Basic Life Insurance
Faculty Basic Life Insurance
Participation in the Group Basic Life Insurance plan is a condition of employment. The policy provides group term insurance to all eligible employees. There is no cash value upon termination, however, conversion privileges are available. If converting to an individual plan, conversion must be applied for and in place within 30 days of termination of the group coverage.
Eligibility
Mandatory for all continuing Academic Staff members working 28 hours or more bi-weekly.
Amount of Coverage
Two times the annual salary rounded up to the next multiple of $1,000.00. After age 65, coverage reduces to one times annual salary.
Effective Date of Coverage
All continuing employees will automatically be enrolled on the first day actively at work.
Premiums
The premiums are paid by the University.
Termination of Coverage
Insurance ceases on date employment ends. If death occurs within 31 days after termination, policy will be honoured.
Conversion Option
Insurance can be converted to private plan without evidence of insurability, provided this is done within 31 days after termination.
Beneficiary
Any person(s) or organization (charity, church, university etc.) can be named as beneficiary. If appointing a beneficiary under the age of majority, a declaration appointing a trustee must also be completed.
For further information, please contact your HR Advisor or HR Assistant. See the Advisory Services section of this website for your HR Advisor's or HR Assistant's name and contact info.