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Financial

LIFE, ACCIDENT & DISABILITY INSURANCE

Financial

LIFE, ACCIDENT

& DISABILITY

INSURANCE

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

Be sure to name a beneficiary

It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, take the time to keep that information up to date. To designate or update a beneficiary, please go to UKG (Menu > Manage My Benefits > Profile > My Beneficiaries).

Be sure to name a beneficiary

It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, take the time to keep that information up to date. To designate or update a beneficiary, please go to UKG (Menu > Manage My Benefits > Profile > My Beneficiaries).

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 $50,000¹
• Basic AD&D insurance: One times annual earnings, up to $50,000 (full benefit for loss of life; other losses may be partially covered)²

*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

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.

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.

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.

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

Note

The EWB CA VDI Plan and CA SDI Plan are paid for in part through payroll deduction. The Bank pays the full cost of Short-term disability for Non-CA associates, and Long-term disability for all associates.

Note

The EWB CA VDI Plan and CA SDI Plan are paid for in part through payroll deduction. The Bank pays the full cost of Short-term disability for Non-CA associates, and Long-term disability for all associates.

SHORT-TERM DISABILITY(Non-CA associates)

Bank-paid benefit 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.

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

Bank-paid benefit 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.