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 for associates — at no cost to you — along with the opportunity to purchase supplemental coverage. In addition, you have the protection of company-paid business travel accident insurance.
Life and AD&D insurance plans
Basic life and AD&D insurance
East West Bank provides company-paid associate life insurance coverage of a specific amount that lasts throughout your employment.
Voluntary life and AD&D insurance
If you want additional coverage, you can buy voluntary life and AD&D insurance for yourself and your family.
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
2Benefits reduce to 65% of the original amount at age 70; to 45% of the original amount at age 75; to 30% of the original amount at age 80; to 20% of the original amount at age 85; and to 10% of the original amount at age 90.
What is AD&D insurance?
Should you lose your life, sight, hearing, speech, or use of your limb(s) in an 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 on the UKG website 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).1
- Voluntary employee AD&D – in $25,000 increments, up to $500,000. Amounts in excess of $250,000 may not exceed 10 times your salary.2
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).1
- Spouse AD&D – 40% of associate amount or 50% if no 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 amount or 10% if no spouse, up to $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.
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 70; to 45% of the original amount at age 75; to 30% of the original amount at age 80; to 20% of the original amount at age 85; and to 10% of the original amount at age 90.
Special enrollment opportunity
You have the opportunity to provide additional financial protection for yourself and your family by electing additional life coverage. During Open Enrollment, you can elect voluntary life coverage for yourself up to $250,000 and for your spouse up to $50,000 without completing a medical questionnaire!
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
East West Bank provides company-paid coverage that pays you a disability benefit for up to 12 weeks.
Long-term disability
Long-term coverage protects you from the financial impact of an extended disability.
Note for CA associates: You are covered by State Disability Insurance (SDI). For more information, visit edd.ca.gov. East West Bank pays the full cost of Short-Term Disability for non-CA associates, and Long-Term Disability for all associates.
Short-Term Disability
- Coverage is automatic and company-paid; no need to enroll.
- Benefits begin after 7 days of disability.
- Pays 60% of your salary, up to a maximum of $1,620 per week.
- Benefits end after 12 weeks.
Basic Long-Term Disability
- Coverage is automatic and company-paid; no need to enroll.
- Benefits begin after you have been disabled for 90 days.
- Pays 60% of your salary, up to a maximum of $8,000 per month.