Life Insurance

Enrol

You may elect this coverage during initial enrolment, open enrolment or when updating your benefit choices as a result of an eligible life event. If you do not select an option, you will default to Option 3. When a life event changes your needs for benefit coverage, you have 60 days from the date of the event to make updates to your benefits choices. Eligible life events include:

  • Marriage or entering into a common-law relationship
  • Divorce, separation or the end of a common-law relationship
  • Birth or adoption of a child
  • Loss of a child's status as a dependent (marriage, age limit, leaves school)
  • Change in your child’s eligibility that allows coverage under the program
  • Your spouse gains or loses a benefit
  • Death of a spouse or dependent child

Open enrolment is your annual opportunity to update your coverage under the flexible benefits program for the upcoming year. Any changes you made during last open enrolment come into effect on January 1 of the following year and will remain in place until you update coverage during the next open enrolment, in October and November of that year, or as a result of an eligible life event.

Basic Life Insurance

Have peace of mind knowing that in the event of your death, this plan pays a benefit to one or more named beneficiaries, or to your estate. A minimum of $25,000 of employee basic life insurance is mandatory. If you do not make a choice, you will receive the default coverage which is Option 3 (three times annual salary, $80,000 minimum). Coverage begins automatically upon meeting eligibility requirements.

Coverage Options

There are three levels of basic life insurance you can choose from. The Flexible Benefits Guide (PDF, 3.1MB) is where you will find coverage and pricing information. If you wish to elect additional optional employee life insurance, you must choose Option 3 of employee basic life insurance.

Additional Features of the Plan

Read the Flexible Benefits Guide for details on these features of the plan:

  • Advanced payment for terminally ill employees
  • Funeral advance to the named beneficiary
  • Accidental dismemberment and loss of sight
  • Conversion to an individual policy

Designating a Beneficiary for Your Life Insurance

Choosing to nominate a beneficiary versus nominating your estate as beneficiary is a personal decision and is based on each individual's unique circumstances. Here is what you need to be aware of so you can make the best decision for you:

  • If you nominate one or more beneficiaries, they have the ability to request a funeral advance, if required. When paid to beneficiaries, the benefit payment is not subject to tax and payment occurs relatively quickly
  • If you nominate your estate, there is no ability for anyone to receive a funeral advance and the benefit payment become part of the proceeds of your estate. As such, the benefit payment is subject to probate, and can be used to pay outstanding debts, taxes and other estate costs. It generally takes longer for the benefit to be paid out through the estate

Please complete a Group Life Beneficiary Designation (PDF, 270KB) to let your wishes be known. If you do not complete a Beneficiary Designation Form, the benefit payment will be made to your estate in the event of your death.

Read the Flexible Benefits Guide (PDF, 3.1MB) for more information.

Optional Life Insurance for Employee, Spouse and/or Dependent Children

To purchase optional employee life insurance, you must choose Option 3 of employee basic life insurance.

During initial enrolment, you have the option to elect up to $50,000 of optional employee and/or optional spouse life insurance without having to provide evidence of good health to the insurance company. Should you wish to increase your or your spouse’s life insurance coverage at any other time, you will need to provide evidence of insurability and your application is subject to approval by the insurance carrier. You also have the option of choosing optional life insurance for your dependent children during any enrolment event.

Designated Beneficiary

In the event of your death, the designated beneficiary for this benefit payment is the same as your basic life insurance, unless otherwise specified. In the event of your spouse or child’s death, you are the beneficiary. 

Coverage Available & Rates

Please see the Flexible Benefits Program: Your Choices at a Glance 2017 (PDF, 250KB) for premium information about employee basic life insurance, Optional Accidental Death and Dismemberment Insurance and Optional Family Funeral Benefit.

Premiums for Optional Employee and Optional Spouse Life Insurance depend on age, gender and smoking status. See the Optional Employee (XLS, 41KB) and Optional Spouse (XLS, 41KB) Life Insurance rates.

Waiver of Premium Benefit on Optional Life Insurance

If you become disabled while insured, the insurance carrier will review whether you are eligible for a premium waiver on the optional life insurance for yourself and your covered dependents throughout the benefit period. Please note that it is subject to the notice of claim provision. A waiver of premium disability period is the waiting period plus the benefit period.

Optional Family Funeral Benefit

In the event of your spouse or child's death, this optional insurance pays a benefit that may help ease any financials concerns you have during this time.

Optional Accidental Death & Dismemberment

Optional accidental death and dismemberment insurance pays a benefit if you die as a result of an accident, or ­suffer a qualifying injury in an accident. This benefit does not provide coverage due to illness. Evidence of insurability is not required.