Optional Employee Life Insurance

Optional Employee Life Insurance is available to supplement the employee Basic Group Life Insurance. 

Insurance amount available for purchase: $10,000 increments
Maximum benefit: $200,000
Age of termination: 65

Note: If you apply for more than $50,000 within the first 30 days of your employment and are turned down for medical reasons, you will automatically be approved for $50,000

Optional Life Insurance For You

If, while insured, you die, Sun Life will pay the amount of your life insurance to the last legally nominated beneficiary as filed. In the absence of a beneficiary nomination, payment will be made to your estate. All nominations made by you are revocable unless you otherwise stipulate.

No medical evidence is required if you apply for $50,000 or less within the first 30 days of your employment at Lakehead University. If you wish to apply for $60,000 or more, you will be required to complete a short medical questionnaire. Depending on your answers to the questions, Sun Life may require you to complete a longer form.

To be eligible for the non-smoker rates, you must not have used tobacco products in the past 12 months. If you do not respond truthfully to this question, Sun Life may deny payment of the optional insurance in the event of your death. If you are a smoker but quit, you may complete a Supplementary Declaration re Smoking Habits and be eligible for the non-smoker rates.

Effective Dates of Coverage

Your coverage begins on the date your application is approved.

Your coverage will terminate on the earlier of the following dates:

the date your employment ends or you retire

• the date you are no longer actively working
• the end of the period for which premiums have been paid to Sun Life for your coverage
• the date the group contract ends.

Rates

Monthly rates per $10,000 (including 8% PST) effective May 1, 2014:

Please note based on the rate table, your premiums will automatically increase pursuant to the age bracket you fall within.

Waiver of Premium

If you become totally disabled* while insured, and you are under age 65, your life insurance will remain in force during your continued disability without payment of premium. You must submit the required notice and proof of your disability within 12 months of the beginning of your disability. Any amount of insurance continued is subject to the terms and conditions of the Group Policy.

* totally disabled - you are considered to be totally disabled if you are wholly prevented by illness from performing any work for compensation or profit or from following any gainful occupation.

Conversion Privilege

If your insurance ceases, the conversion privilege contained in the policy entitles you to purchase an individual life policy from Sun Life without undergoing any medical examination. Application must be made within 30 days of termination.