Financial Protection Benefits
Santander provides financial protection for you and your family in the event of death, accidental loss or extended illness or injury. Santander provides some coverage at no cost to you (core), and offers you an opportunity to purchase additional coverage levels (supplemental).
Smart Consumer Tips! • Visit Benefit Scout’s calculator tool to estimate how much life insurance you may need. Santander Consumer employees go to LifeBenefits.com/SantanderConsumer. All other employees can reach Benefit Scout at LifeBenefits.com/Santander.
• Be sure to designate a beneficiary for life insurance, AD&D insurance and BTA insurance by logging in to SanBenefits and choosing “Add or Update Your Beneficiary.”
Reduction Rules
Beginning at age 65, core life, core AD&D, supplemental life, supplemental AD&D, and spouse life coverage reduces to a percentage of the amount in effect prior to age 65: to 67 percent at age 65, and to 50 percent at age 70.
Life Insurance
Core Life
Santander automatically provides Core Life Insurance coverage to eligible employees, equal to two times benefits pay, up to a $1 million maximum. The cost of coverage in excess of $50,000 is subject to imputed income, which means it will be treated as taxable income that’s subject to applicable tax withholding, per IRS regulations.
Supplemental Life
You can elect to purchase Supplemental Life Insurance through Santander’s life insurance carrier for yourself and your eligible dependents through after-tax deductions.
If you elect to enroll in or make changes to Supplemental Life Insurance coverage for yourself or your spouse/domestic partner, you may need to provide Evidence of Insurability (EOI). Your Supplemental Life Insurance election will not become effective until Securian approves your EOI request. All employees can newly elect or increase their supplemental life coverage by up to five $10,000 increments (not to exceed the guaranteed issue limit of the lesser of 5x your annual salary or $500,000) without needing to submit EOI. Your election will be automatically approved.
Accidental Death and Dismemberment (AD&D)
Core AD&D
Santander automatically provides Core AD&D Insurance coverage to eligible employees, equal to two times benefits pay, up to a $1 million maximum.
Supplemental AD&D
You can elect to purchase Supplemental AD&D Insurance through Santander’s AD&D carrier, for yourself and your eligible dependents through after-tax deductions.
Business Travel Accident (BTA) Insurance, Core
This benefit is provided to you automatically by Santander and covers you, your spouse and dependent child(ren) while you’re traveling on company business. The death benefit is dependent on an employee’s job grade and salary, up to a maximum of $5 million. Spouses and dependents traveling with the employee are entitled to $100,000.
Disability
Short-Term Disability (STD), Core Santander automatically provides eligible employees with short-term disability coverage, which provides financial protection if you’re unable to work as a result of an accidental injury or an illness. You become eligible for STD coverage upon hire. Any employee eligible for STD must contact Sedgwick to start a claim if they will be out of the office for 5 or more business days due to medical reasons. If you apply and are approved for short-term disability benefits, you’ll receive a portion of your pay for up to six months during your disability leave. Note: Absences from work due to pregnancy, pregnancy complications and/or the purpose of giving birth are covered under the STD plan.
Long-Term Disability (LTD), Core Santander automatically provides eligible employees with long-term disability coverage, which provides financial protection in the event you become disabled and are unable to work for more than 180 days. You become eligible for LTD coverage upon hire. If you apply and are approved for LTD benefits, you’ll receive 60% of benefits pay up to a maximum monthly benefit of $20,000.
Long-Term Disability (LTD), Supplemental You can increase your LTD benefit by purchasing an additional 6% of coverage, for a total of 66% of benefits pay. If you elect to purchase Supplemental LTD coverage, you’ll pay for the coverage on an after-tax basis (maximum monthly benefit is $22,000). If you elect this coverage after you are first eligible, you will be required to provide evidence of insurability (proof of good health). Note: Your request for Supplemental LTD must be approved (where applicable) and in effect prior to the beginning of an STD leave in order to receive the additional buy-up pay during your LTD leave. If you are on an STD leave currently, or anticipate being on STD in the future, consider how the buy-up will apply to your leave prior to making this election so you’re not paying for a benefit that you may not be able to use.
Leave of Absence and Disability Provider Sedgwick administers Santander's leave of absence and disability programs. If you'd like more information about any of Santander's programs, please reach out to Sedgwick and a representative can walk you through details and how to apply. To contact Sedgwick, call (866) 455-0866; visit www.mysedgwick.com/sanloa; or click the Sedgwick single sign-on link from the SanBenefits home page.
This site describes certain Santander benefit plans and policies. Your eligibility for and entitlement to a benefit mentioned herein are governed by the terms of the official plan document or policy. Santander reserves the right to amend or terminate its plans and policies in full or in part at any time for any reason. In the event of a conflict between this site and the official plan document or policy, the official plan document or policy will control. Your employment is at will.