Life Insurance

It is always difficult to think of losing a loved one, and impossible to attach a dollar value to that personal loss. But such losses do have financial ramifications and there is a certain comfort in knowing that you and your Dependents can count on a degree of protection in the event of a death.

coverage provided by Cooperators Life Insurance Company

Basic Life Insurance

The amount of insurance on the life of any Employee covered under this Policy shall be

3 times your Annual Salary (to a maximum benefit of $375,000)

A change in the amount of an Employee’s insurance due to a change in salary, shall take effect automatically on the date of the chagne.

When an Employee is entitled to a retroactive increase, a change in the amount of insurance shall be made on the date the Employee actually received the increase.

An Employee’s insurance will not be increased unless and until the Employee is Actively at Work.

Living Assistance Benefit

If Co-operators Life is furnished with proof that an Employee, prior to the age of 63, and while insured under this Policy, is diagnosed as terminally ill with a life expenctancy, predicted and documented by two Physicians to be 12 months or less, Co-operators Life will advance a percentage of the Employee’s Basic Group Life Insurance Benefit.

Living Assistance Benefit: 50% of the Employee’s Basic Group Life Insurance Amount to a maximum of $50,000.

Written application, for the Living Assistance Benefit should be made on the forms porvided by Co-operators Life. Contact ELCIC Group Services for the forms.

The benefit will not be paid until the later of:

  • the Employee’s Basic Life Insurance premiums under this Policy are waived, and
  • Co-operators Life approves the Employee’s Living Assistance Application.

Co-operators Life will contact the Employee’s Physician(s), requesting medical evidence of the Employee’s condition.

Upon receipt by Co-operators Life of written notice and due proof that the death of the Employee occurred during the continuance of the Basic Group Life Insurance coverage under the Policy, Co-operators Life will pay:

  • the amount of the Basic Group Life Insurance benefit, less
  • the amount of the Living Assistance benefit advanced to the Employee, less
  • the total amount of interest accrued on the amount of Living Assistance benefit. Interest will be calculated from the date the Living Assistance benefit was advanced using the current delay of settlement interest plus 1% of the amount of Living Assistance benefit paid. The interest rate is subject to change.

Revenue Canada may regard the Living Assistnace Benefit as a taxable benefit. Any tax payable will be the responsibility of the Employee or the Employee’s estate.

Dependent Life Insurance

The amount of insurance for which anh Dependent is covered under this Policy shall be in accordance with the following schedule:

Spouse: $10,000

Each Child: $5,000

Pre-Natal Benefit

Upon receipt by Co-operators Life of satisfactory proof that an Employee or Spouse while covered under this Policy had a Stillbirth, Co-operators Life will indemnify the Employee for funeral expenses to a maximum not exceeding the amount of life insurance for which a Dependent is covred under this Policy.

Optional Life Insurance

In addition ot the amounts of Life Insurance provided under the Amount of Basic Insurance provision and the Dependent’s Insurance provision, an Employee and/or Spouse may apply to be insured for an additional amount of insurance in accordance with the following schedule:

Each Employee and/or each eligible Spouse: Units of $10,000 to a maximum of $200,000

Written application should be made to Co-operators Life on the forms porvided by Co-operators Life and coverage shall not be effective until the date that Co-operators Life approved the application. Co-operators Life will be responsible for the cost of medical fees incurred in obtaining any medical information that Co-operators Life may require in order to proceed with the application. Premiums are payable the first day of the month following the date that the application is approved by Co-operators Life.

Termination of Optional Insurance

This Optional Coverage shall terminate of the occurrence of any of the following events:

  1. termination of the Basic Group Life Insurance as provided for under the Policy Termination provision of the Policy, or
  2. termination of this Optional Insurance provision, or
  3. the cessation of premium payments of the Optional Insurance, or
  4. attainment of the 65th birthday.

Exclusions

No benefit shall be payable under this provision where the cause of death is suicide occuring within 2 years from the date that this coverage became effective.

Conversion

Where the Basic Life Insurance (plus Optional Life Insurance where applicable) of an Employee and/or Spouse, who is not yet 65 years of age terminates, that Employee and/or Spouse, subject to the conditions of this provision, shall be entitled to have issued any individual policy on a Permanent Traditional Plan, a Term to age 65 Plan, or a One Year non-renewable Term Plan then issued by Co-operators Life (such policy hereafter the “Conversion Policy”) without providing evidence of insurability.

