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Life & Disability

Basic Life / AD&D

Apple Bank provides you with Basic Term Life and AD&D Insurance. The amount of coverage increases the longer you are with the Bank.

Time of Service Coverage
First of the month following your date of hire 1x salary, up to $250,000
2 years 2x salary, up to $250,000
3+ years 3x salary, up to $250,000

While you will automatically be enrolled in this coverage, you will need to complete a beneficiary designation. It is important to periodically review who you have listed as your beneficiary and make updates as needed.

Voluntary Life / AD&D Overview

You have the option to supplement your company-paid coverage by purchasing additional life insurance for yourself, your spouse and your children. You are required to purchase coverage for yourself in order to enroll your family members.

  • If you choose amounts above the guaranteed issue amounts, you will need to provide Evidence of Insurability (EOI) or proof of good health.
  • You pay the full cost of this coverage on an after-tax basis. The cost varies depending on your age and the amount of coverage you choose.

This chart shows the coverage amounts you can choose, or log in to Workday to see your premiums based on the coverage level you would like to elect.

Voluntary Life Employee Spouse Children
Benefit Amount Increments of $10,000, up to $750,000 Increments of $10,000, up to $500,000 Flat $10,000 for all eligible children
Guaranteed Issue Amount $300,000 $50,000 $10,000

Note: For certain levels of coverage, you will be required to complete an Evidence of Insurability form (EOI form).

Voluntary Life Insurance Rate Table
Employee & Spouse
Age Monthly Premium Rate per $1,000 Semi-Monthly Premium Rate per $1,000
<25 $0.050 $0.025
25-29 $0.060 $0.030
30-34 $0.080 $0.040
35-39 $0.090 $0.045
40-44 $0.137 $0.069
45-49 $0.232 $0.116
50-54 $0.397 $0.199
55-59 $0.660 $0.330
60-64 $0.873 $0.437
65-69 $1.310 $0.655
70+ $2.633 $1.317
Voluntary Child Life $0.174 $0.087
For example: a 45-year old with $100,000 of coverage would pay $23.20 per month or $11.60 per semi-monthly pay period.

You can also purchase voluntary AD&D coverage for yourself and your family. You pay the full cost, and the premium is based on the coverage amount you select and whether you choose individual or family coverage. Evidence of Insurability (EOI) is not required to enroll in the Voluntary AD&D plan.

If you elect to enroll in voluntary AD&D, you will receive a benefit in the event of your death, dismemberment, loss of sight, loss of hearing or paralysis as the result of an accident. Death benefits from this plan are paid in addition to your benefits from the Voluntary Life Insurance Plan. Evidence of Insurability is not required to add or increase voluntary AD&D.

Voluntary AD&D is available for you, or for you and your family for an additional cost:

  • Monthly premium rate: $.020 per $1,000 of coverage, in $10,000 increments
  • Minimum benefit coverage: $10,000
  • Maximum Benefit Coverage: $500,000 (10x Employees Earnings for Amounts above $250,000)

How AD&D Benefits are Paid
Voluntary AD&D
Loss Benefit
Loss of Life Full benefit amount
Loss of two or more members* Full benefit amount
Quadriplegia Full benefit amount
Speech and hearing Full benefit amount
Loss of three limbs 75% of benefit amount
Loss of one member* 50% of benefit amount
Speech or hearing 50% of benefit amount
Thumb and index finger of one hand 25% of benefit amount
* Member is defined as a hand, foot, hearing, sight of one eye.

Disability Benefits Overview

Disability pays a benefit to you if you are unable to work due to a non-work-related injury or illness.

Short-Term Disability: After at least one month of service at Apple Bank, the Bank provides you with Short-Term Disability protection. Long-Term Disability: After one year of service, the Bank provides you with Long-Term Disability protection.
Plan Features Short-Term Disability* Long-Term Disability
Eligibility 4 weeks of service First of the month following 1 year of continuous employment
When Benefits Begin 7 days after illness or accident 180 days
When Benefits End 26 weeks or until you are certified to return to work When you are approved to return to work or normal Social Security retirement age
Benefits Paid You receive 50% of your pay, up to a maximum benefit of $170 per week You receive 60% of your pay, up to a maximum benefit of $12,500 per month
Who Pays Company Company
Taxable Benefit Yes Yes
* The benefit listed references NY and any other non-statutory state.
In addition to statutory New York State disability benefits, the Bank offers additional wage continuation for those eligible. Contact benefits@applebank.com with any questions.

REVIEW YOUR BENEFICIARIES!
Remember to review and select your beneficiaries in Workday for all Life/AD&D coverage.
WHEN IS EVIDENCE OF INSURABILITY (EOI) REQUIRED?
VOLUNTARY LIFE
New Hires: If you choose amounts above the guaranteed issue amounts, you will need to provide Evidence of Insurability (EOI) or proof of good health.
During Open Enrollment: If you have previously declined coverage and would like to add coverage during an annual open enrollment period, you will need to provide EOI for any amount elected. New child coverage elections are always guaranteed issue at each year’s open enrollment.
VOLUNTARY AD&D
Voluntary AD&D does not require Evidence of Insurability (EOI).
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