Basic Life Insurance
The website describes the principal features of the group benefit plan sponsored by Queen’s University, but Group Policy No. 139046 issued by Great-West Life is the governing document. If there are variations between the information on this site and the provisions of the policy, the policy will prevail.
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.
Amount of Benefit
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.
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.
To change your beneficiary, please visit the Forms page of the HR website.
In the event of your death, your family members or your Executor should contact Pension Services at Queen's University.
If you become 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.
Conversion Privileges on Termination or Retirement
Coverage under this group life insurance plan ceases 31 days after you terminate employment or retire from Queen's. However, during this 31 day period, you are entitled to purchase an individual life insurance policy 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. Conversion privileges are only available for those who terminate coverage prior to age 71.
Coverage at Retirement under the Retiree Benefits Plan
Please see Retiree Benefits to access the Retiree Benefits Booklet.