Optional life insurance
We all think we know what life insurance is and how it works. But, are your employees thoroughly protected? Do they have the information they need to make an educated decision on what is right for them?
Optional Life Insurance is available over and above any coverage your may already provide to your employees. This optional additional coverage allows your employees to tailor their coverage to meet their unique needs.
You can use your group buying power to make coverage available to all of your employees and their spouses, as long as they are Canadian residents under the age of 65.
Optional Life Insurance pricing is based on age, gender, smoking status and the amount of coverage and usually costs employees less than stand-alone insurance products. And, we can make some coverage available without asking for any health information.
What can we offer you?
- Units of coverage. Coverage options are flexible and can be either units in dollar amounts or units based on salary, tailored to meet your employees’ needs.
- Coverage is portable. If an employee leaves your group plan, he or she can choose to continue their life insurance coverage by notifying us within 31 days.They can call us and either:
- roll over their coverage, up to the same amount they currently have ($1,000,000 maximum), by answering a few medical questions, or
- we’ll put them in touch with an advisor who can help them convert their coverage to an individual policy, up to a maximum of $200,000, with no need to provide proof of good health.
- Waiver of premium If an employee becomes totally disabled while insured and is under the age of 65, we’ll maintain their coverage and we’ll waive the cost of premiums for that period.
We’ll develop personalized enrolment kits and provide communication support to help engage your employees, educate them on the available coverage, give them easy-to-use tools to help them calculate their needs and provide the information they need to enroll for coverage easily.
We have a team dedicated to supporting your voluntary benefits needs. Please contact Voluntary benefits for more information about Optional Life Insurance.