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 $450,000)

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.

Canada Revenue Agency 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

“Life Insurance” for residents of Quebec, shall mean the Amount of Life Insurance in force for each Covered Person insured for the following benefits: Basic Life Insurance, Optional Life Insurance and Dependent Life.

“Life Insurance” for residents of all other Provinces, shall mean the Amount of Life Insurance in force for each Covered Person under this Policy insured for the following benefits: Basic Life Insurance and Optional Life Insurance.

Where the Covered Person’s Life Insurance terminates before age 65, the Covered Person may obtain an individual policy with Co-operaotrs Life without providing evidence of good health. At age 65, the Covered Person 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 individual Life Insurance Policy is available in the following forms:

  • a Permanent Traditional Plan,
  • a Term to age 65 Plan, or
  • a One Year non-renewable Term Plan.

Where the Covered Person’s Life Insurance under this Policy terminates on their 65th birthday, the Covered Person may convert to a Permanent Traditional Plan allowed by the Group Insurance department of Co-operators Life, provided the Covered Person applies for the conversion within 31 days of their 65th birthday. The conversion privilege is not available after the Covered Person 65th birthday.

The individual policy will be issued at the rates in effect on the date of conversion based on the class of risk applicable to the Covered Person and the new policy (determined by Co-operators Life’s rules at the time of conversion) and the then attained age (nearest birthday) of the Covered Person.

For residents of Quebec for Dependent LIfe conversion

The minimum Amount of Insurance to be converted for an Employee is $10,000 and the minimum Amount of Insurance to be converted for an eligible Dependent is $5,000. The minimum Amount of Insurance allowed to be converted to a Permanent Traditional Plan is $5,000, and the minimum Amount of Insurance allowed to be converted to a term to age 65 plan or a One Year ono-renewable Term Plan is $10,000.

The Individual Life Policy will not include an Total Disability Benefits, Critical Illness/Disease or any Accidental Death Benefits.

Amount of Insurance

Where the Covered Person’s Insurance terminates and this Policy and the Employer’s coverage under this Policy remains in force, the Amount of Insurance which the Covered Person may convert shall be limited to the lesser of:

  1. $400,000 for residents of Quebec or $200,000 for residents of all other Privinces, or
  2. the full amount of Life Insurance at the time of termination less the full amount of Insurance for which the Covered Person is eligible under a new group policy within 31 Days after termination of the Employee’s insurance under this Policy.

Premium

The premium for the Individual Life Insurance Policy will be based on the Covered PErson’s age (nearest birthday), sex, class of risk and on the type and amount of policy being issued at the time of conversion.

Termination of the Policy or the Employer’s Coverage under this Policy

If a Covered Person’s Insurance terminates due to termination of this Policy or the Employer’s coverage under this Polciy, 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, and
  2. the conversion right shall be limited to persons who have been insured under the Employer’s group life benefit plan for at least five continuous years, and
  3. the conversion privilege shall apply only if the insurance is not being replaced within 31 Days by another contract of group insurance or if the insurance is being replaced by an amount that is less than the amount for which the Covered Person is eligible under 1 above.

Application

The Individual Life Policy will be issued only a written application (including the first premium) is completed and received by Co-operators Life at its Regina Office within 31 Days from the date the insurance under this Policy terminates.

The Individual Lfe Policy shall become effective on the day following the expiration of the 31 day period.

Death during the Conversion Period

Where a Covered Person has not converted insurance under this Policy and where a Covered Person dies withing the 31 Days allowed for conversion, the total amount of Life Insurance is eligible for conversion, is payable under this Policy.

Subsequent Eligibility under this Policy

If a Covered Person obtains an Individual Policy through this Provision and later becomes eligible for insurance under this Policy, the amount for which the person is eligible will be reduced by the amount of insurance remaining in force under the Individual Policy

No Obligation to Advise

Co-operators Life shall be under no obligation to advise eligible Covered Persons of their right to convert.

Total Disability Waiver

If any Employee insured under this Policy become Totally Disabled, the amount of insurance in force at the date of Total Disability on the life of that 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 at the earlier of the Employee’s 65th birthday, retirement date or death. Premiums will be waived after the date the Employee becomes entitled to be paid Long Term Disability Benefits under this Policy.

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.

Claims

Notice

Written notice of death upon which a claim may be based under this section must be given to Co-operators Life at its Office in Regina, within 180 days of the date Co-operators Life is liable.

Failure to give notice within this time shall not invalidate nor reduce any claim if it is shown not to have been reasonably possible to give notice and that notice was given as soon as was reasonably possible.

Forms

Please contact ELCIC Group Services for forms

Co-operators Life, upon receipt of notice, will furnish the forms for Proof of Loss. If these forms are not furnished within 30 days of the receipt of notice, it shall be deemed that the claimant has complied with the Proof of Loss requirements of this Policy when written proof covering the occurrence, character and extent of loss for which a claim is made is submitted within the time fixed in this Policy for filing Proof of Loss.

Proof of Loss

Written Proof of Loss must be furnished to Co-operators Life at its Office in Regina. In the case of a claim, proof must be furnished within 180 days from the dateCo-operators Life is liable and subsequent written proof of the continuance of Total Disability must be furnished to the Insurance Company at such intervals as Co-operators Life may reasonably require.

Failure to furnish proof within this time shall not invalidate nor reduce any claim if it is shown not to have been resonably possible to furnish the proof and that the proof was furnished as soon as was reasonably possible, but in not event shall this be more than 12 months after becoming eligible.

Time of Payment

Subject to due Proof of Loss, benefits shall be paid as agreed to by Co-operators Life and the Policyholder during any period for whichCo-operators Life is liable. Any balance remaining unpaid on the termination of this period will be paid immediately upon receipt of due proof. All other benefits, if any, provided in this Policy will be paid within 30 days of receipt of proof thereof.

Extension of Time

If any time limitation of this Policy with respect to giving notice of claim or furnishing Proof of Loss is less than that permitted by the law of the Province in which the insured Employee resides at the time of becoming insured under this Policy, such limitation is herby extended to agree with the minimum period permitted by law.

Medical Examination

Co-operators Life shall have the right and opportunity to conduct any investigations relating to applications or claims and to obtain independent medical or vocational assessments of any Covered Person, as often as it may reasonably require, and also the right and opportunity to make an autopsy in case of death where it is not prohibited by law.

Beneficiary

Subject to any legal restrictions, any Employee whose life is insured under this Policy may, at any time, designate a beneficiary or beneficiaries to receive the Amount of Insurance payable under this Policy. The Employee may change this designation at any time.

If an Employee has designated no beneficiary, the insurance on the life of the Employee shall be paid to the estate of that Employee.

Any amount of insurance payable under this Policy on the life of a Dependent shall be payable to the Employee.