Optional life insurance

You can purchase additional life insurance coverage up to $500,000, in units of $25,000.

If you are receiving Long Term Disability benefits, your coverage will be the amount in effect on the date of your disability.

If you wish to purchase coverage after 31 days of becoming eligible, you will have to provide evidence of good health. Your coverage will take effect when Canada Life approves your application.

In the event of your death, the benefit will be paid to your designated beneficiary for Optional Life Insurance or your estate if no such designation is made.

If you become disabled and begin receiving Sick Leave benefits (Short Term Disability), your coverage under the Optional Life Insurance Plan will continue as though you were at work; you continue to make any required premiums. If you begin receiving Long Term Disability benefits, you may apply for a premium waiver under the Optional Life Insurance Plan. If the waiver is approved, coverage will continue at no cost to you for as long as you are eligible to receive long term disability benefits, until you recover, until you reach age 65 or until you die, whichever occurs first.

You can purchase additional life insurance coverage for your spouse up to $500,000, in units of $25,000.

If you are receiving Long Term Disability benefits, your spouse’s coverage will be the amount in effect on the date of your disability.

Your spouse will have to provide evidence of good health for the purchase of any amounts of insurance. Coverage will take effect when Canada Life approves the application. Coverage will end when your spouse reaches age 65, when you leave the University or you die, whichever occurs first.

You are the beneficiary of your spouse's insurance.

If you become disabled and begin receiving sick leave benefits, your spouse’s coverage under the Optional Spouse Life Insurance Plan will continue as though you were at work; you continue to make any required contributions. If you begin receiving long term disability benefits, you may apply for a premium waiver under the Optional Spouse Life Insurance Plan. If the waiver is approved, coverage will continue at no cost to you, for as long as you are eligible to receive Long Term Disability benefits, until you recover, until you reach age 65, until you die, or until your spouse reaches age 65, whichever occurs first.

You can purchase life insurance for your dependent child up to $50,000, in units of $10,000.

You are the beneficiary of your children's insurance.

If you become disabled and begin receiving Sick Leave benefits, your coverage under the Optional Dependent Life Insurance Plan will continue as though you were at work; you continue to make any required premiums. If you begin receiving Long Term Disability benefits, coverage will be maintained by the University on your behalf, at no cost to you, for as long as you are eligible to receive Long Term Disability benefits, until you recover, until you reach age 65 or until you die, whichever occurs first.

• Optional Employee Life Insurance will not be paid to your beneficiary if you commit suicide (while sane or insane) less than one year after purchasing this coverage.
• Optional Spouse Life Insurance will not be paid to you if your spouse commits suicide (while sane or insane) less than one year after purchasing this coverage.