Optional life insurance plan at a glance
What the plan covers
- While working under age 65: up to $1,000,000 in units of $5,000.
- If working at age 65 or older: Optional coverage in effect at 65th birthday (max. $100,000).
Who the plan covers
Who pays for coverage
You pay the full cost.
Cost depends on your age and the amount of insurance you choose.
If you leave McGill before retirement
Coverage continues for 31 days.
You may convert up to $200,000 to an individual policy within 31 days of your termination (includes coverage under the basic plan).
If you become disabled
Coverage continues at no cost while you are eligible for benefits under the McGill LTD Plan.
If you die
Tax-free benefit payable to your beneficiary(ies).
No benefit paid if you commit suicide during the first 12 months of coverage.
If you retire from McGill
Optional coverage in effect at retirement (max. $100,000).