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Basic Group Term Life Insurance for Open, Term, Regular Staff, and Executive Directors in Headquarters

Eligibility: HQ-based appointments (regular, open, term, executive director appointments, alternates and senior advisors, advisor to executive directors). 

  • Effective January 1, 2015, staff receive basic life insurance coverage in the event of their death equal to: 

  • one times net annual salary for those who participate in the net pension plan (generally those who joined the Staff Retirement Plan on or after April 15, 1998). A separate amount equal to two times net annual salary will be paid through the Staff Retirement Plan (SRP) in the event of death. 

  • one times net annual salary for those who participate in the old gross pension plan (generally those who joined the SRP on or before April 14, 1998). 

  • Enrollment in basic coverage is automatic and effective from the first day of employment:  

  • For active staff at age 67-69, coverage is 65 percent of what is normally calculated. 

  • For active staff at age 70 or older, coverage is 50 percent of what is normally calculated. 

  • In the event of a claim, insurance proceeds are paid based on beneficiaries as specified by staff. Beneficiaries receiving claims are eligible for no cost, objective financial planning guidance through FinancialPoint® if they meet the eligibility criteria. 

  • Eligible staff who are terminally ill may, under certain conditions, receive some of the life insurance proceeds prior to death under the Living Benefit Option. For more information, contact HRDCB. The Living Benefit Option is not available for the Optional Dependent Group Life Insurance program. 

  • The World Bank Group's Life Insurance program is a term insurance and therefore has no cash or annuity value. 

  • Information regarding the Bank Group's Life Insurance policy: 

  • Name of Insurance Company: Prudential 

  • Address: c/o World Bank Group 

  • Policy Owner: World Bank Group (It is a Group Term Life Insurance policy purchased by the Bank Group for eligible staff) 

  • Policy Number: 28919 

  • Staff and retirees may assign ownership of their life insurance policies to another individual or trustee. 

  • Many staff supplement their Bank Group Life Insurance with additional policies readily available in the U.S. insurance market. You can shop around quickly via web-based insurance search engines like Quotesmith.com

  • For premium information, refer to Life Insurance Premiums HQ - Effective January 1, 2015. 

Basic Group Term Life Insurance for ETC/ETT Staff 
  • Extended-term consultant/extended-term temporary (ETC/ETT) staff receive a World Bank Group-paid life insurance benefit of one times net salary or net equivalent salary if the staff member is paid gross. 
  • Eligible staff are automatically enrolled in basic coverage on their first day of employment.