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Insurance & Income Protection

Our employees should feel financially secure, even if an unexpected event, such as an accident, long-term illness or untimely death, should occur. As such, we provide our employees with company paid life/AD&D, short term disability, long term disability, and paid family leave coverage.  We also offer supplemental programs including life, AD&D, accidental injury, and critical illness insurance coverage in addition to our comprehensive medical, dental, vision and wellness programs.

Life Insurance and Accidental Death & Dismemberment

All regular full-time employees are covered by a life insurance benefit paid 100% by the company. This benefit is effective the first day of employment. Regular full-time employees are covered by a life insurance benefit of two times their annual salary, plus prior-year incentive compensation up to $1,000,000 in coverage. We also provide additional AD&D coverage in the same amount. 

Supplemental Life Insurance

This voluntary benefit is available upon an employee’s hire date. Employees may elect coverage in $10,000 increments with guaranteed issue when first eligible up to the lesser of $500,000 or  three times annual salary. The policy allows for up to the lesser of $2,000,000 or seven times annual salary with medical underwriting. Coverage for spouses and dependents is also available. This policy is portable, with some exceptions. Premiums are payroll deducted and include significant group discounts.

Supplemental AD&D Insurance

Employees can also elect to participate in this benefit upon their date of hire. Employees may elect coverage in $10,000 increments with guaranteed issue when first eligible up to the lesser of $2,000,000 or seven times annual salary. Coverage for spouses and dependents is available as well. Like Supplemental Life Insurance, this policy is portable and premiums are payroll deducted.

Short-Term Disability Leave Policy

Waddell & Reed’s Short Term Disability policy is a generous plan that provides employees the opportunity to receive pay while on an approved leave related to their own medical condition, when provided for by separate company policy. From their date of hire, all full-time employees are eligible to receive Short Term Disability pay as follows:

  • First 50 workdays at 100% of Regular Rate of Pay
  • The next 80 workdays at 80% of Regular Rate of Pay

Long-Term Disability

We also offer Long-Term Disability insurance and the Company pays 100% of the premium. The plan pays 60% of annual salary plus prior-year incentive compensation up to the maximum monthly benefit.

Paid Family Leave Policy

Waddell & Reed provides up to 4 weeks of paid family leave at 100% of regular rate of pay for qualified full-time employees with at least 12 months of service. The purpose of Paid Family Leave is to enhance the employee’s opportunity to care for and bond with a newborn, newly adopted, or newly placed child. It is also designed to provide employees with paid time off to care for a qualifying family member's serious health condition. 

Accidental Injury Insurance

This insurance benefit is designed to help employees pay for out-of-pocket expenses that insurance doesn’t cover, like copays and deductibles. It pays direct benefits for a range of injuries and accident-related expenses such as fractures, dislocations, concussion, emergency room treatment, hospitalization, and accidental death.  Employees who are enrolled in the Savings Advantage Plan may enroll in the Accidental Injury Insurance Plan at no additional charge. Employees may enroll eligible family members for an additional premiums paid for by the employee. Employees not participating in the Savings Advantage Plan may enroll in the Accidental Injury Plan at minimal cost.

Critical Illness

Our Critical Illness policy provides employees with a lump sum payment of $20,000 tax free upon diagnosis of the policy’s specified critical illnesses. Specified critical illnesses include cancer, heart attack, stroke, major organ transplant, renal failure and a reduced benefit for carcinoma in situ and coronary artery bypass. Employees may elect coverage for their spouse in the amount of $10,000. Dependent children are covered for free for up to $5,000.

Business Travel & Accident Insurance

In addition to the Life, Accident, and Disability programs described above, Waddell & Reed also provides every employee with another level of financial security with a company paid Business Travel and Accident Insurance policy with benefits of up to $100,000 for covered events while traveling on company business.  

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