Page 22 - Busey 2021 Annual Benefits Enrollment
P. 22
2021
Voluntary Spouse Life Insurance Voluntary Short Term Disability
(Associate Paid) (Associate Paid)
Once you elect coverage for yourself, you can elect Voluntary short term disability (STD) provides you
voluntary life insurance coverage for your spouse. with a percentage of your weekly income while you are
You can elect up to $250,000 not to exceed 50% of out of work following a non-work related accident or
your elected amount in $5,000 increments for your illness. You may purchase STD coverage at competitive
spouse. The guaranteed issue amount for your spouse is group rates. This beneit is offered through Symetra.
$100,000. EOI is required if you have previously waived Busey offers 2 STD options, the Base and Buy-up
this coverage, are increasing your existing coverage by option.
more than $10,000, or are electing coverage greater than
the guaranteed issue amount. Base Plan—Pays 60% beneit up to a maximum of
$1,000 per week.
Voluntary Child(ren) Life Buy-up Plan—Pays 66.67% beneit up to a
Insurance maximum of $1,500 per week.
(Associate Paid) Please note, EOI will be required if you have previously
waived this coverage. For those associates currently on
If you’ve elected coverage for yourself, voluntary child the Base plan, EOI will not be required if you switch to
life insurance is also available to purchase. Children are the Buy-up plan. Both plans are subject to pre-existing
eligible for a lat $10,000 of coverage from birth to age condition rules, which are outlined in the certiicate of
19 or 26 if a full-time student. insurance.
Voluntary Dependent Life Long Term Disability
Insurance (Company Paid)
(Associate Paid) Long term disability (LTD) protects your family’s
In addition to the voluntary spouse and child(ren) life inancial circumstances in the event of an illness or
insurance, you can elect a lat $15,000 for your spouse accident by providing you with a percentage of your
and $10,000 for child(ren). You do not need to elect income while you are disabled. Busey provides LTD at
coverage for yourself in order to elect coverage for no cost to you. This beneit is offered through Symetra.
your spouse and child(ren). EOI may be required under
certain circumstances. Beneit Levels 2-5 are eligible for up to a maximum
monthly beneit of $12,500.
Beneit Levels 6-8 are eligible for up to a maximum
monthly beneit of $20,000.
Pre-disability earnings means your gross weekly rate of earnings as reported on the prior calendar year’s W-2 form from the
employer in efect just prior to the date disability begins, or for the period of employment if no W-2 form was received. If your job
title is Mortgage Originator or Financial Advisor and you have not yet received a full year’s W-2, your pre-disability earnings will
be based on an annual salary of $75,000. Once you have received a full year’s W-2, your pre-disability earnings will be based on
the prior year W-2. A full year’s W-2 will be deined as a full calendar year’s worth of work over the 12 months, January through
December.
22
Voluntary Spouse Life Insurance Voluntary Short Term Disability
(Associate Paid) (Associate Paid)
Once you elect coverage for yourself, you can elect Voluntary short term disability (STD) provides you
voluntary life insurance coverage for your spouse. with a percentage of your weekly income while you are
You can elect up to $250,000 not to exceed 50% of out of work following a non-work related accident or
your elected amount in $5,000 increments for your illness. You may purchase STD coverage at competitive
spouse. The guaranteed issue amount for your spouse is group rates. This beneit is offered through Symetra.
$100,000. EOI is required if you have previously waived Busey offers 2 STD options, the Base and Buy-up
this coverage, are increasing your existing coverage by option.
more than $10,000, or are electing coverage greater than
the guaranteed issue amount. Base Plan—Pays 60% beneit up to a maximum of
$1,000 per week.
Voluntary Child(ren) Life Buy-up Plan—Pays 66.67% beneit up to a
Insurance maximum of $1,500 per week.
(Associate Paid) Please note, EOI will be required if you have previously
waived this coverage. For those associates currently on
If you’ve elected coverage for yourself, voluntary child the Base plan, EOI will not be required if you switch to
life insurance is also available to purchase. Children are the Buy-up plan. Both plans are subject to pre-existing
eligible for a lat $10,000 of coverage from birth to age condition rules, which are outlined in the certiicate of
19 or 26 if a full-time student. insurance.
Voluntary Dependent Life Long Term Disability
Insurance (Company Paid)
(Associate Paid) Long term disability (LTD) protects your family’s
In addition to the voluntary spouse and child(ren) life inancial circumstances in the event of an illness or
insurance, you can elect a lat $15,000 for your spouse accident by providing you with a percentage of your
and $10,000 for child(ren). You do not need to elect income while you are disabled. Busey provides LTD at
coverage for yourself in order to elect coverage for no cost to you. This beneit is offered through Symetra.
your spouse and child(ren). EOI may be required under
certain circumstances. Beneit Levels 2-5 are eligible for up to a maximum
monthly beneit of $12,500.
Beneit Levels 6-8 are eligible for up to a maximum
monthly beneit of $20,000.
Pre-disability earnings means your gross weekly rate of earnings as reported on the prior calendar year’s W-2 form from the
employer in efect just prior to the date disability begins, or for the period of employment if no W-2 form was received. If your job
title is Mortgage Originator or Financial Advisor and you have not yet received a full year’s W-2, your pre-disability earnings will
be based on an annual salary of $75,000. Once you have received a full year’s W-2, your pre-disability earnings will be based on
the prior year W-2. A full year’s W-2 will be deined as a full calendar year’s worth of work over the 12 months, January through
December.
22
