Page 19 - 2015 First Busey Enrollment Guide
P. 19
First Busey Corporation
Life and Disability Insurance
Basic life insurance (company paid)
Busey provides, at no cost to you, basic life with accidental death and
dismemberment insurance. This coverage offers up to two times your
Beneit Compensation to a maximum of $200,000 to your beneiciaries
in the event of your death. Your life insurance beneit also includes
accidental death and dismemberment beneits. If you should die in an
accident, the plan will pay an additional AD&D beneit.
If you die while covered by this plan, the beneit is paid to the
beneiciary (or beneiciaries) you designate. This core life insurance
coverage is paid in full by Busey and is fully insured through AIG.
Voluntary life insurance (associate paid)
If you would like to purchase supplementary life insurance in addition
to your company paid beneits, Busey offers you the ability to purchase
voluntary life insurance at competitive group rates through AIG.
Associates have the option of electing up to $500,000 or a maximum
of 5x your Beneit Compensation in $10,000 increments. The
guaranteed issue is $200,000. If you currently have coverage under
Lincoln Financial, this will continue under AIG.
Evidence of Insurability (EOI) or proof of good health is required
under the following circumstances:
X Late entrant: you have previously waived the opportunity to elect
this coverage and are now electing coverage for the irst time.
X Current participant: you currently have this coverage and are
requesting an increase to your current coverage amount.
X Newly eligible: you have never been offered this coverage
previously or waived this coverage previously and you are
requesting over the guaranteed issue amount.
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Life and Disability Insurance
Basic life insurance (company paid)
Busey provides, at no cost to you, basic life with accidental death and
dismemberment insurance. This coverage offers up to two times your
Beneit Compensation to a maximum of $200,000 to your beneiciaries
in the event of your death. Your life insurance beneit also includes
accidental death and dismemberment beneits. If you should die in an
accident, the plan will pay an additional AD&D beneit.
If you die while covered by this plan, the beneit is paid to the
beneiciary (or beneiciaries) you designate. This core life insurance
coverage is paid in full by Busey and is fully insured through AIG.
Voluntary life insurance (associate paid)
If you would like to purchase supplementary life insurance in addition
to your company paid beneits, Busey offers you the ability to purchase
voluntary life insurance at competitive group rates through AIG.
Associates have the option of electing up to $500,000 or a maximum
of 5x your Beneit Compensation in $10,000 increments. The
guaranteed issue is $200,000. If you currently have coverage under
Lincoln Financial, this will continue under AIG.
Evidence of Insurability (EOI) or proof of good health is required
under the following circumstances:
X Late entrant: you have previously waived the opportunity to elect
this coverage and are now electing coverage for the irst time.
X Current participant: you currently have this coverage and are
requesting an increase to your current coverage amount.
X Newly eligible: you have never been offered this coverage
previously or waived this coverage previously and you are
requesting over the guaranteed issue amount.
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