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World Bank Retiree Life Insurance for CO Staff

Retiree Life Insurance is offered to country office (CO) staff who retire from active service with the World Bank Group and immediately draw a pension.

A staff member is ineligible and cannot join the program if s/he:

  • does not draw a pension immediately upon termination of active employment.
  • qualified for the Retiree Life Insurance program before his/her last day of active service but did not elect to participate in the program.

For eligible staff, these conditions apply:

  • The election for this program must be received by HR Operations on or before the last day of active service.
    • If a staff member defers his/her pension, s/he cannot enroll in Retiree Life Insurance when his/her pension payments commence. Those who defer their pension are eligible for Life Insurance Portability Plan for CO Staff upon Termination of Employment except on the basis of disability or ill health.
  • The 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 the Insurance Company: Cigna
    • Policy Owner: World Bank Group
    • Policy Number: 910.M52
  • Retiree Life Insurance proceeds are payable to whomever is named as a staff member's beneficiary. S/he may change beneficiaries at any time. The most recent beneficiary form on file at the Bank Group on the date of his/her death is considered his/her final designation and will be used by Cigna to process a claim. Legal challenges to beneficiary designations are the responsibility of Cigna and the Bank Group may not intervene.
  • Coverage for CO Retiree Life Insurance is as follows:
    • Standard coverage option - 150 percent of the retiree's final net annual salary. Coverage reduces each year after age 67.

For more information on coverage, including reduction factors by age effective January 1, 2019, see the Retiree Life Insurance Coverage table below.

Age of Retiree

Coverage Reduction Factor (% of initial coverage amount)

Example: Standard Option on final net salary (in USD) of $50,000

50-66

1

$75,000

67

0.92

$69,000

68

0.85

$63,750

69

0.78

$58,500

70

0.71

$53,250

71

0.65

$48,750

72

0.6

$45,000

73

0.55

$41,250

74

0.5

$37,500

75

0.46

$34,500

76

0.42

$31,500

77

0.39

$29,250

78

0.36

$27,000

79

0.33

$24,750

80 or older

Flat Benefit, premium recalculated at age 75

$5,000

For premium information, refer to Life Insurance Premiums for CO Staff.

Note:

In case of conflict between this guidance and the applicable staff rule, the staff rule prevails.