LIFE INSURANCE BENEFIT
(Refer to your Identification Card and Collective Agreement for the amount of benefit.)
Any change in the amount of your Life Insurance Benefit due to an earning adjustment, negotiated benefits or a change in classification shall be effective on the date of that change except if an employee is absent due to sickness or injury on the date that any increase in benefits would normally take effect, the increased coverage will be effective fromthe date of return to active full-time employment. In the event of death while insured, the amount of Life Insurance is payable to the beneficiary. You may change your beneficiary at any time by written notice to your employer, subject to any policy or legal limitations. For working Members, the Life Insurance benefit reduces to $25,000 upon attainment of age 65, terminating at age 70.
Waiver of Premium for Disability
If you become Totally Disabled for 6 consecutive months before age 65, your Life Insurance will be continued free of charge until you cease to be Totally Disabled. To qualify, you must be incapacitated to the extent that you are not able to perform any and every duty of any occupation or employment that pays at least 60% of your pre-disability inflation-indexed gross earnings and for which you are reasonably qualified by education, training or experience. You must submit proof of your continuing disability as may be required by the Insurer. In order to qualify for the Waiver of Premium Benefit, you must notify the Insurance Company of your disability within one (1) year of your last active day at work, and must furnish proof of your disability, satisfactory to the Insurer, within 18 months of that last active working day. Note: For employees who are onWaiver of Premium, the benefit terminates at age 65.
Your Life Insurance continues for 31 days following either the termination of your employment or your classification changing to one in which you are not insured. During this 31-day period you may convert the amount of your Group Life Insurance, provided you are under 66 years of age, to any individual whole life or convertible one-year term or term to age 65 plan without submitting evidence of health. The premium rate will be determined from your age and class of risk at the time of conversion. If your group policy terminates and you have been continuously insured under it for at least 5 years, you have the same conversion privilege as above but the maximum amount of insurance you may convert shall be three times the Year’s Maximum Pensionable Earnings as established under the Canada Pension Plan, less any amount you become eligible for under another Group Policy within 31 days of the date of termination.