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Life insurance plans

The life insurance benefit is one that is paid out to your designated beneficiary in the event of your death.

McGill provides basic life coverage equal to 1 times your salary. The plan also gives you the flexibility to purchase up to $1,000,000 in optional life coverage.

Insurance provider: Industrial Alliance

Policy number: 98500

As an eligible employee, you are automatically covered under the McGill basic life insurance plan. The amount of coverage you receive depends on your age as outlined as follows:

WHILE WORKING UNDER AGE 65 IF WORKING AT AGE 65 OR OLDER

1 times your annual salary* to a maximum of $130,000

McGill pays the full cost of this coverage

1/2 of your annual salary* to a maximum of $50,000

McGill pays the full cost of this coverage

*Salary refers to your regular annualized salary, excluding any supplementary, sessional or overtime payments.

 

If you become disabled

Your coverage under the basic life insurance plan will continue while you are eligible to receive benefits under the long-term disability (LTD) plan. Your coverage level will be based on your salary when you became disabled.

In addition, the cost will be waived while you are receiving LTD benefits — that is, you will not be required to pay for your coverage. This waiver will end if you:

  • Are no longer totally disabled as defined in the LTD Plan
  • Fail to provide proof of the disability as required by the insurer
  • Fail to submit to an examination by a physician designated (and paid for) by the insurer
  • Reach age 65 (or retire, if earlier)
  • Are incarcerated for a criminal offence for which you are found guilty

If you are retired

Refer to the section Life Events, "When you retire" for more information.

Depending on your personal circumstances, the basic life coverage may provide all of the financial protection you need. If not, you may purchase optional life coverage.

The amount of coverage available under the optional plan depends on your age:

While working under age 65

Option to purchase up to $1,000,000 in units of $5,000

You pay the full cost of the amount you choose

If working at age 65 or older

You have the option to maintain the optional life insurance you had before age 65 to a maximum of $100,000 

You pay the full cost of the amount you elected.

You cannot purchase or increase optional life insurance after age 65

If you become disabled

Your coverage under the optional life insurance plan will continue while you are eligible to receive benefits under the long-term disability (LTD) plan. Your coverage level will be based on your salary when you became disabled.

In addition, the cost will be waived while you are receiving LTD benefits — that is, you will not be required to pay for your coverage. This waiver will end if you:

  • Are no longer totally disabled as defined in the LTD Plan
  • Fail to provide proof of the disability as required by the insurer
  • Fail to submit to an examination by a physician designated (and paid for) by the insurer
  • Reach age 65 (or retire, if earlier)
  • Are incarcerated for a criminal offence for which you are found guilty

If you are retired

Refer to the section Life Events, "When you retire" for more information.

Optional life rates

You are responsible for the full cost of this coverage. See Rate Summary for more information. The cost to you will depend on your age and your chosen amount of coverage. Each time you move to the next age group, your premium will be adjusted accordingly.

Purchasing or increasing your optional life coverage

As an active employee under age 65, you can purchase or increase your optional life insurance.

Before selecting your coverage under the optional plan, there are a few things you might want to consider:

  • Are you currently supporting any dependents? A spouse, children, or both? And to what degree do they depend on your income for financial security?
  • Do you require coverage above the basic benefit provided by McGill?
  • What other sources of income are available to your survivors: personal insurance policies, mortgage insurance, survivor pension benefits, personal savings, investments, real estate? Will this income be enough?

You will have to provide Evidence of Insurability for any requested increase to your optional life insurance coverage.

If you are an active employee under 65

If you are an active employee under 65, you may purchase up to $100,000 in coverage under the optional life insurance plan without providing evidence of good health, provided you purchase your coverage within 60 days of first becoming eligible.

Note:  You cannot purchase or increase optional life insurance coverage after age 65 as an active employee, or if you have retired.

If you miss the 60-day window, or you want to purchase optional coverage in excess of $100,000

If you miss the 60-day window, or you want to purchase optional coverage in excess of $100,000, you will have to complete an Evidence of Insurability (EOI) form — that is, proof of good health. You must complete a comprehensive questionnaire (Evidence of Insurability form) and send it directly to the insurance carrier for review. Depending on the information provided in the questionnaire, the insurer may require you to undergo a physical examination or other medical tests (at the insurer's expense) before your application can be considered for approval.

You can obtain an Evidence of Insurability form directly from the Human Resources Service Centre by calling (514) 398-4747, or by hrhr [at] mcgill.ca (email). The HR Service Centre will complete the Policy Holder Statement section of the form, will then forward it to you to complete, and will send directly to the insurance carrier for review.

If you are under age 65 but are on leave

You may apply to purchase optional coverage or increase current coverage, however, coverage will only take effect on the date you return to active work.

Decreasing or cancelling your optional life coverage

You can decrease or cancel your optional life insurance coverage at any time by written request to the HR Service Centre.

What the plan does not cover (exclusions)

If you die by suicide - no matter the circumstances - during the first 12 months of coverage under the Optional Life Insurance Plan (whether purchasing or increasing coverage), no benefit will be paid. Your beneficiary will receive a refund of your premium payments.

 

Your coverage under the basic life and optional life insurance plans will end when:

  • You leave McGill for whatever reason, other than retirement
  • You no longer qualify as an eligible employee
  • You fail to make the necessary premium payments

 

If you leave the university before retirement

If you leave McGill before retirement and are under 65, you may convert your coverage (to a combined maximum of $200,000) to an individual policy. You must apply for coverage directly with the insurance carrier and pay the required premium within 31 days of your departure. If you die during this 31-day period, your beneficiary will receive the full value of your coverage, regardless of whether you apply for the conversion or not.

 

Converting your life insurance

The  application form is available by contacting the HR Service Centre either by hrhr [at] mcgill.ca (email) or by telephone at 514 398-4747. You can also find the form online here: life insurance conversion form.

The 'Policyholder' section of the form must be completed by the HR Service Centre. You can send the completed and signed application form to the insurance carrier by assurancecollective [at] ia.ca (email).

 

In the event of your death

The life insurance benefit will be paid out to the beneficiary(ies) you have designated. You can confirm your beneficiaries on MINERVA using your PIN and McGill ID number. Go to Employee Menu, Benefits Menu and Your Benefits.

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