Life Insurance

Life Insurance

Life and Accidental Death and Dismemberment (AD&D) insurance helps provide financial security to you and your loved ones in the case of unforeseen events.

Term Life Insurance

Truist provides basic Term Life Insurance coverage equal to your Benefits Annual Rate (BAR) at no cost to you up to a maximum of $1,000,000. You can also choose an additional one to eight times your benefits base salary in supplemental Term Life Insurance coverage. Combined basic and supplemental life insurance cannot exceed $4,000,000.

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Once you select a level of coverage when you initially enroll, you may increase your coverage at the rate of one level per year during annual benefits enrollment (provided you are actively employed). If you cancel or decrease your coverage, you will be limited to one level of increase during next year's annual benefits enrollment.

The maximum coverage available (basic plus supplemental) is $4,000,000.

Calculating BAR

Regular pay (annualized) as of September 30

+

Eligible cash bonuses, compensation, incentives, overtime, and premium pay from October 1 - September 30

=

BAR DisclosureCalculating BAR 1

For new hires, your BAR is your base pay alone. 

Evidence of insurability

If you elect supplemental Term Life Insurance coverage greater than $750,000, you must complete an evidence of insurability form in Workday. You'll need to provide evidence of good health and insurability the first time you elect supplemental term life insurance coverage greater than $750,000 and any time you increase your coverage above $750,000.

Term life insurance example

The term life insurance program provides basic coverage, as well as the option to elect various amounts of supplemental coverage. Here's how it works for a teammate with a $25,000 BAR:

Supplemental Term Life Insurance Amount of Supplemental Coverage Amount of Basic Coverage 1 x Benefits Annual Rate Total Life Insurance Coverage
No Additional Coverage $0 $25,000 $25,000
1 x Benefits Annual Rate $25,000 $25,000 $50,000
2 x Benefits Annual Rate $50,000 $25,000 $75,000
3 x Benefits Annual Rate $75,000 $25,000 $100,000
4 x Benefits Annual Rate $100,000 $25,000 $125,000
5 x Benefits Annual Rate $125,000 $25,000 $150,000
6 x Benefits Annual Rate $150,000 $25,000 $175,000
7 x Benefits Annual Rate $175,000 $25,000 $200,000
8 x Benefits Annual Rate $200,000 $25,000 $225,000

Dependent life insurance

The dependent life insurance program allows you to elect coverage for your spouse/domestic partner and/or dependent children. You may elect coverage for your spouse in $10,000 increments up to $300,000 or 50% of your combined basic and supplemental life—whichever is less. In addition, you may select from coverage levels of $7,500, $10,000, or $15,000 for eligible dependent children.

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Dependent life insurance premiums are paid on an after-tax basis so the benefits received from the program aren't taxable to you. You are the beneficiary of all dependent life insurance coverage. Your dependent children are eligible from birth until the end of the month in which they reach age 26.

If you elect dependent life insurance coverage for your domestic partner or spouse greater than $100,000, you must provide our insurance carrier, The Hartford, with evidence of good health and insurability before coverage greater than $100,000 can become effective.

Accidental death & dismemberment insurance

Accidental death and dismemberment insurance provides coverage in addition to term life insurance and dependent life insurance. The death benefit is paid to your designated beneficiary or beneficiaries if you die as the result of an accident. A percentage of the total benefit amount is paid to you if you suffer certain dismembering injuries, such as the loss of an arm, leg, hand, foot, or sight.

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You also may elect AD&D insurance for your family. Their coverage amount depends on the amount you elect for yourself. You are the beneficiary for dependent coverage.2

Premiums

You may elect AD&D insurance in increments from 1 to 10 times your Benefits Annual Rate (BAR) up to a maximum coverage amount of $1,000,000, whichever is lower.

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1 For active regular full-time or part-time exempt teammates

Your Benefits Annual Rate (BAR) equals your annual base pay as of Sept. 30, plus other cash payments received during the 12 months ending Sept. 30. 

Cash payments include bonuses, incentives, overtime, and commissions. Cash payments don't  include equity (stock options, RSUs, etc.). A complete listing of payment types included in BAR is maintained by Payroll.

In the case of teammates in highly-incented positions (where more than 50% of compensation is expected to come from other than Base Salary), a special recalculation of BAR may be required. 

If a highly-incented participant becomes eligible for a benefit (life or disability insurance) and less than 12 months of compensation history was included the last BAR calculation, BAR will be recalculated at the time of death or disability to determine the appropriate BAR by looking at actual earnings.   

Except as stated above, BAR is recalculated at Sept. 30 each year.

 

2 The principal sum applicable to you is the amount for which:

  a) You are eligible to request as determined below;

  b) You have given us a written request; and

  c) the required premium is paid.

Principal sum amount: 1, 2, 3, 4, 5, 6, 7, 8, 9, or 10 times earnings, subject to a maximum amount of $1,000,000 principal sum for each of your eligible dependents.

The principal sum that applies to each person covered under the policy as your dependent, on the date of accident, is determined by multiplying your principal sum by the percentage determined below:

Dependent child(ren) only 0%

Dependent child(ren) only 0%

  Spouse Each dependent child
Spouse only 60% 0%
Spouse and dependent child(ren) 50% 15%
Dependent child(ren) only 0% 20%

Principal sum for any one child cannot exceed the lesser of the amount calculated above or $50,000.

No personal or confidential teammate information is contained within Benefits.Truist.com.

Information contained within Benefits.Truist.com applies to eligible teammates residing in the United States, unless otherwise specified.

Not all subsidiaries and affiliates of Truist participate in the benefit programs and policies presented within Benefits.Truist.com.

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