The World Bank Group's life insurance provider, Prudential Insurance Company, offers HQ-based staff who are not eligible for Retiree Life Insurance upon termination of employment, the option of enrolling in the Prudential Portability Plan.
- You are eligible for Portability if you are:
- under 80 years of age.
- not drawing an immediate pension upon termination of employment.
- actively at work on your last day of employment (i.e., not on disability or sick leave).
- You may also apply for coverage for your spouse/domestic partner (DP) if s/he is under 80 years of age and dependent children if they are under 23 years of age. This is provided you were enrolled in the Bank Group's Optional Dependent Group Life Insurance and you elect portable coverage on your Basic or Optional Life plan.
- Your dependent coverage limit is $50,000 for your spouse/DP, and $10,000 for each eligible dependent child. Your spouse/DP and eligible children would need to complete Prudential's Evidence of Insurability (EOI) process if you are increasing coverage compared to the coverage you had under Optional Dependent Group Life.
- Portability rates are less favorable than Bank Group life insurance rates, but typically better than what is commonly available in the U.S. insurance market. However, you are encouraged to examine all of your alternatives.
- Your premiums are based on your age. There are two premium structures: a preferred rate if you pass Prudential's EOI process; and a standard rate if you either do not submit an EOI application or do not pass the EOI.
- Your coverage with Prudential remains in effect until you reach 80 years of age or cease premium payments to Prudential, whichever comes first. The Bank Group is not involved with the administration of Prudential's Portability Plan and cannot intervene on your behalf in any manner.
- You may apply for Portability coverage equal to the lowest of these three amounts:
- Six times your net annual salary. For staff paid gross, we compute net salary for purposes of Portability by multiplying your gross salary by 75 percent.
- Your Basic plus any Optional Group Life Insurance coverage you received as an employee, plus one times your net annual salary. To determine your current coverage, you can access myHR Self-Service.
- $1 million.
- See Portability: Taking Your Life Insurance With You. You may also contact Prudential Portability at: The Prudential Insurance Company of America, Group Life Record Keeping, P.O. Box 13676, Philadelphia, PA 19101, USA, 1-800-778-3827.
- For information on other life insurance products that are not affiliated with the Bank Group, visit www.insure.com.
- You must have a termination personnel action processed in myHR Self-Service before you can complete your application to Prudential. Your application will also require a signed letter from HR Operations which you will receive as a part of HR's ending employment processing.
- Enroll with Prudential Portability after ending employment with the Bank Group.