Suntrust's Free Life Insurance Offer: What You Need To Know

SunTrust Banks, now known as Truist Financial Corporation, is the result of the merger of three companies: Trust Company of Georgia, Sun Bank, and The Robinson-Humphrey Company. SunTrust offers a range of financial services, including consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products. While the specific details of SunTrust's life insurance offerings are not publicly available, former employees have stated that the company provided free life insurance equivalent to 1X the salary of the employee, which could help cover burial costs. Additionally, Truist Life Insurance Services, a part of Truist Insurance Holdings, offers various insurance products, including life insurance, long-term care, and disability coverage.

SunTrust is now part of Truist Financial Corporation

SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary. SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C. The bank's primary businesses included deposits, lending, credit cards, and trust and investment services.

On February 7, 2019, SunTrust Banks announced its pending purchase by BB&T for $28 billion in an all-stock deal. The merger between BB&T and SunTrust closed on December 6, 2019, forming Truist Financial Corporation. The merged company is headquartered in Charlotte, North Carolina, and retains significant operations in Atlanta and Winston-Salem.

Truist Financial Corporation operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. As of August 2023, it is the 9th largest bank in the United States with $514 billion in assets.

The merger between BB&T and SunTrust created the sixth-largest U.S. bank holding company with 275 years of combined history and a culture serving clients and communities in high-growth markets. The enhanced scale and financial strength of Truist will accelerate investment in transformative technology to embrace disruption and create a more distinctive client experience.

Truist offers life insurance to its US-based employees

Truist, the bank holding company formed in 2019 as a result of the merger of BB&T and SunTrust Banks, offers life insurance to its US-based employees. SunTrust, now part of Truist, previously offered free life insurance to its US-based employees, equivalent to 1X their salary. This was considered a good benefit by employees, as it could help cover burial costs. However, some employees also commented that the insurance was expensive.

Truist Insurance Holdings, the insurance division of Truist, has been an important area of growth for the company. In 2020, it accounted for 10% of Truist's revenue, and the company aims to increase this to 14-15% in the future. Truist Insurance Holdings has completed several acquisitions to expand its insurance business, including the purchase of Kensington Vanguard National Land Services (KV) in March 2022, adding to its title insurance business.

In addition to life insurance, Truist offers a range of other insurance products, including property and casualty insurance, disability income protection, long-term care insurance, and accidental death and dismemberment insurance. The company also provides insurance for homes, vehicles, pets, and jewellery.

Life insurance is free for 1x salary of the employee

SunTrust Banks, now known as Truist Financial Corporation after a merger with BB&T (Branch Banking and Trust Company) in 2019, offers free life insurance for 1x the salary of the employee. This benefit is available to US-based employees, but not to contractors.

The life insurance benefit is part of a suite of insurance products offered by SunTrust, including accidental death and dismemberment insurance, disability insurance, and health savings and flexible spending accounts.

SunTrust's life insurance offering is considered to be at par with the industry standard. One employee review states that the benefit is "good and generous to at least help with covering burial costs for most employees."

As one of the largest banks in the United States, SunTrust, now Truist, offers a range of consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

Life insurance is not offered to contractors

SunTrust Banks is a financial institution that was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. The company offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

SunTrust offers life insurance to its US-based employees. However, this benefit is not offered to contractors. Life insurance plans are standard and available to those who qualify. The cost of the insurance is free for 1x the salary of the employee, which can help cover burial costs.

SunTrust's life insurance offering is in line with industry standards and can be considered a generous benefit for employees.

SunTrust offers standard plans for those who qualify

SunTrust Banks, now known as Truist Financial Corporation after a merger with BB&T (Branch Banking and Trust Company) in 2019, offers standard life insurance plans for those who qualify. The company is an American bank holding company headquartered in Charlotte, North Carolina, and is currently the ninth-largest bank in the United States by assets.

The life insurance benefit offered by SunTrust is available to US-based employees. According to reviews, the plan is free for one times the salary of the employee, which can help cover burial costs. However, some employees have commented that the plan is expensive. Additionally, it is not offered to contractors.

SunTrust's life insurance plan is in line with industry standards and is comparable to benefits offered by other financial institutions such as Bank of America, Wells Fargo, and PNC Financial Services Group. The company's insurance division has grown significantly over the years, contributing to a portion of the company's revenue.

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