In addition to the ‘Basic Life and AD&D’ insurance (100% paid for by BankUnited), eligible employees also have the option to purchase additional Voluntary Life and AD&D through Prudential. Cost is based on age and salary. Your options include:
- Voluntary Life and AD&D (Accidental Death and Dismemberment)
- Spouse Life Insurance
- Child Life Insurance
You may enroll during an eligible time frame (i.e. Open Enrollment, New Hire, or Qualifying Life Event) in the ADP Employee Self-Service Portal.
|Prudential||Voluntary Life and AD&D|
|Voluntary Employee Life Insurance||Increments of 1X to 4X annual salary
not to exceed a max of $500,000
|Guaranteed Issue||Employee $300,000*
|AD&D Benefit||Same as Voluntary Life|
|Spouse Life||You may purchase spouse coverage up to $25,000 (must have employee coverage of at least $50,000)|
|Child Life||Coverage for Dependent Children is available in the amount of $5,000 for Children ages 14 days to 19 years and up to age 25 if a full-time student.|
|Age Reduction Schedule||Reduces by 35% at age 65, and by 50% at age 70|
Eligible employee is defined as those scheduled to work at least 30 hours per week.
*Elections over $300K require Evidence of Insurability(EOI). Late enrollment or coverage increases will also
require an EOI.
- 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).
- Evidence of Insurability– Complete this form if you have a benefit amount pending approval. You will be asked to complete this form if you choose to enroll in Voluntary life insurance any time AFTER your new hire period.
- Life Insurance SPD– A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.