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Optional 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.

If you are enrolled in the Basic Life Insurance Plan, you may apply for Optional Life Insurance to increase your life insurance coverage.

Monthly premiums are based on age and per thousand of insurance coverage.

Note: This coverage will cease upon termination of the basic coverage, at the time of retirement, or on the July 1st following your 70th birthday, whichever occurs first. If you have additional Optional Life Insurance you may convert some or all of it (as with basic life insurance).

Amount of Benefit

Units of $25,000 of coverage are available up to a maximum of $250,000.

Coverage

Applications for optional coverage may be made anytime and will become effective when approved by Great-West Life. You may have to provide medical evidence of good health at your own expense.

Beneficiary

Your beneficiary under the optional life insurance may or may not be the same as the one designated under the basic life insurance.

To change your beneficiary, please visit the Forms page of the HR website.

Exclusions

Optional life insurance is not payable if:

  • You commit suicide within two years of the effective date of the coverage or of the effective date of increase in coverage.
  • You have provided any material misrepresentation or non-disclosure in answering the questions on the insurability questionnaire.

Disability               

If you become disabled for a period in excess of six months and are subsequently on Long-Term Disability, premiums will be waived subject to medical verification.

Conversion Privileges on Termination of Employment or Retirement

Within 31 days of terminating employment,retiring from the University or when you reach the age of 70, you may contact Great-West Life and convert the coverage to an individual policy without providing evidence of good health.

The maximum amount that can be converted is $200,000 for basic and optional life combined.