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.|
- Life and Disability Coverage Highlights – Learn the highlights for each of the Prudential policy types
- Prudential Enrollment Kit – This enrollment kit provides a wealth of information regarding the plan. It includes an overview of how the plan works, covered services, FAQ’s, and the Schedule of Benefits (Fee Schedule/Price List).
- Life Insurance SPD – A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.