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.
Model : "stack"
Position : "left"
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 |