You want to know (about your benefits) – part two

January 2, 2018

Optional life insurance can help you look out for your dependents.

Your employee benefits team is here to answer your questions and help you navigate the complex world of benefits. So far this year, we’ve helped 23,890 customers over the phone or chat, responded to 16,709 emails and updated customer information 24,604 times. Questions like:

How much does it cost for optional life and how do I add coverage?

You may purchase additional coverage under the 3sHealth Group Life Insurance Plan, including optional life insurance, dependent life insurance, and voluntary AD&D insurance. The monthly premium amount will be deducted from your paycheque on the first pay period in each month.

Optional life insurance (employee only) is sold in units of $10,000 to a maximum of $500,000. The rates per $1,000 of coverage are based on your age and whether you are a smoker or non-smoker:

Non-smoker    Age           Smoker
0.044   < 39   0.088
0.075   40-44   0.150
0.106   45-49   0.213
0.250   50-54   0.450
0.425   55-59   0.750
0.594   60-64   1.050

*Premiums are subject to six per cent PST.

To calculate your monthly premium amount, multiply the volume of insurance you wish to purchase by the rate, and divide by $1,000.

Dependent life insurance (spouse and children only): $10,000 spouse and $5,000 for each child is a flat monthly premium amount of $3.48.

If you purchase optional life insurance up to $150,000 and/or dependent life insurance in the first 90 days of plan membership the coverage is guaranteed issue and you will not be required to complete a medical questionnaire. If you chose to add coverage after your eligibility window then you will need complete a medical questionnaire.

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