Eligibility: Staff on regular, open, term, or executive director (ED) appointments.
You may purchase Optional Group Life Insurance of up to five times net annual salary at your expense. This raises total Group Life Insurance coverage (Basic plus Staff Retirement Plan plus Optional) to a maximum of eight times annual net salary.
- Each coverage level is based on net salary per annum, rounded up to the nearest $1,000.
- A staff member earning at least $65,050 with Basic coverage of one times salary, coverage under the Staff Retirement Plan (SRP) of two times salary, and Optional coverage of one times salary, has $66,000 per level of coverage. Basic coverage and coverage under the SRP totals to $198,000 (= $66,000 x 3) plus Optional coverage of $66,000. Total coverage is $264,000. Refer to the table below:
Basic Life coverage equal to one times net salary, rounded up
SRP coverage equal to two times net salary
Optional Life coverage equal to one times net salary, rounded up
Total value of coverage
- For active staff of age 65-69, coverage is 65 percent of what is normally calculated. For retiree staff of age 70 or older, coverage is 50 percent of what is normally calculated.
As this Group Life Insurance program is optional, you pay 100 percent of the premium for the additional insurance (which increases with age and salary).
- Staff have Basic coverage of one times annual net salary, and thus can purchase up to five times annual net salary in Optional Group Life Insurance.
Enrollment in Optional Group Life Insurance may be made without proving evidence of good health only if:
- the election is made within 60 days of entry on duty, or
- HR Operations is notified within 60 days of a life event (birth, death of dependent, divorce, marriage, legal adoption, establishment of a domestic partnership, dissolution of a domestic partnership). This allows staff to increase their Optional Group Life Insurance coverage by one times their annual net salary, subject to a maximum combined Basic plus Optional coverage of six times net annual salary.
If you wish to establish or increase your Optional Group Life Insurance coverage in any other circumstance, you must go through Late Enrollment and provide evidence of good health satisfactory to our insurer. The World Bank Group cannot and will not intervene on late enrollment decisions.
You may reduce or cancel your Optional Group Life coverage at any time through myHR Self-Service. You will not be allowed to increase it later without going through Late Enrollment unless you have a life event, in which case you may increase coverage by one times annual net salary within 60 days, as described above.
Termination and immediate reappointment under a different appointment type, where both the old and new appointment types are eligible for Optional Group Life Insurance, does not afford you a new opportunity to increase Optional Life Insurance coverage.
Staff may also choose to supplement their World Bank Group paid basic life insurance benefit with the Bank Group optional insurance or with policies that are readily available in the U.S. Insurance market - You can shop for alternatives via the web-based search insurance search engines like Insure.com.
Below are country office (CO) and HQ specific links: