Life and disability insurance
1
Or current compensation
2
Or current compensation prior to the date your LTD benefit payments begin
3
Annual base pay + eligible bonus (or ABBR)
4
While the combined maximum of $360,000 applies to all long-term disability coverage, you may be able to obtain some tax advantages by purchasing additional long-term disability coverage. Please consult your accountant or tax advisor to understand how this could impact your situation.
Life and disability insurance can provide income protection for you and your family.
Core coverage: BankofAmerica provides these insurance benefits automatically at no cost to you.
Associate life insurance Short-term disability insurance Long-term disability insurance Business travel accident insurance
What it is
Company-paid associate life insurance
provided by MetLife
Short-term disability benefits for up to
26 weeks from the date of your disability
after you’ve worked one continuous year
Long-term disability benefits if you are
unable to work for an extended period of
time due to a qualifying disability as a
result of a medical condition or illness, or
as a result of an accidental injury
Financial protection in the event
of a serious, covered accidental
injury or death that occurs
while traveling on business for
the bank
Financial protection covering
family members who travel
with you on an authorized trip
or relocation
What it
could provide
Annual base pay or Annual Benefits
Base Rate (ABBR) x 1
(or the option of $50,000, if your annual
base pay or ABBR is greater than $50,000,
to avoid imputed income tax), up to a
maximum of $2 million
100% weekly base pay
1
(or ABBR)
(weeks 2–9)
70% weekly base pay
1
(or ABBR)
(up to an additional 17 weeks)
50% weekly base pay
2
(or ABBR)
for full-time employees
Part-time employees may purchase
LTD coverage during Annual
Benefits Enrollment.
Annual base pay x 5
up to a maximum of $3 million
$150,000 spouse or partner
$50,000 each child
Supplemental coverage: Active employees can elect to purchase these additional insurance benefits during Annual Benefits Enrollment.
Associate life insurance Dependent life insurance Long-term disability insurance
Accidental death &
dismemberment insurance
Family accidental death &
dismemberment insurance
What it is
Supplemental life insurance coverage
paid on a post-tax basis. A statement of
health may be required.
Assists with expenses if your spouse,
partner or child dies. You’ll choose your
coverage level when you enroll. Paid on
a post-tax basis. A statement of health
may be required.
Additional long-term disability coverage
on top of the bank-provided coverage —
up to a combined maximum of $360,000
a year.
4
Paid on a post-tax basis.
Additional financial protection in
the event of a serious accidental
injury or death. Paid on a pretax
basis.
Financial protection in the event of
your spouse, partner or child’s
serious accidental injury or death.
Paid on a pretax basis. Must have
employee AD&D coverage to elect.
What it
could provide
Eligible compensation
3
x 1–8
up to a maximum of $3 million
$10,000 – $150,000 spouse or partner
$5,000 – $25,000 each child
60% annual base pay
2
(or ABBR)
60% eligible compensation
3
50% annual base pay
2
for part-time employees
Eligible compensation
3
x 1–8
up to a maximum of $3 million
60% of your coverage amount
spouse or partner up to $600,000
20% of your coverage amount
each child up to $50,000
