In addition to basic Accidental Death and Dismemberment Insurance, HQ-based staff (excluding ETC/ETT, STC/STTs) may enroll in optional Accidental Death and Dismemberment Insurance Additional Coverage at any time without evidence of good health. Staff pay the full premium for optional coverage.
Optional AD&D coverage is based on three times the staff member's net annual salary. Optional Individual AD&D coverage is currently $0.008 per $1,000 coverage per paycheck, and Optional Family AD&D coverage is currently $0.011 per $1,000 coverage per paycheck. Premiums are subject to change. (These rates are effective 1/1/2019.) You may enroll at any time. Example: a staff member earns $48,040. The net salary basis is the salary rounded up to the nearest $1,000, or $49,000. The premium is calculated on three times net salary coverage ($49,000 x 3, or $147,000). For Optional Individual AD&D coverage, the per paycheck premium would be $0.008 x $147,000/1,000, or $1.18. For Optional Family AD&D coverage, the per paycheck premium would be $0.011 x $147,000/1,000, or $1.62. Use this link to find out how to Purchase/Increase or Reduce/Cancel the Bank Group's Optional Group Accidental Death & Dismemberment Insurance. "Principal sum" is defined as the amount of the claim paid for the accidental death. For example, for a staff member earning $100,000 net per annum with basic (Bank-paid) Accidental Death Insurance coverage only, the principal amount would be $300,000 in the event of accidental death of the staff member, and $150,000 in the event of the accidental death of the spouse of the staff member. This section is a summary only and does not guarantee coverage. The Accidental Death and Dismemberment insurance policy governs actual eligibility and coverage levels. The riders below are effective for accidental deaths on or after January 1, 2006.
If an injury renders an insured person comatose within 90 days of the date of the accident that caused the injury, and if the coma continues for a period of 30 consecutive days, the insurer will pay a monthly benefit of 1 percent of the principal sum. No benefit is provided for the first 30 days of coma. The benefit is payable monthly as long as the insured remains comatose due to that injury, but ceases on the earliest of:
If an insured person (staff member or spouse/registered domestic partner) suffers accidental death such that a claim is payable, the insurer will pay a benefit on behalf of any insured dependent child under age 13 who was insured on the date of the accident and who:
The benefit is payable for each year of the insured dependent child's enrollment in a Day Care Center. The total amount of the benefit each year is equal to the least of
The benefit is not payable for any period of enrollment in a Day Care Center before the date of the accident. The benefit is not payable for any period of enrollment after the earlier of:
The insurer will pay a benefit when an insured person suffers accidental death which occurs while the insured person is operating, or riding as a passenger in, an automobile and wearing a properly fastened, original, factory installed seat belt or, if the insured person is a child, a properly installed and fastened child restraint device as defined by state law. The amount payable is the lesser of:
Tuition Benefit Rider (for eligible dependent child) If an insured person (staff member or spouse/registered domestic partner) suffers accidental death such that a claim is payable, the insurer will pay a benefit to or on behalf of any insured dependent child under age 26 who was insured on the date of the accident causing death and who, on the date of the insured's death:
The benefit will be paid for each year of the insured dependent child's continuous enrollment as a full-time student in an institution of higher learning, to a maximum of four consecutive years. The total amount of the benefit each year is equal to the least of:
An insured dependent child who ceases to be enrolled as a full-time student becomes permanently ineligible for the benefit, even if he or she reenrolls at a later date. The benefit is not payable for any term of enrollment as a full-time student that begins before the date of death. If there is no insured dependent child under age 26 eligible for the benefit within 365 days after the date of the insured¡¯s death, the insurer will pay a one-time lump sum benefit of $1,000 to the insured¡¯s designated beneficiary. Tuition Benefit Rider (for spouse/registered domestic partner) If an insured staff member suffers accidental death such that a claim is payable, the insurer will pay a benefit to or on behalf of any insured spouse or registered domestic partner who was insured under the policy on the date of the accident causing death and who, for the purpose of obtaining an independent source of support or to enrich his or her ability to earn a living:
The benefit will be paid for each year of the insured spouse's (or registered domestic partner's) continuous enrollment in an institution of higher learning or professional or trade training program, to a maximum of four consecutive years. The total amount of the benefit for all institutions and programs combined each year is equal to the least of:
An insured spouse or registered domestic partner who ceases to be enrolled as described above becomes permanently ineligible for the benefit, even if he or she reenrolls at a later date. The benefit is not payable for any term of enrollment that begins before the date of the insured's death. If there is no insured spouse or registered domestic partner eligible for the benefit within 30 months after the date of the insured's death, the insurer will pay a one-time lump sum benefit of $1,000 to the insured's designated beneficiary. If an insured person suffers an accidental dismemberment or an accidental paralysis for which an Accidental Dismemberment or Paralysis benefit is payable, the insurer will reimburse the insured person for covered rehabilitative expenses that are due to the injury causing the dismemberment or paralysis. The covered rehabilitative expenses must be incurred within two years after the date of the accident causing that injury, up to a maximum of $10,000 for all Injuries caused by the same accident. Covered rehabilitative expense(s) means an expense that:
Medically Necessary Rehabilitative Training Service means any medical service, medical supply, medical treatment or hospital confinement (or part of a hospital confinement) that:
Home Alteration and Vehicle Modification Benefit Rider If an insured person suffers an accidental dismemberment or paralysis for which an Accidental Dismemberment and Paralysis benefit is payable; and who did not, prior to the date of the accident causing such loss(es), require the use of a wheelchair to be ambulatory; and who as a direct result of such loss(es) is now required to use a wheelchair to be ambulatory; then the insurer will pay Covered Home Alteration and Vehicle Modification Expenses that are incurred within one year after the date of the accident causing such losses, up to a maximum of $10,000 for all such losses caused by the same accident. Covered Home Alteration and Vehicle Modification Expenses as used in this Rider, means one-time expenses that are charged for
This does not include charges that would not have been made if no insurance existed. The costs may not exceed the usual level of charges for similar alterations and modifications in the locality where the expense is incurred. The alterations to the insured person's residence and the modifications to his or her motor vehicle must be
Covered Home Alteration and Vehicle Modification Expenses do not include any expenses for or resulting from any condition for which the insured person is entitled to benefits under any Workers' Compensation Act or similar law. |