The loss of income due to illness or injury can cause serious financial hardship for your family. Disability insurance replaces a portion of your income to help you continue paying your bills and meeting your financial obligations during this difficult time.
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 to increase the benefit amount you would receive.
- Parexel-paid, coverage is automatic — no need to enroll.
- Initial eligibility of six months continuous service must be completed. No waiting period is required for maternity leave.
- The elimination period for approved STD (non-maternity) claims will be 7 days.
- Provides a benefit equal to 60% of your pay.
- Maximum benefit ends after 13 weeks.
Maternity Leave
Maternity Benefits – The first 6 weeks will be compensated at up to 100%, and at 60% for 4 weeks, of the employee's regular, base weekly pay following the birth of their child and coordinated with STD and/or state entitlements (if applicable). STD benefits continue for disabling period after the delivery and birth of a child.
- Parexel-paid, coverage is automatic — no need to enroll.
- Initial eligibility of six months continuous service must be completed.
- Provides a benefit equal to 60% of your pay, up to a maximum monthly benefit of $12,000.
- Benefit is optional and employee-paid; you must enroll on the Mercer Marketplace 365+ website.
- Works with your Parexel-paid LTD benefit.
- Provides additional coverage to increase your total LTD benefit to 66.67% of your pay, up to a maximum monthly benefit of $20,000.