Citibank's Life Insurance Offer: What You Need To Know

Citibank, one of the leading banks in the world, offers a range of financial products and services to its customers. While it is known for its banking services, individuals often wonder if Citibank offers life insurance as well. Citibank does not offer life insurance as a product to its customers. However, it provides comprehensive life insurance benefits to its employees, including basic life insurance and accidental death and dismemberment (AD&D) insurance. Citibank also previously owned Primerica, a company that offers term life insurance, but has since divested from it. Additionally, Citibank's Zero Fee Bank Account holding customers in Hungary receive free accidental life insurance, with coverage linked to their previous month's total relationship balance.

Citibank offers group life insurance to its employees

Citibank's group life insurance is provided through MetLife and offers several benefits. Employees can enrol in Group Universal Life (GUL) insurance, which allows coverage of one to ten times their benefits-eligible pay, up to a maximum of $500,000 or $5 million. The cost of coverage is based on the chosen coverage amount, the employee's age, and tobacco use within the past 12 months. Employees can also participate in the Cash Accumulation Fund (CAF) when they enrol in GUL coverage, allowing them to save money with a guaranteed minimum interest rate of 4% on a tax-deferred basis.

Citibank's life insurance offerings also extend to spouses/partners and eligible children. Spouse/Partner Life Insurance is available in increments of $10,000 up to a maximum of $100,000. Employees can enrol their spouses/partners without needing to purchase GUL insurance for themselves. Similarly, Child Life Insurance is available in increments of $5,000, ranging from $5,000 to $20,000, for eligible dependent children. Coverage for children typically ends when they reach the age of 26 or when the employee loses eligibility.

In addition to the basic life insurance offerings, Citibank provides Basic Accidental Death & Dismemberment (AD&D) insurance through MetLife. This coverage is provided at no cost to employees if their benefits-eligible pay is less than $200,000 per year. The benefit amount is equal to the employee's benefits-eligible pay, rounded up to the nearest $1,000, with a maximum of $200,000. Employees can also purchase Supplemental AD&D insurance for themselves and their families.

Citibank does not offer a life insurance product

Citibank's focus remains on providing a range of banking and financial products, and life insurance is not currently among them. While Citibank does not offer life insurance to its customers, it does provide a variety of other financial services, including consumer banking, credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. The company serves approximately 200 million customer accounts in more than 160 countries.

Citibank's employees can benefit from the basic life insurance coverage provided by the company, which serves as a safety net for their families in the event of an unexpected death. This coverage is offered in conjunction with MetLife and is available to those with benefits-eligible pay below a certain threshold. It is important to note that once an employee's benefits-eligible pay reaches or exceeds $200,000, they are no longer eligible for company-paid basic life insurance.

In addition to the basic life insurance offered by Citibank, employees also have the option to purchase additional coverage through the Group Universal Life (GUL) insurance plan provided by MetLife. This plan allows employees to enrol in coverage amounts ranging from one to ten times their benefits-eligible pay, with a maximum benefit of $500,000 or $5 million, depending on the circumstances. The cost of this additional coverage is based on factors such as the employee's age, their benefits-eligible pay, and whether they have used tobacco products in the past year.

While Citibank does not offer life insurance as a product to its customers, it demonstrates a commitment to the well-being of its employees by providing basic life insurance coverage and the option to purchase additional protection through the GUL plan. This ensures that employees can have peace of mind regarding their financial security and the future of their loved ones.

Citibank's Zero Fee Bank Account holding customers receive free accidental life insurance

Citibank offers free accidental life insurance to its Zero Fee Bank Account holders in Hungary. This insurance covers customers in the event of accidental death, with the benefit amount ranging from a minimum of HUF150,000 to a maximum of HUF5 million. The benefit amount is determined by the customer's previous month's total relationship balance with Citibank. This insurance offering is provided in partnership with Aegon Hungary Insurance Company and is automatically included for all new and existing Zero Fee Bank Account holders.

Citibank's Zero Fee Bank Account has consistently been recognized for its excellence, voted #1 in the 2010 MasterCard Bank of the Year competition for three consecutive years. In addition to the free accidental life insurance, the account offers unlimited free local currency transactions and a free debit card with four supplementary cards. Citibank's commitment to innovation and enhancing its customers' lives is evident through this insurance offering, which provides added value and peace of mind to its Zero Fee Bank Account holders in Hungary.