At age 65, the Employee and/or Spouse shall, subject to the conditions of this provision, be entitled to convert the Optional Life Insurance, regardless of whether the Basic Life and Excess Life Insurance is also converted.

The Conversion Policy will not include an Total Disability benefits.

 

Where the Employee’s (or Spouse’s) insurance terminates and the Policy remains in force, the amount of insurance which the Employee and/or Spouse may convert shall be limited to the lesser of:

  1. $200,000 or
  2. the full amount of insurance at the time of termination less the full amount of insurance for which the Employee (1) and/or Spouse is eligible under a new group contract when exercising the right to convert.

Where the Employee’s (or Spouse’s) insurance terminates due to termination of the Policy, the following shall apply:

  1. the amount of insurance that may be converted shall not exceed three times the year’s Maximum Pensionable Earning as established under the Canada Pension Plan, or
  2. the conversion right shall be limited to persons who have been insured Employees (or Spouse’s) under the Employer’s group life benefit plan for at least five continuous years, or
    1. the conversion right shall apply only if the insurance is not being replaced by another contract of group insurance, or
    2. the insurance is being replaced, but is being replaced by an amount that is less than the amount for which the Employee and/or Spouse is entitled under 1 above. The amount of the Conversion Policy shall be limited to the lesser of 1 above, or the full amount of insurance at the time of termination less the full amount of insurance for whcih the Employee and/or Spouse is eligible under a new group contract when exercising the right to convert.

The Conversion Policy will be issued only if Co-operators Life receives a written application and the first premium at its Regina Office within 31 days after the date of cancellation of the Employee’s and/or Spouse’s insurance under this Policy. The Conversion Policy shall become effective on the day follwoing the expiration of the 31 day period.

The premium for any Conversion Policy shall be based on Co-opators Life’s rates applicable to the plan and amount of the Conversion Policy and the attained age of the Emplo9yee and/or Spouse at the dat on which the Conversion Policy becomes effective.

Where an Employee (or Spouse) has not converted insurance under this Policy and where an Employee (or Spouse) dies withing the 31 Days allowed for conversion, the total amount of terminated Basic Life Insurance (and Optional Lfie Insurance if applicable) eligible for conversion, is payable under this Policy.

Co-operators Life shall be under no obligation to advise eligible Employees (or Spouse’s) of their right to convert as stated in this provision.

Total Disability Waiver

If any Employee insured under this Policy becomes Totally Disabled, the amount fo insurance in force at the date of Total Disability on the life of the Employee and/or that Employee’s Dependents shall, notwithstanding the terms of the Termination of an Employee’s Insurance provision, be continued in force, subject to termination oat the earlier of the Employee’s 65th birthday, retirement date or death. If the Employee is insured for Long Term Disability coverage, premiums will be waived after the date the Employee becomes entitled to be paid Long Term Disability coverage, premiums will be waived after a 6-month period of Total Disability.

Premiums will contine to be waived subject to the following conditions:

  1. initial proof that the Total Disability has existed continuously since termination of service as an Employee must be submitted to Co-operators Life not more than 12 months and not less than 6 months after the initial date of Total Disability, and
  2. further proof that the Total Disability continues must be submitted to Co-operators Life with 3 months preceding each anniversay of the submission of the initial proof,
  3. proof that the Total Disability continud until the date of the Employee’s death must be submitted to Co-operators Life within 1 year after the date of death.

Where the Employee’s death occurs within 1 year after termination of service as an Employee and before proof of Total Disability has been submitted, proof that the Employee was Totally Disabled continuously from the time of termination of service as an Employee until the date of death must be submitted to Co-operators Life within 1 year after the date of death.

Proof of Total Disability must be submitted in writing to Co-operators Life and Co-operators Life shall be under no obligation to request any such proof.

Upon termination of the Policy or termination of the Employer’s coverage under this Policy, only the Basic Life Insurance coverage (plus Optional Life Insurance and Dependent Life Insurance coverage where applicable) and waiver will remain in force for Totally Disabled Employees.