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).
Life Insurance
Core
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
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 (proof of good health). Your Supplemental Life Insurance change(s) will not become effective until Securian approves the evidence of insurability.
Accidental Death and Dismemberment (AD&D)
Core
Santander automatically provides Core AD&D Insurance coverage to eligible employees, equal to two times benefits pay, up to a $1 million maximum.
Supplemental
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 BTA death benefit is equal to four times benefits pay, up to a maximum of $2.5 million.
Smart Consumer Tips! • Visit Benefit Scout’s website and use Benefit Scout’s calculator tool to estimate how much life insurance you may need. • 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.”
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 in 2021. 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 in 2021. 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 2/3% of coverage, for a total of 66 2/3% 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).
Benefits pay is your base salary excluding bonus, overtime and incentive pay. If you are paid on a commission basis, your eligible pay is calculated in accordance with the Commission Benefits Pay Policy.
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.