The Basic Life Insurance Plan is a taxable benefit designed to provide protection and security for you and your family in case of your death.
The amount of coverage provided under the plan is either 100%, 200% or 300% of your normal basic earnings rounded up to the next highest $1,000. The maximum amount available for all eligible employees is $200,000.
On July 1st of each year, the amount of coverage will be adjusted to include any salary changes. If coverage elected is 100% or 200% of salary and you subsequently decide to request an increase in coverage to 200% or 300% of salary (up to the overall maximum of $200,000), this change must be approved by Great-West Life on submission of evidence of insurability (i.e. you may have to provide medical evidence of good health at your own expense).
Monthly premiums are based on per thousand of insurance coverage.
f you become totally disabled, the amount of life insurance in effect on the first day of sick leave will be continued in force in the normal manner on a premium paying basis paid by the University (for basic life only), commencing with the start of Long-Term Disability payments.
Upon return to active employment, the amount of life insurance will be based on earnings at that time.
Coverage under this group life insurance plan ceases 31 days after you terminate employment or retire early from Queen's. However, during this 31 day period, you are entitled to purchase personal life insurance up to the amount of the lost coverage regardless of personal health condition.
Application and premium payment must be made to the Great-West Life Assurance Company during this 31 day period. The maximum amount that can be converted is $200,000 for basic and optional life combined.
If you retire early you may continue to pay premiums and retain your basic life coverage equal to 100% of your salary in effect at retirement (see "Conversion Privileges" above to retain lost coverage).
After the Normal Retirement Date is attained, the full cost of life insurance is paid by Queen’s University except when an individual continues on a full-time post retirement appointment (in which case premiums will continue to be deducted and the reductions, described below, will be calculated on the post retirement salary).
On the July 1st following your 65th birthday, the amount of your insurance coverage is set at 100% of the salary in effect at retirement. This automatically reduces to 80% on the following July 1st and on subsequent July 1st’s to 60%, 40%, 20% and 10% respectively (minimum of $3,000). In each case, it is rounded up to the next highest $1,000.
Note: The 10% level of coverage reached five years after retirement (normally age 70) remains in effect for the rest of your life.
Any beneficiary, including an estate, may be named and can be changed at any time subject to the laws governing such matters.
If a child is named as beneficiary, you should also name a trustee, because if you die before the child is 18 and no trustee is named, the proceeds may have to be paid to the Province’s official guardian and held in trust. You are urged to check your beneficiary designation periodically to ensure that it reflects current estate requirements.
In the event of your death, your family members or your Executor should contact the Department of Pensions, Investments and Insurance at Queen’s University.