Financial
LIFE, ACCIDENT
& DISABILITY
INSURANCE
It’s important to plan for your family’s financial security in case the unexpected happens.
LIFE AND AD&D INSURANCE OVERVIEW
To help protect the financial well-being of your loved ones, East West Bank provides basic life insurance and accidental death and dismemberment (AD&D) insurance at no cost to you, along with the opportunity to purchase supplemental coverage.
Life And AD&D Insurance Plans
BASIC LIFE AND AD&D INSURANCE
East West Bank provides basic life and AD&D insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the Bank and coverage is automatic — you do not need to enroll.
Benefits are equal to:
• Basic life insurance: One times annual earnings, up to $50,000
• Basic AD&D insurance: One times annual earnings, up to $50,000 (full benefit for loss of life; other losses may be partially covered)
*Note:
① Benefits reduce to 65% of the original amount at age 65 and 50% of the original amount at age 70.
② Benefits reduce to 65% of the original amount at age 65 but less than 70, and 50% of the original amount at age 70 or over.
What is AD&D insurance?
Should you lose your life, sight, hearing, speech, or use of your limb(s) in an covered accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
VOLUNTARY LIFE AND AD&D INSURANCE
If you want more financial protection beyond the basic coverage that East West Bank provides, you can buy supplemental life and AD&D insurance for yourself and your family members. You can enroll through UKG as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through New York Life. You must purchase coverage for yourself in order to purchase it for your dependents.
For you
You may elect supplemental life and/or AD&D coverage for yourself in the following amounts:
Voluntary employee life
in $10,000 increments, up to 5 times your salary or $1 million (whichever is less).
Voluntary employee life
in $25,000 increments, up to $500,000. Amounts in excess of $250,000 may not exceed 10 times your salary.
For your spouse
You may elect life and/or AD&D insurance for your spouse or domestic partner in the following amounts:
Spouse life
in $5,000 increments, up to $500,000 or 100% of associate‘s coverage amount (whichever is less).
Spouse AD&D
50% of associate’s amount if no dependent children; 40% if one or more dependent children, up to $250,000.
For your children
Child life
You may elect child life insurance in a flat coverage amount of $10,000 per child.
Child AD&D
5% of associate’s amount if spouse or domestic partner is insured; 10% if no spouse or domestic partner is insured, up $25,000.
A benefit of $5,000 will be paid to dependant child’s Section 529 Education Contribution Plan when benefits are payable on the death of an associate or associate’s spouse.
*Note:
① Benefits reduce to 65% of the original amount at age 65 and 50% of the original amount at age 70.
② Benefits reduce to 65% of the original amount at age 65 but less than 70, and 50% of the original amount at age 70 or over.
DISABILITY OVERVIEW
The loss of income due to illness or injury can cause serious financial hardship for your family. Disability insurance provided through New York Life, replaces a portion of your income to help you continue paying your bills and meeting your financial obligations during this difficult time.
Your disability benefits will be coordinated with any other disability income received due to the same or related disabling condition, including available state disability benefits, Social Security disability benefits, or Workers’ Compensation.
Disability Insurance Plans
SHORT-TERM DISABILITY(Non-CA associates)
Coverage is automatic and at no cost to you.
Benefits begin after 7 days of disability.
Pays 60% of your salary, up to a maximum of $1,620 per week.
Pay 60% of your salary, up to a maximum of $1,620 per week up to 52 weeks.
SHORT-TERM
DISABILITY (CA
associates)
Auto enroll in the EWB CA VDI Plan unless you opt for the CA SDI Plan.
Benefits begin after 7 days of disability.
Pay 60% of your salary, up to a maximum of $1,620 per week up to 52 weeks.
BASIC LONG-TERM DISABILITY
Coverage is automatic and at no cost to you.
Benefits begin after you have been disabled for 90 days.
Pays 60% of your salary, up to a maximum of $8,000 per month.
This is the basic Long-term disability plan for all associates, excluding associates who are First Vice President and above. Long-term disability benefit is subject to Age Reductions Rule.