Summary: Retiree Life Insurance is offered to HQ-based staff who retire from active service in the World Bank and immediately draw a pension. If you do not draw a pension immediately upon termination of active employment, or if you qualified for Retiree Life prior to your last day of active service but you did not elect to participate in the Retiree Life Insurance program when you retired, you are ineligible and cannot join the program.
- The election for this program must be received by the Human Resources Service Center on or before the last day of active service.
- If a staff member defers his or her pension, he or she cannot enroll in Retiree Life Insurance when his/her pension payments commence. Deferees are normally eligible for Life Insurance Portability Plan for HQ Staff Upon Retirement upon Termination of Employment except disability/ill health cases.
- Anyone who enrolls in the Retiree Group Life Insurance plan can convert any differences in coverage between the active staff Group Life Insurance plan and the Retiree Group Life Insurance plan to a Whole Life Insurance Plan for HQ Staff upon Ending Employment directly with Prudential, as long as the application is made within 31 calendar days of the last day of service.
- Your ending employment package from the HR Service Center will contain an application. Retirees aged 62 to 75 may also convert annual coverage reductions as long as the application is made within 31 calendar days following their 62nd through 75th birthday. (Prior to age 62 and after age 75, there is no annual reduction in coverage.)
- The World Bank Group's Life Insurance Program is a Term Insurance and therefore has no cash or annuity value.
- Information regarding the World Bank'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
- Retiree Life Insurance proceeds are payable to whomever is named as your beneficiary. You may change beneficiaries any time. The latest beneficiary form received from you is used to process a claim.
- There are two coverage options for Retiree Life Insurance:
- Standard coverage option that is based on 75% of the retiree's final net annual salary;
- High coverage option based on 150% of the retiree's final net annual salary.
- Staff who had Optional Group Life Insurance upon retirement are eligible for the high option.
- Staff who only have Basic life insurance can only enroll in standard Retiree Life Insurance.
- Once you are enrolled in a retiree life insurance coverage level (standard or high option), you cannot increase your option. You may withdraw or reduce coverage from High to Standard at any time but you can never increase back to High Option.
- 'You may withdraw from the program at any time but you can never reenter after withdrawal.
- Retiree Life Insurance Calculator (18 Kb)
This calculator will help you determine your options and costs of Retiree Group Life Insurance coverage. Your final annual net salary is the only input to the spreadsheet. The spreadsheet calculates both the standard and high options. To determine the initial coverage amount:
- Compute the initial (prior to age 62) High Option amount as 150 percent of final net salary, with the result rounded down to the next lower 1,000;
- The Standard Option coverage amount, would be one-half of the High Option coverage amount at all ages.
- Premiums and coverage under either option:
- Premiums and coverage remain constant until the retiree reaches age 62;
- From age 62 to 75, the premium remains constant but the coverage amount decreases;
- At age 75, the premium drops, and the coverage amount becomes fixed at $5,000 for the standard option and $10,000 for the high option;
Reduction Factor (% of initial coverage)
|61 or younger||100%|
- The following rates apply per month to Retiree Group Life Insurance and are subject to change:
before age 75: $0.241 per $1,000 of initial coverage
after age 75: standard option ($5,000 coverage): $1.21
after age 75: high option ($10,000 coverage): $2.42
For more information on coverage including a table of reduction factors by age, see Retiree Life Insurance Coverage table below.
Age of Retiree
Coverage Reduction Factor (%age of initial coverage amount)
Example: Standard Option on final net salary of $108,500 premium of $19.52 per month
Example: High Option on final net salary of $108,500 premiumof $39.04 per month
75 or older
0.00 + minimum payout
($5,000 for standard coverage, $10,000 for high coverage)
(premium changes to $1.88/month)
(premium changes to $3.75/month)