HQ-based staff on regular, open, term, and executive director appointments are eligible for Optional Group Term Life Insurance or Optional Dependents’ Group Term Life Insurance.
Examples of life events are:
The same applies for the enrollment in or increase of Optional Dependent Life Insurance.
Subsequent occurrence of life events, for example, death of dependent, do not create a new enrollment opportunity if the staff member had not enrolled the dependent prior to the new event.
Marriage to the already enrolled domestic partner (DP) create a new enrollment opportunity to enroll in or increase Optional Dependent Life Insurance. This option is offered only for the first time when the DP is registered.
It is considered a new life event only when an existing DP is dissolved and a new DP is registered.
Termination and immediate re-appointment under a different appointment type, where both the old and new appointment types are eligible for Optional Group Life Insurance, do not afford the staff member a new opportunity to increase optional life insurance coverage.
Action by Staff
For New Staff:
a. Attend the New Staff Group Orientation Session and receive a personalized form to be filled out.
b. Send completed form to HR Operations.
For Existing Staff:
a. Use Employee Self-Service (only available on Bank's intranet) to submit a request to decrease optional group term life or optional dependent group term life insurance. To enroll in or increase coverage, contact HR Operations with the request.
To enroll / increase coverage after 60 days of entry on duty, staff must go through the Late Enrollment Process.
Action by HR
Send a confirmation email to the staff member.
Action by Staff
Check enrollment status in myHR Self-Service.
The request is generally processed within five business days by HR Operations from the date of receipt of the request.