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Group Life Insurance |
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What are the Life Insurance Benefits?
$50,000.00* of Life Insurance is payable to the beneficiary
designated, should the Member die from any cause while insured under the group policy.
A Life
Insurance Beneficiary Card must be completed to ensure there is no delay in claim
settlement.
*Please note: Effective
January 1, 2008, all active Members between the ages of 60 and
65 will be covered for $50,000 of Life Insurance. Members
between
the ages of 60 and 65, who are not active but are covered for
benefits, will continue to be covered for $25,000 of Life
Insurance. Upon attaining age 65, all Member's Life Insurance
reduces to $10,000 and upon attaining age 70, the Life Insurance
further reduces to $5,000.
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Upon death,
to whom are the benefits paid?
A beneficiary may be designated and may
also be changed or declared to be
for the benefit of the Member’s
estate. If any beneficiary dies before the Member,
the interest of such beneficiary shall, unless otherwise
provided, vest in the Member’s estate. If a beneficiary
is not designated, the insurance will be payable
to the estate.
To change a beneficiary, proper forms are available from
the Administration Office.
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What happens to
the Life Insurance if coverage ceases?
If the Life Insurance terminates because
the Member is no longer eligible,
he/she may take out an individual policy
with Canada Life Assurance Company without evidence
of insurability, at the insurance company’s rates
then in effect at the Member’s attained age.
The individual policy will not exceed the amount of Life
Insurance which ceases because of such termination.
If the Life Insurance terminates for the Plan for any reason,
conversion may be made for up to $5,000.00 of
the Life Insurance coverage to an individual policy, but
only if the Member had been insured under this Plan
for at least three years.
Application must be made for the individual policy and the
first premium paid within 31 days following the date
of termination of the Life Insurance coverage.
Life Insurance will continue to be insured under the group
policy during the 31-day conversion period whether
or not application is made for conversion.
Only one such converted policy may be in force on a Member’s
life at any time.
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What happens if
the Member becomes totally disabled?
Subject to satisfactory proof, submitted
within 12 months from the date the
Member under age 60 becomes totally
and permanently disabled, as the result
of an accident or sickness,
the total amount of the Life
Insurance in effect at the time disability commenced
will remain in force without further premium
charge, provided the Member remains totally and
continuously disabled.
Claims for total and permanent disability must
be submitted
to the Administration Office within 12 months
of the onset of such disability.
In the event of a terminal illness, it may be possible to
receive a portion of the Life Insurance in
a lump sum. Please contact the
Administration Office.
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