GROUP LIFE INSURANCE
WHAT ARE THE LIFE INSURANCE BENEFITS?
You will be covered for $100,000 Group Life Insurance up to age 65. If you are still active and covered by the Plan on your 65th birthday your life insurance will be reduced to $35,000. There is also $5,000 spousal Life Insurance payable to the member upon the death of their covered spouse. If the member has dependent children on the Plan and his/her spouse passes away, the spousal Life Insurance benefit amount is increased to $10,000.
Retired members age 65 and over on plan “C”, are covered for $10,000 at age 65 reducing by $1,000 each year until the amount reaches $5,000.
BENEFITS ARE NOT PAID FOR/EXCLUSIONS
There is only one exclusion: You are not covered if death results from service in any of the Armed Services.
HOW DO I APPOINT A BENEFICIARY?
It is important to keep your beneficiary designation up to date with the Welfare Office to ensure any life insurance benefits are paid to the proper individual, as desired by you.
- You designate your beneficiary on your enrollment card – otherwise the money is paid to your estate.
- You can change your beneficiary by completing a new card.
- To do so, contact the Welfare Office for a “change of beneficiary card.”
You (the covered employee) are automatically the beneficiary for any spousal Life Insurance benefit
CONVERSION OF COVERAGE AFTER TERMINATION
- You can transfer to an individual policy, provided you do so within 31 days of termination of coverage under the plan.
- Application for Life Conversion must be sent directly to the Life Insurance (BC Life) carrier by you, as it is an individual policy
- You will have to pay the required premium for the type of policy you choose for your attained age at the time of transfer.
- You may continue your coverage in this way, provided you have not previously transferred to an individual policy and it is still in force.
HOW IS A CLAIM MADE FOR LIFE INSURANCE?
The beneficiary or administrator of your estate should contact the Welfare Plan office for the required forms to make a claim. They will be advised as to what is required in addition to completing a claim form.