Overview

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.

Short-term disability insurance

  • 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.
  • Provides a benefit equal to 60% of your pay.
  • Maximum benefit ends after 13 weeks.

Maternity Leave

Maternity Benefits – The first 4 weeks of leave will be compensated at 100% 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.

Long-term disability insurance

  • 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.

LTD buy-up insurance

  • 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.