Life & Disability Insurance

LIFE & DISABILITY INSURANCE

Life Insurance:

Group life insurance is a foundation stone of any employee benefit program. The Group Insurance Trust together with The Hartford offers banks an attractively priced and carefully designed program with special features for MBA members. The outline below highlights standard features and plan options available to participating banks.

What Types of Coverage Are Offered?

• Basic Life (employer paid) in Multiples of One to Two Times Salary
• Basic Retiree Life (employer paid) in Optional Amounts of 25% of Pre-retirement Salary, $10,000, or $5,000
• Voluntary Life (employee paid) in increments of $10,000 to $1,000,000 Maximum
• Dependent Life in Optional Amounts:  Spouse -5,000 increments or 25% of an Employee's Basic/Voluntary Coverage, to a Maximum of $250,000.  Child - $2,500 per child

Who Is Eligible?

• All active full-time employees regularly scheduled for 30 or more hours per week.

Benefit Highlights:

• High Guaranteed Issue Limits: Newly eligible employees can be enrolled for up to $250,000 without a medical exam in one or two times pay plans.
• Maximum Coverage (with medical evidence of insurability): $600,000 Basic; $1,000,000 Voluntary.
• Waiver of Premium for Permanently and Totally Disabled Employees under Age 60
• Accelerated Death Payment Option for Terminally Ill Employees

Disability Insurance:

Group long-term and short-term disability insurance from The Hartford replaces income lost as a result of serious illness or injury. Long-term disability insurance is an essential component of banking industry compensation packages. Insured short-term disability (or sick pay) plans are growing in popularity as management of employee absences becomes more difficult under state and federal regulation. The outline below highlights standard features and plan options available to participating banks.

What Types of Coverage Are Offered?

• Supplemental Executive Disability covering salary in excess of group disability maximum
• Short-term Disability covering sick leave beginning as early as the seventh day of illness

Who Is Eligible?

• All active full-time employees regularly scheduled for 30 or more hours per week.

Benefit Highlights

• Income replace at 60% 
• Monthly maximum benefits up to $10,000
• Multiple definitions of disability (can be varied by employment classification)
• Case management services (from report of disability)

Hospital Indemnity Plans:  Why is it Valuable?

• Provides cash benefits for each day an employee is confined in a hospital for a covered illness or injury.
• Benefits can help offset expenses such as deductibles, co-insurance amounts or co-pays.
• Can be used for non-medical expenses such as housing costs, groceries, care expenses, etc.

Standard Hospital Indemnity Benefits:

• Hospital Indemnity insurance provides a competitive range of first day confinement and daily confinement benefit amounts as part of a The Hartford’s base plan: