¶¹ÄÌÊÓƵAPP Group's life insurance provider, , offers HQ-based staff who are not eligible for Retiree Life Insurance upon termination of employment, the option of enrolling in the Prudential Portability Plan.
- You are eligible for Portability if you are:
- under 80 years of age.
- not drawing an immediate pension upon termination of employment.
- actively at work on your last day of employment (i.e., not on disability or sick leave).
- You may also apply for coverage for your spouse/domestic partner (DP) if s/he is under 80 years of age and dependent children if they are under 23 years of age. This is provided you were enrolled in the ¶¹ÄÌÊÓƵAPP Group's Optional Dependent Group Life Insurance and you elect portable coverage on your Basic or Optional Life plan.
- Your dependent coverage limit is $50,000 for your spouse/DP, and $10,000 for each eligible dependent child. Your spouse/DP and eligible children would need to complete Prudential's Evidence of Insurability (EOI) process if you are increasing coverage compared to the coverage you had under Optional Dependent Group Life.
- Portability rates are less favorable than ¶¹ÄÌÊÓƵAPP Group life insurance rates, but typically better than what is commonly available in the U.S. insurance market. However, you are encouraged to examine all of your alternatives.
- Your are based on your age. There are two premium structures: a preferred rate if you pass Prudential's EOI process; and a standard rate if you either do not submit an EOI application or do not pass the EOI.
- Your coverage with Prudential remains in effect until you reach 80 years of age or cease premium payments to Prudential, whichever comes first. The ¶¹ÄÌÊÓƵAPP Group is not involved with the administration of Prudential's Portability Plan and cannot intervene on your behalf in any manner.
- You may apply for Portability coverage equal to the lowest of these three amounts:
- Six times your net annual salary. For staff paid gross, we compute net salary for purposes of Portability by multiplying your gross salary by 75 percent.
- Your Basic plus any Optional Group Life Insurance coverage you received as an employee, plus one times your net annual salary. To determine your current coverage, you can access .
- $1 million.
- See . You may also contact Prudential Portability at: The Prudential Insurance Company of America, Group Life Record Keeping, P.O. Box 13676, Philadelphia, PA 19101, USA, 1-800-778-3827.
- For information on other life insurance products that are not affiliated with the ¶¹ÄÌÊÓƵAPP Group, visit .
Enrollment:
- You must have a termination personnel action processed in before you can complete your application to Prudential. Your application will also require a signed letter from HR Operations which you will receive as a part of HR's ending employment processing.
- Enroll with Prudential Portability after ending employment with the ¶¹ÄÌÊÓƵAPP Group.