The Whole Life Insurance plan option is available to HQ-based staff whose Group Life Insurance coverage decreases due to ending employment. The staff can purchase a Whole Life policy from Prudential Life Insurance for the amount of the coverage loss if eligible. Generally speaking, the following categories of terminations are eligible for Whole Life Conversion:
- Staff who immediately draw a pension following termination
- Staff who terminate from disability, extended sick leave, or special leave for reasons of ill health
All other terminated staff are eligible for Prudential's Portability Plan.
Action by Staff
Inform HR Operations of your plan to terminate your employment with the Bank via email. You will receive a personalized Form F00017.
Complete the Retiree Group Term Life Election Form F00017 and indicate your interest in receiving the Whole Life Conversion letter as part of ending employment processing.
Action by HR Operations
Provide the personalized Whole Life Conversion Certificate which confirms the coverage amount you can elect.
Action by Staff
Discuss Whole Life options with Prudential using contact information provided on the Whole Life Conversion Certificate.
Whole Life policy rates vary enormously with gender, age, health characteristics, and other factors; thus, we cannot show Whole Life premium rates here. If you are interested in more information including premium ranges, contact Mr. Bernie Steinharter, Prudential Insurance Company, (410) 580-1900. Mr. Steinharter's fax is (410) 580-1969. You may also contact Eli Benzev at (410) 404-9178 or Prudential’s Life Conversion Group at (877) 889-2070.
Initiate Whole Life Conversion within 31 days of end of employment.
Applications made after 31 days are not accepted. This step is completed between you and Prudential directly.