Employee term life insurance is a big part of a group plan. Benefits can range from one to five times salary, or can be based on a flat amount. There are some attractive features including generous amounts available without medical evidence. Optional life insurance is available for employees and their spouses for groups of 20 plus lives.
|Term Life Insurance|
|Formula||Flat amount or one to five times salary|
|Reduction||50% at age 65|
|Optional Life||Units of $10,000 to $200,000|
Dependant life insurance is available for spousal and child coverage.
|Dependant Life Benefits|
|Spouse Amount||Units of $5,000 to $25,000|
|Child Amount||50% of spouse amount|
|Child Coverage Starts||15th day from birth or from live birth|
Accidental Death and Dismemberment benefits (AD&D) is a portion of the employee term life insurance amount. The AD&D benefit includes a surgical reattachment benefit and repatriation of remains in the event of death.
|Accidental Death & Dismemberment Benefits|
|Benefit Amount||A portion of employee term life amount|
|Benefit for Successful Reattachment||50% of dismemberment benefit|
|Repatriation Provision||Provided if greater than 150 km from home|
|Loss of Use Provision||Included|