Skip directly to: Site Navigation, Section Navigation.
Employee term life insurance is a big part of a group plan. Benefits can range from one to five times salary, or can be based on a flat amount. There are some attractive features including generous amounts available without medical evidence. Optional life insurance is available for employees and their spouses for groups of 20 plus lives.
| Term Life Insurance | |
|---|---|
| Minimum Amount | $10,000 |
| Maximum Amount | $500,000 |
| Formula | Flat amount or one to five times salary |
| Reduction | 50% at age 65 |
| Termination | Age 71 |
| Grandfathering | With approval |
| Optional Life | Units of $10,000 to $200,000 |
Dependant life insurance is available for spousal and child coverage.
| Dependant Life Benefits | |
|---|---|
| Spouse Amount | Units of $5,000 to $25,000 |
| Child Amount | 50% of spouse amount |
| Child Coverage Starts | 15th day from birth or from live birth |
Accidental Death and Dismemberment benefits (AD&D) is a portion of the employee term life insurance amount. The AD&D benefit includes a surgical reattachment benefit and repatriation of remains in the event of death.
| Accidental Death & Dismemberment Benefits | |
|---|---|
| Benefit Amount | A portion of employee term life amount |
| Benefit for Successful Reattachment | 50% of dismemberment benefit |
| Repatriation Provision | Provided if greater than 150 km from home |
| Loss of Use Provision | Included |