Voluntary Life and Disability
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 $1,000,000 |
| Guaranteed Issue | Employee $500,000* | Spouse $25,000 | Child $5,000 |
| AD&D Benefit | Same as Voluntary |
| 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 $500K require Evidence of Insurability(EOI). Late enrollment or coverage increases will also require an EOI. The EOI may be completed online here during open enrollment only: www.prudential.com/eoi. If you're new to the site, please complete the registration by using the control number: 0050941. All other times require the Evidence of Insurability form to be submitted directly to Prudential.
Resources:
- Life and Disability Coverage Highlights – Learn the highlights for each of the Prudential policy types.
- Prudential How Life Insurance Helps – Learn how life insurance helps you and your family.
- Life Insurance Beneficiary FAQs - Find answers to common questions about what a beneficiary is and who may be considered a beneficiary. This resource explains beneficiary options and what to expect in the claims process, ensuring your loved ones are protected and informed.
- 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.
- Prudential: What is Life Insurance? - Watch this video to learn more about life insurance.