TERM LIFE INSURANCE
Firms must select the term life insurance in order to participate in other benefits.
Amount of Coverage
The firm chooses a benefit level of 1, 2 or 3 times annual earnings which is then applicable to all eligible CA's and employees. The benefit is rounded to the next higher $1,000. The maximum amount of term life insurance is $250,000 per individual, with a minimum benefit of $50,000 for CAs.
Evidence of Insurability
Amounts of term life insurance will be provided without evidence of insurability (medical questionnaires or tests) up to the following limits, based on the size of the firm at the time of enrollment and every April 1 thereafter:
Non-Evidence Maximums by Firm Size
Firm Size |
Non-Evidence Max |
| Less than 5 lives | Nil |
| 5 to 9 lives | $75,000 |
| 10 to 24 lives | $125,000 |
| 25 to 49 lives | $175,000 |
| 50 lives and up | $250,000 |
Once you have provided satisfactory evidence of insurability, further evidence will not be required for benefit changes of up to 10% in any policy year (April 1 to March 31). Increases in excess of 10% will be subject to evidence of insurability. Medical information will be required if CAIPW is not notified within 31 days of a change.
Designating a Beneficiary
You should designate a beneficiary of your term life insurance. If a beneficiary has not been named, or dies before you, the benefit is paid to your estate. If your beneficiary is a minor (under age 18), you must appoint a trustee. Enter the name(s) of your beneficiary(ies) on the enrollment card. A notice of a change to your beneficiary must be signed, dated and witnessed.
Premium Waiver for Disability
After 6 months of total and continuous disability prior to age 65, your life insurance premiums will be waived. Satisfactory proof of disability must be submitted within one year of the onset of disability. Premiums will be waived for as long as total disability continues, but not past the age of 69.
Reduction and Termination Provisions
On April 1 coincident with or following your 66th birthday, term life benefits will reduce by 50%. The remaining insurance will terminate on the April 1 coincident with or following age 69. If you leave your employer, the insurance terminates, however CAs may transfer coverage to CAIPW’s Individual Plan within 31 days of the termination.
Conversion Privilege
If your insurance terminates, CAs or employees under the age of 65 may convert term life insurance to selected individual term plans by applying to Great-West Life within 31 days of the termination date. Evidence of insurability is not required.
Premiums
Premiums are age-banded and will be automatically adjusted each year depending on your age as at April 1.
Monthly Premium Rates Per $1,000 of Benefit |
||||
Non-Smoker |
Smoker |
|||
Age at April 1 |
Male |
Female |
Male |
Female |
| < 31 | $.05 |
$.03 |
$.10 |
$.06 |
| 31 - 35 | .06 |
.04 |
.11 |
.07 |
| 36 - 40 | .07 |
.05 |
.13 |
.10 |
| 41 - 45 | .09 |
.07 |
.21 |
.15 |
| 46 - 50 | .14 |
.11 |
.31 |
.21 |
| 51 - 55 | .23 |
.17 |
.52 |
.36 |
| 56 - 60 | .37 |
.28 |
.87 |
.63 |
| 61 - 65 | .59 |
.43 |
1.36 |
.97 |
| 66 | .77 |
.58 |
1.72 |
1.20 |
| 67 | .81 |
.63 |
1.85 |
1.29 |
| 68 | .89 |
.68 |
1.97 |
1.38 |
The term life benefits are underwritten by the Great-West Life Assurance Company, Policy Number 335693.
