Page 23 - Busey 2020 Benefits
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Voluntary Child(ren) Life Insurance (Associate Paid) Voluntary Spouse Life
If you’ve elected coverage for yourself, voluntary child life insurance Insurance
is also available to purchase. Children are eligible for a lat $10,000 of (Associate Paid)
coverage from birth to age 19 or 26 if a full-time student. Once you elect coverage for
yourself, you can elect voluntary
Voluntary Dependent Life Insurance (Associate Paid) life insurance coverage for your
In addition to the voluntary spouse and child(ren) life insurance, you can spouse. You can elect up to
elect a lat $15,000 for your spouse and $10,000 for children. You do not $250,000 not to exceed 50% of
need to elect coverage for yourself in order to elect coverage for your your elected amount in $5,000
spouse and child(ren). EOI may be required under certain circumstances. increments for your spouse. The
guaranteed issue amount for
Voluntary Short Term Disability (Associate Paid) your spouse is $100,000. EOI is
Voluntary short term disability (STD) provides you with a percentage required if you have previously
of your weekly income while you are out of work following a non-work waived this coverage, are
related accident or illness. You may purchase STD coverage at competitive increasing your existing coverage
group rates. This beneit is offered through Symetra. New for 2020, Busey by more than $10,000, or are
will offer 2 STD options, the current Base, and a new Buy-up option. electing coverage greater than the
guaranteed issue amount.
Base Plan—Pays 60% beneit up to a maximum of $1,000
Buy-up Plan for Beneit Compensation equal to or greater than
$86,667—Pays 66.67% beneit up to a maximum of $1,500 Pre-disability earnings means your
gross weekly rate of earnings as
Please note, EOI will be required if you have previously waived this reported on the prior calendar
coverage. For those associates currently on the Base plan, EOI will not be year’s W-2 form from the employer
required if you switch to the Buy-up plan. Both plans are subject to pre- in efect just prior to the date
disability begins, or for the period
existing condition rules, which are outlined in the certiicate of insurance. of employment if no W-2 form
was received. If your job title is
Long Term Disability (Company Paid) Mortgage Originator or Financial
Advisor and you have not yet
Long term disability (LTD) protects your family’s inancial circumstances received a full year’s W-2, your pre-
by providing you with a percentage of your income while you are disability earnings will be based on
an annual salary of $75,000. Once
disabled. Busey provides an LTD beneit at no cost to you. In the event you have received a full year’s W-2,
of an illness or accident which requires a lengthy recovery, you may be your pre-disability earnings will be
eligible for company provided Long Term Disability coverage. This based on the prior year W-2. A full
year’s W-2 will be deined as a full
beneit is offered through Symetra. calendar year’s worth of work over
the 12 months, January through
December.
First Busey Corporation 23
If you’ve elected coverage for yourself, voluntary child life insurance Insurance
is also available to purchase. Children are eligible for a lat $10,000 of (Associate Paid)
coverage from birth to age 19 or 26 if a full-time student. Once you elect coverage for
yourself, you can elect voluntary
Voluntary Dependent Life Insurance (Associate Paid) life insurance coverage for your
In addition to the voluntary spouse and child(ren) life insurance, you can spouse. You can elect up to
elect a lat $15,000 for your spouse and $10,000 for children. You do not $250,000 not to exceed 50% of
need to elect coverage for yourself in order to elect coverage for your your elected amount in $5,000
spouse and child(ren). EOI may be required under certain circumstances. increments for your spouse. The
guaranteed issue amount for
Voluntary Short Term Disability (Associate Paid) your spouse is $100,000. EOI is
Voluntary short term disability (STD) provides you with a percentage required if you have previously
of your weekly income while you are out of work following a non-work waived this coverage, are
related accident or illness. You may purchase STD coverage at competitive increasing your existing coverage
group rates. This beneit is offered through Symetra. New for 2020, Busey by more than $10,000, or are
will offer 2 STD options, the current Base, and a new Buy-up option. electing coverage greater than the
guaranteed issue amount.
Base Plan—Pays 60% beneit up to a maximum of $1,000
Buy-up Plan for Beneit Compensation equal to or greater than
$86,667—Pays 66.67% beneit up to a maximum of $1,500 Pre-disability earnings means your
gross weekly rate of earnings as
Please note, EOI will be required if you have previously waived this reported on the prior calendar
coverage. For those associates currently on the Base plan, EOI will not be year’s W-2 form from the employer
required if you switch to the Buy-up plan. Both plans are subject to pre- in efect just prior to the date
disability begins, or for the period
existing condition rules, which are outlined in the certiicate of insurance. of employment if no W-2 form
was received. If your job title is
Long Term Disability (Company Paid) Mortgage Originator or Financial
Advisor and you have not yet
Long term disability (LTD) protects your family’s inancial circumstances received a full year’s W-2, your pre-
by providing you with a percentage of your income while you are disability earnings will be based on
an annual salary of $75,000. Once
disabled. Busey provides an LTD beneit at no cost to you. In the event you have received a full year’s W-2,
of an illness or accident which requires a lengthy recovery, you may be your pre-disability earnings will be
eligible for company provided Long Term Disability coverage. This based on the prior year W-2. A full
year’s W-2 will be deined as a full
beneit is offered through Symetra. calendar year’s worth of work over
the 12 months, January through
December.
First Busey Corporation 23
