellness. You can enroll anytime during the year. To get a quote, use company code “Organon.”