Summary
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.
Step | Action |
Action by Staff | |
01 | Inform HR Operations of your plan to terminate your employment with the Bank via email. You will receive a personalized Form F00017. |
02 | 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 | |
03 | Provide the personalized Whole Life Conversion Certificate which confirms the coverage amount you can elect. |
Action by Staff | |
04 | Discuss Whole Life options with Prudential using contact information provided on the Whole Life Conversion Certificate. Note: 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. |
05 | Initiate Whole Life Conversion within 31 days of end of employment. Time: Applications made after 31 days are not accepted. This step is completed between you and Prudential directly. |