While Citibank does not offer life insurance as a product to its customers, it does provide various insurance benefits to its employees. Citibank offers basic life insurance and basic accidental death and dismemberment (AD&D) insurance to its employees through MetLife. The benefit amount is equal to the employee's benefits-eligible pay, rounded up to the nearest $1,000, with a maximum of $200,000. However, employees with an annual benefits-eligible pay of $200,000 or more are not eligible for company-paid basic life insurance and basic AD&D insurance.

In addition to the basic coverage, Citibank employees can enroll in Group Universal Life (GUL) insurance, also provided by MetLife. The GUL insurance allows employees to elect coverage ranging from one to ten times their benefits-eligible pay, with a maximum of $500,000 or $5 million. Employees can also participate in the Cash Accumulation Fund (CAF) by enrolling in GUL coverage, which offers a guaranteed minimum interest rate of 4% on a tax-deferred basis. Overall, Citibank's insurance offerings for its employees provide valuable financial protection and peace of mind.

Citibank's Basic Life Insurance is provided by MetLife

Citibank, one of the leading banks in the world, does not offer life insurance as a product. However, the company does provide group life insurance to its employees, covering one times their annual salary unless they purchase more.

MetLife also offers Basic Accidental Death and Dismemberment (AD&D) insurance to Citibank employees. Similar to the Basic Life Insurance, this coverage is provided at no cost if the employee's benefits-eligible pay is less than $200,000 per year, and the benefit amount is equal to their benefits-eligible pay rounded up to the nearest $1,000, with a maximum of $200,000. This insurance provides financial protection in the event of an accidental injury resulting in death or dismemberment.

In addition to the basic coverage options, Citibank employees can also enroll in Group Universal Life (GUL) insurance through MetLife. This coverage allows employees to select a benefit amount ranging from one to ten times their benefits-eligible pay, up to a maximum of $5 million. The cost of this coverage depends on the chosen coverage amount, the employee's age, and tobacco usage within the past 12 months.

The Group Universal Life coverage offered by MetLife also includes the option to participate in the Cash Accumulation Fund (CAF). This fund allows employees to save money and earn a guaranteed minimum interest rate of 4% on a tax-deferred basis. Contributions are deducted directly from the employee's pay, and they can adjust the contribution amount at any time. It is important to note that the Internal Revenue Code determines the annual maximum contribution based on factors such as coverage amount, age, and other factors.

While Citibank does not offer life insurance as a product to its customers, it demonstrates a commitment to its employees by providing access to comprehensive life insurance options through MetLife. These insurance plans offer financial security and peace of mind, ensuring that employees and their families are protected in the event of unforeseen circumstances.

Citibank employees can purchase life insurance for their spouse/partner and eligible children

Citibank employees are offered a comprehensive benefits package, which includes the option to purchase life insurance for their spouse/partner and eligible children. This is in addition to the Basic Life Insurance that Citibank provides to its employees through MetLife at no cost, as long as their benefits-eligible pay is less than $200,000 per year. The benefit amount is equal to the employee's benefits-eligible pay, rounded up to the nearest $1,000, with a maximum of $200,000.

The Group Universal Life (GUL) insurance, also provided by MetLife, can be used to insure an employee's spouse/partner and eligible children. Employees can enrol their spouse/partner for GUL coverage in increments of $10,000, up to a maximum of $100,000. Within 31 days of their initial eligibility, employees can enrol for up to $30,000 of spouse/partner GUL coverage without the spouse/partner having to provide evidence of insurability. After this period, the spouse/partner must provide evidence of insurability for any amount of coverage. The cost of this coverage is based on the amount of coverage, the age of the spouse/partner, and whether they have used tobacco products in the past 12 months.

Eligible dependent children can be enrolled for life insurance from $5,000 to $20,000, in $5,000 increments. Employees can enrol their eligible children at any time without evidence of insurability, and coverage generally ends when the child reaches the age of 26 or when the employee loses eligibility for coverage.

Citibank employees can also purchase Supplemental Accidental Death & Dismemberment (AD&D) insurance for themselves, their spouse/partner, and eligible children through MetLife. This coverage can be anywhere from one to 10 times the employee's benefits-eligible pay (capped at $500,000) up to a maximum coverage amount of $5 million. The cost of this coverage is also based on the amount of coverage elected.

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