Life, dependent life, AD&D, and disability insurance offer financial security to you and your family if you pass away or become seriously injured. They also provide support if an illness or injury prevents you from working.
As an eligible full-time or part-time employee, you automatically receive basic life and AD&D coverage. Dismemberment coverage is paid based on the type of loss. You and your eligible dependents receive basic life insurance in the following amounts at no cost to you:
You
2x your base salary (up to $750,000)
Spouse
$20,000
Child
$10,000
You may choose anyone to be the beneficiary of your life and AD&D policies. Review your beneficiary designation periodically to make sure it is up to date.
The short-term disability (STD) plan protects you against loss of income during brief periods of disability due to accidental injury or illness. Full-time employees are automatically covered under the STD plan at no cost to you.
Short-term disability (STD)
Percent of regular pay
Weekly maximum
Elimination period
Maximum duration
75%
$4,000
7 days
26 weeks
Long-term disability (LTD) coverage is important because anyone at any age may become injured or ill for an extended period. LTD protects you from loss of income in the event you are unable to work due to an illness, injury, or accident for a period of time that exceeds the short-term disability benefit. NOV automatically provides full-time employees with basic LTD coverage. Please note, LTD premiums are paid for by employees.
Long-term disability (LTD)
Percent of earnings
Monthly maximum
Elimination period
Maximum duration
66.7%
$12,000*
26 weeks
Age 65
*Coverage over $11,000 will require you to submit evidence of insurability (EOI) to Canada Life.
NOV provides regular full-time employees with business travel accident insurance. This benefit is payable up to $250,000 for accidental death or dismemberment claims that occur while an employee is traveling on company business.
When you travel on company business, you have access to medical, security, and travel assistance through International SOS.