Basic Life & Disability Insurance
BankUnited is pleased to provide all eligible employees with Basic Life and AD&D Insurance, Short Term, and Long Term Disability Insurance through Prudential at no cost to you. Below is a description of each of these benefit policies in which you are automatically enrolled and begin as of the 1st of the month following 30 days from your hire date.
| Prudential | Basic Life and AD&D |
| Basic Employee Life Insurance | 1 x annual salary rounded up to nearest $1,000 to the max of $400,000* |
| AD&D Benefit | Same as Basic Life |
| Age Reduction Schedule | Reduces by 35% at age 65, and then by 50% at age 70 |
| Accelerated Benefit | 90% benefit up to $500,000. Terminal illness with less than 12 months |
| Conversion | Convert without evidence of insurability |
| *Coverage reduced to $50,000 for Executive Split-Dollar Life plan participants |
| Prudential | Short Term Disability |
| Benefits Begin | 8th day due to Sickness or Accident |
| Benefit Duration | 12 weeks |
| Percentage of Income Replaced | 60% of your weekly pre-disability earnings |
| *Weekly Maximum Benefit | Up to $2,500 |
| *Special provisions apply to commissioned employees. |
| Prudential | Long Term Disability |
| Monthly Benefit | Up to 66 2/3% of your monthly pre-disability earnings, up to max of $20k |
| Elimination Period | 90 days |
| Benefit Duration | ADEA | (Age 65) |
| Definition of Disability | You are limited from performing the occupational trade or profession you were employed in prior to your disability. |
| Pre-Existing Conditions | 6/12 | A pre-existing condition is one which an individual has seen a medical practitioner or taken medication in the 6 months prior to coverage effective date. No benefits will be covered for the first 12 months of the policy effective date. |
Resources:
- Life and Disability Coverage Highlights – Learn the highlights for each of the Prudential policy types.
- Prudential How Life Insurance Helps– Learn how life insurance can help you and your family.
- Life Insurance SPD – A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.
- Life Insurance Beneficiary FAQs - Find answers to common questions about what a beneficiary is and who may be considered a beneficiary. This resource explains beneficiary options and what to expect in the claims process, ensuring your loved ones are protected and informed.