BENEFITS & COSTS
IBEW Local 295
Summary of Benefits & Costs
Coverages are guaranteed approved for all actively working/dues paying Members of IBEW Local 295.
For quick and easy enrollment, call Cornerstone at (224) 770−5305 (Mon-Fri 8am-5 pm CST)
Short-Term Disability (STD)
- Choose a flat weekly benefit of either $250 or $500
- Benefit pays for up to 24 weeks
- Pays on day 15 for injury or illness
- Pre-existing conditions are covered after 12 months
- Covers off the job disabilities resulting from injury or illness
- Stackable with other benefits up to 100% of pre-disability earnings
- Benefits paid are tax-free
SHORT-TERM DISABILITY MONTHLY PREMIUMS
| Weekly Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 | |
| $250 | $19.08 | $21.55 | $28.10 | $42.15 | $59.28 | |
| $500 | $35.35 | $40.25 | $53.25 | $81.30 | $115.55 | |
Long-Term Disability (LTD)
- Pays after 180 day waiting period (starts when STD ends)
- Choose a flat monthly benefit of either $1,000 or $2,000
- Pre-existing conditions are covered after 12 months
- Coverage is 24/7 on and off the job for disabilities resulting from injury or illness
- Offset by other benefits
- Benefits paid are tax-free
LONG-TERM DISABILITY MONTHLY PREMIUMS*
| Monthly Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 | |
| $1,000 | $5.37 | $7.28 | $14.19 | $27.33 | $46.94 | |
| $2,000 | $7.46 | $12.38 | $28.86 | $64.40 | $95.78 | |
*Pays a flat monthly benefit for up to 5 Years unless salary is below $40K. Cannot exceed 70% of pre-disability earnings.
Life and Accidental Death & Dismemberment (AD&D)
Please note that Life/AD&D guaranteed amounts may be lower or not offered at future open enrollments for Members who do not enroll initially
- Guaranteed coverage for Member/spouse/children—no pre-existing condition limitations
- All Life coverage includes an equal amount of AD&D
- If death is caused by an accident the benefit doubles
- Members can elect $10,000. (Spousal and child coverage available if Member life coverage is elected)
- Spousal coverage can be elected for $5,000, not to exceed 50% of Member election
- Children eligible for a flat $10,000 of coverage. One fee of $2.50 covers all dependents.
- Life coverage is convertible & portable
- Coverage is 24/7 on and off the job
LIFE AND AD&D BENEFITS & MONTHLY PREMIUMS
Member (Elected in increments of $10,000)
| Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 | |
| $10,000 | $3.43 | $3.66 | $5.14 | $9.88 | $21.05 | |
Spouse (Elected in increments of $5,000. Based on Member age. Not to exceed 50% of Member’s Life election)
| Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 | |
| $5,000 | $2.72 | $2.83 | $3.57 | $5.94 | $11.53 | |
Child(ren)
| Benefit | Age < 30 | Age 30 – 39 | Age 40 – 49 | Age 50 – 59 | Age 60 – 69 | |
| $10,000 | All children/dependents are covered at one cost of $2.50 | |||||
Call (224) 770−5305 to get premiums not listed above.
IMPORTANT NOTE:
If you leave the union or retire it is your responsibility to contact our office immediately at (847) 387−3555. Failure to do so within 30 days will forfeit your ability to keep coverage and receive any premium refunds. Premium is determined by your age on the coverage effective date, and will increase on the next policy anniversary date after you enter the next age band. Benefit effective dates are subject to change. The union does not make any endorsement or recommendations regarding these benefits. This program is voluntary and it is solely the Members’ decision to enroll. This is a basic summary of benefits and makes no guarantee or warranty on the processing of claims. Other limitations may apply. It is recommended that each enrolled Member obtain a copy and read the entire policy booklet. All non-banking administrative and transaction fees are included in the enclosed premiums.
Time Left to Enroll
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Enrollment Ends 4/15/2022
Coverage Begins 5/1/2022
(224) 770−5305