Optional Life Insurance

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Purchase Optional Life Insurance

Coverage: Available in units of $50,000, up to a maximum of $250,000. Insurer approval of medical evidence is required for this coverage. An employee or their spouse can apply at any time, provided the employee has satisfied the waiting period applicable to their group.

Premiums: As this coverage is optional, premiums are 100% employee paid. Please ensure your payroll is adjusted accordingly.

To Apply: The employee should complete the Canada Life Evidence of Insurability form (select Optional Life) and the employer should forward the original to the BCCA Employee Benefits office. Coverage is effective the date the insurer approves the application and the employer and employee will be notified in writing.

Termination: Coverage terminates at the age of 65 or earlier retirement, whichever comes first. The employee can also terminate their coverage at any time by emailing the BCCA Employee Benefits office.

Payroll Deductions: Deductions should commence on the first of the month coincident with or following the date the insurer approves the employee or spouse’s application.
Do not commence payroll deductions until you receive the letter confirming approval of coverage.

Beneficiary: The beneficiary for any spousal optional life benefit amount is automatically the employee. The beneficiary for any employee’s optional life benefit can be designated by the employee on their original Great-West Life Evidence of Insurability application form and if required, changed using the BCCA Employee Benefits Change form. Note: If the beneficiary is a minor, you must appoint a Trustee using Great-West Life’s Trustee Appointment form.

 

Premium Rate Calculation Example

Below is how the premium rate is calculated for an individual age 38 years, female, non-smoker,  who is approved for coverage of $200,000.

=$200,000 X $2.26/$50,000 = $9.04 per month

 

Monthly Rates per $50,000
           Smoker
      Non Smoker
Age Male Female Male Female
Under 35  $          5.66  $          2.26  $          2.83  $          1.70
35 – 39  $          6.22  $          3.39  $          3.39  $          2.26
40 – 44  $        10.18  $          5.66  $          5.09  $          3.39
45 – 49  $        18.67  $        10.18  $        10.18  $          5.66
50 – 54  $        31.67  $        16.40  $        18.10  $          9.05
55 – 59  $        53.73  $        24.89  $        33.37  $        14.71
60 – 64  $        71.83  $        29.98  $        48.64  $        18.10
If you are experiencing a crisis, contact the FSEAP Crisis Hotline at 1-800-667-0993