Life, Accidental Death and Dismemberment (AD&D), and Disability insurance, through Sun Life, provide financial security to you and your family if you become seriously injured or pass away.
Providing economic security for your family if you pass away, become disabled, or experience an injury or illness is a major consideration in personal financial planning. As an employee, you automatically receive Basic Life and AD&D coverage equal to your base salary, up to a maximum of $500,000. This coverage is provided at no cost to you. This benefit reduces when you turn 70, and again at age 75.
You may choose anyone to be the beneficiary of your Life and AD&D policy in the event of your death or serious injury. Review your beneficiary designation periodically to ensure it reflects your current wishes. You may change your beneficiary anytime in Workday, or by contacting the benefits team at askpnc@wilburellis.com.
Supplemental Life offers additional coverage at discounted rates. The chart describes the amounts of coverage you can buy for yourself, your spouse, and your child(ren).
| Benefit Features | Supplemental Life Options* | ||
|---|---|---|---|
| Employee | Spouse | Dependent Child(ren) (up to age 26) |
|
| Coverage Options | 1x, 2x, 3x, or 4x your annual salary | $5,000 increments | Birth – 6 months: $1,000 Above 6 months: $5,000, $12,500, or $25,000 (cannot exceed employee coverage) |
| Maximum | $1,300,000** | $125,000 (cannot exceed employee coverage) |
|
| Guaranteed Issue Amount | 4x your annual salary | $125,000 | |
| Guaranteed Issue Period | Within 30 days of hire | ||
*Evidence of Insurability (EOI) may be required.
**Includes Basic Life amount.
Note: This benefit reduces once you turn 70, and again when you turn 75.
Supplemental AD&D insurance may be purchased for yourself at 1x, 2x, 3x, or 4x your annual earnings up to a maximum of $1,300,000, including your Basic AD&D coverage amount. This coverage is not available to your spouse or other dependents.
The Short-Term Disability (STD) coverage provides income replacement if you are sick or injured and need time off work to recover. The STD plan provides 60% of your weekly salary, to a maximum of $2,300 per week for up to 180 days of a disability. Benefits begin on the 14th day you miss work because of an accident or illness. Wilbur-Ellis covers the cost of this benefit for you.
Long-Term Disability (LTD) coverage is important because anyone at any age may become injured or ill for an extended duration. LTD protects you from loss of income in the event you are unable to work due to an illness, injury, or accident for a period of time that exceeds the short-term disability benefit. You are automatically covered under the LTD plan at no cost to you.
LTD coverage will replace 60% of your base salary to a monthly maximum of $10,000 if you are disabled for more than 180 days and are unable to work. LTD benefits are offset by other sources of income, such as Social Security and workers’ compensation.
