Life Insurance Plans
Help your plan members feel secure in the knowledge that in the event of their death or the death of a dependant, financial support will be available. Table Start
Solutions That Fit Your Needs
- Offers various benefit levels for plan members and dependants
- Lets your plan members pay their premiums through payroll deduction
- Lets plan members add extra coverage
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You can also help your plan members convert to an individual life insurance policy if their group insurance ends, without providing medical evidence of insurability.
Employee term life
If you choose to offer life insurance to your plan members:
- Coverage is provided for plan members only
- Benefits are paid to the appointed beneficiary upon a plan member's death, regardless of the cause of death
- Various benefit levels of up to $500,000 are available (with a combined maximum of $1 million for all life and accidental death and dismemberment coverage)
- Benefit level formulas are based on either specific amounts, or multiples of salary
Dependant term life
When you choose to offer coverage for your plan members and their eligible dependants:
- Plan members’ spouses and dependent children are covered
- The benefit is paid in a lump sum, regardless of the cause of death
- The benefit is designed to pay for the insured's last illness and funeral expenses, not to replace the deceased's future lost income
- Coverage is offered only in conjunction with employee term coverage
Optional term life
If you give your plan members the opportunity to add more coverage:
- Plan members may increase their existing insurance coverage, at low group rates, to reflect their individual needs
- Plan members can elect to cover just themselves, just their spouse, or both
- The plan member and spouse must be under age 65 to be eligible
Group life conversion
If a plan member's, or his or her spouse’s, group life insurance coverage ends or is reduced, they may be eligible to convert to an individual life insurance policy without providing medical evidence of insurability.
This information sheet for plan members includes details about individual life insurance policy conversion, eligibility and options.
For a policy conversion, your group’s plan administrator must complete the Group Life Conversion Privilege Notification form and provide it to the plan member.
Accidental death and dismemberment plans
Find out more about our Accidental Death and Dismemberment (AD&D) plans.
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