|
A.
Basic Group Life Insurance
| Carrier: |
Manulife |
| Amount
of Insurance: |
$25,000 |
| Employee
Cost: |
Nil |
| Taxable
Benefit: |
$48.00 per year |
| Eligibility: |
Any active employee who works at least 17.5 hours per week. Term
employees must be employed for a term of three months or more.
Mandatory for new employees. |
| Effective
Date: |
First
day of the month coinciding with or next following the date of
hire. Applications submitted 31 days after effective date require
evidence of health. |
| Termination
of Coverage: |
The
last day of the month in which employment terminates. |
B.
Optional Life Insurance
| Carrier:
|
Manulife |
| Amount
of Insurance: |
Up
to $250,000 (in units of $10,000); employee and spouse can each
apply for up to $250,000 |
| Employee
Cost: |
100%
(see chart below for premium rates) |
| Taxable
Benefit: |
Nil |
| Eligibility:
|
Any
employee who works at least 17.5 hours per week. Term employees
must be employed for a term of three months or more. The employee
must carry the basic group life insurance. |
| Effective
Date: |
First
day of the month coinciding with or next following the date of
hire. Applications submitted 31 days after effective date require
evidence of health. |
| Medical
Evidence: |
First
$50,000 for either employee or spouse does not require evidence
of health if application is made within 31 days of effective date. |
| Termination
of Coverage: |
The earliest of the last day of the month in which employment
terminates or the last day of the month in which you turn age
70. |
|
Up to insured amount (to a maximum of $200,000) may be converted
to an individual policy if application is made within 31 days
of termination of coverage and the employee is under age 66. Medical
evidence not required but standard insurance company rates apply.
|
|
OPTIONAL
LIFE INSURANCE MONTHLY PREMIUM RATES PER $10,000
OF COVERAGE
|
| Age |
Non-Smoker
|
Smoker |
|
20-29 |
0.33 |
0.55 |
|
30-34 |
0.41
|
0.71 |
|
35-39 |
0.53 |
1.05 |
|
40-44 |
0.86 |
1.53 |
|
45-49 |
1.33
|
2.66 |
|
50-54 |
2.30
|
4.07 |
|
55-59 |
3.90 |
7.06 |
|
60-64
65-69
|
6.08
12.73
|
10.79
17.78
|
EXAMPLE:
Monthly Cost of $100,000 of Optional Life Insurance
|
| Age |
Non-Smoker |
Smoker |
|
20-29 |
$3.30 |
$5.50 |
|
30-34 |
4.10 |
7.10 |
|
35-39 |
5.30 |
10.50 |
|
40-44 |
8.60 |
15.30 |
|
45-49 |
13.30 |
26.60 |
|
50-54 |
23.00 |
40.70 |
|
55-59 |
39.00 |
70.60 |
|
60-64
65-69
|
60.80
127.30
|
107.90
177.80
|
|
|
