(224) 770−5305

BENEFITS & COSTS

IBEW Local 177

Summary of Benefits & Costs

These coverages are guaranteed approved for all actively working/dues paying Members of IBEW Local 177. No medical tests, questions, or underwriting.

For quick and easy enrollment, call Cornerstone at (224) 770−5305 (M-F 8am-5pm CST)

Short-Term Disability (STD)

  • STD Option A pays a flat weekly benefit of $250 or $500 for up to 24 weeks
    • Pays on day 15 for injury or illness
  • STD Option B pays a weekly benefit of 66.67% of pre-disability earnings for up to 24 weeks
    • Pays on day 8 for injury or illness
  • Covers off the job disabilities resulting from injury or illness
  • Benefits paid are tax free
  • Pre-existing conditions are covered after 12 months
STD Option A: flat weekly benefit
Age $250 Weekly Benefit $500 Weekly Benefit
<30 $17.58 $32.15
30-34 $18.93 $34.85
35-39 $20.28 $37.55
40-44 $22.95 $42.90
45-49 $27.80 $52.60
50-54 $33.90 $64.80
55-59 $41.85 $80.70
60-64 $45.85 $88.70
65-69 $60.38 $117.75
STD Option B: pays 66.67% Of pre-disability earnings
Salary Benefit Monthly Premium
$40,000 $512.85 $49.64
$50,000 $641.06 $62.05
$60,000 $769.27 $74.47
$70,000 $897.48 $86.88
$78,000 $1,000.05 $96.80

Long-Term Disability (LTD)

  • Pays after 180 day waiting period (starts when STD ends)
  • LTD Option A pays a flat $2,000 monthly benefit for up to 2 years
  • LTD Option B pays a monthly benefit of 60% of your pre-disability earnings for up to 5 years
  • Pre-existing conditions are covered after 12 months
  • Covers on and off the job disabilities resulting from injury or illness
  • Benefits paid are tax free
LTD Option A – Pays a Flat Monthly Benefit of $2,000 for up to 2 Years
Salary Benefit Age <30 Age 30-34 Age 35-39 Age 40-44 Age 45-49 Age 50-54 Age 55-59 Age 60-64 Age 65-69
$40K+ $2,000 $5.24 $6.34 $6.94 $9.66 $13.96 $17.76 $28.36 $31.80 $73.87
LTD Option B – Pays 60% of your earnings for up to 5 Years
Annual Earnings Max Monthly Benefit Age <30 Age 30-34 Age 35-39 Age 40-44 Age 45-49 Age 50-54 Age 55-59 Age 60-64 Age 65-69
$40,000 $2,000 $3.43 $5.33 $7.73 $13.87 $23.40 $33.33 $51.07 $53.00 $75.47
$50,000 $2,500 $4.29 $6.67 $9.67 $17.33 $29.25 $41.67 $63.83 $66.25 $94.33
$60,000 $3,000 $5.15 $8.00 $11.60 $20.80 $35.10 $50.00 $76.60 $79.50 $113.20
$70,000 $3,500 $6.01 $9.33 $13.53 $24.27 $40.95 $58.33 $89.37 $92.75 $132.07
$80,000 $4,000 $6.87 $10.67 $15.47 $27.73 $46.80 $66.67 $102.13 $106.00 $150.93

Life and Accidental Death & Dismemberment (AD&D)

  • Guaranteed approved coverage for Member, spouse, and 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 either $10,000 or $20,000 for themselves
    • Spousal and child coverage is available when Member life coverage is elected
  • Spousal coverage is either $5,000 or $10,000, not to exceed 50% of Member election
  • Child(ren) eligible for a flat $10,000 of coverage – All eligible children are covered for $6.70 per month
  • Life coverage is convertible & portable

Please Note: Life/AD&D guaranteed amounts may be lower or not offered at future open enrollments for those Members that do not enroll initially

Life and AD&D Benefit and Monthly Premium
Benefit Age <30 Age 30-34 Age 35-39 Age 40-44 Age 45-49 Age 50-54 Age 55-59 Age 60-64 Age 65-69
Member Monthly Premium
$10,000 $1.15 $1.25 $1.57 $2.18 $3.24 $5.17 $8.18 $10.76 $16.59
$20,000 $2.30 $2.50 $3.14 $4.36 $6.48 $10.34 $16.36 $21.52 $33.18
Spouse Monthly Premium: Can’t exceed 50% of Member’s Life election
$5,000 $0.35 $0.40 $0.56 $0.87 $1.40 $2.36 $3.87 $5.16 $8.07
$10,000 $0.70 $0.80 $1.12 $1.73 $2.79 $4.72 $7.73 $10.31 $16.14
Child(ren)/Dependent(s) Monthly Premium
$10,000 All children are covered at one cost of $6.70
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 IBEW 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.

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Enrollment Ends 11/19/2021
Coverage Begins 12/1/2021