Basic and Optional Life Insurance

Benefits

Family under umbrella at beach

The right amount of life insurance coverage can provide financial security for you and your family. Regions provides benefits-eligible associates with a basic life benefit of the lesser of two times your benefits-eligible compensation (BEC) or $1,000,000 at no cost to you. You may also elect Optional Life Insurance coverage for yourself, your spouse and/or your children.

Associates

Coverage for you is available in multiples of your BEC — one to five times — up to the maximum benefit. When increasing your coverage, you will receive a notification in your Workday inbox to submit evidence of insurability. Rates are based on your age and whether you use tobacco. To elect the lower, non-tobacco-user rates, you must not have used any tobacco products or e-cigarettes during the previous 12 months.

Spouse and Children

You may also elect life insurance coverage for your spouse and children*. The minimum amount of coverage for your spouse is $25,000, and the maximum is $200,000. The cost of your spouse’s coverage is based on your spouse’s age, the amount of coverage requested and whether your spouse uses tobacco or e-cigarettes. When increasing your coverage, you will receive a notification in your Workday inbox to submit evidence of insurability. The amount of coverage available for each of your children is $12,500. See Associate Contributions for rates.

To be eligible for Optional Life Insurance, your spouse or eligible dependent children* cannot be hospitalized or receiving home treatment for a life-threatening illness on your effective date.

If your spouse or child is also a Regions associate, purchasing life insurance for them as a dependent (double coverage) is not allowed. If you add them as a dependent to your coverage, you will be charged payroll deductions, but the policy will not pay in the event of their death.

How much life insurance do you need?

Use the Life Insurance Calculator to find out. For more plan information, please see the Life Insurance Summary Plan Description (SPD).

*Your eligible children to age 26

Need Help?

Contact the HR Connect Team at 1-877-562-8383