Basic Life Insurance
Eligibility: Available to Canadian residents in good standing.
Coverage Amount: Based on the number of hours worked in the current and previous five years.
$100,000 if you report 280 hours in the current or any of the last three years.
$75,000 if you earned 280 hours four years ago.
$50,000 if you earned 280 hours five years ago.
$50,000 if you are 65 and over with active hour bank coverage.
$25,000 if you haven’t earned 280 hours in any of the past five years.
End of Coverage: If you're not covered through the hour bank, life insurance ends at age 65.
Benefit Payment: If you pass away, Canada Life pays the benefit to your beneficiary or estate if no beneficiary is named.
Updating Beneficiary: Contact AGA Benefit Solutions or log in online to update your beneficiary.
Converting to Individual Policy
If your coverage ends before age 65, you can convert to an individual policy without proof of health. You must apply and pay the first premium within 31 days of your group insurance ending.
Optional Life Insurance (Up to Age 70)
You and your spouse can purchase $5,000 to $500,000 in coverage. Up to $30,000 is available without medical evidence if you apply within 30 days of becoming eligible.
If your Basic Coverage is reduced, you may transfer the lost amount to Optional Life without providing medical evidence.
When Coverage Ends
Optional Coverage: Ends at age 70Â for you or your spouse.
Conversion: You may be eligible to convert your Optional Life coverage to an individual policy within 31 days of coverage ending, without proof of health, if coverage ends before age 65.
Who to Contact
To buy optional life insurance or update your beneficiary, visit www.benefitsoffilm.com or contact AGA Benefit Solutions.