You have the option to buy additional life insurance coverage for yourself and your spouse while covered under the Active Members’ Plan. This coverage helps you increase your financial protection and maintain peace of mind.
Coverage Amount:
You and your spouse can buy up to $500,000 of coverage (in units of $5,000), subject to approval by Canada Life. If you’re a new member, you can buy up to $30,000 of coverage without a medical exam within 30 days of joining the union or the plan.
Age Limits:
Under age 65: You can buy optional life insurance without a medical exam if your basic group life insurance coverage has been reduced because you haven’t met the minimum hours in prior calendar years.
Ages 65 to 69: If you’re covered by the hour bank, you and your spouse can buy optional life insurance in units ranging from $5,000 to $500,000. A medical exam is required.
When Coverage Ends:
Your optional life insurance coverage ends when you turn 70. Your spouse’s coverage ends when you or your spouse turn 70, whichever comes first.
Conversion:
If your or your spouse’s optional life insurance ends, you may be able to switch to an individual policy without providing proof of good health. To do so, apply and pay the first premium within 31 days after your group insurance ends.
Exclusions:
Suicide Clause:Â No benefit will be paid if the insured commits suicide within two years of buying or increasing optional life insurance. In such cases, Canada Life refunds the premiums received.
Note:Â Refer to your plan booklet for detailed information, conditions, and eligibility requirements.