Life Insurance: Retirees

Upon retiring, retirees have the choice of electing one of a few life insurance types.

• How to make a Claim
• Retiree Basic Life Insurance
• Retiree Additional Life Insurance
• Grandfathered-Early (50-65yrs)
• Key Forms and Documents

How to make a Claim

Your college benefits plan administrator should be contacted immediately and will assist your beneficiary (or you, in the case of a dependent life insurance claim) with the process of filing a death claim. The following must occur as soon as possible after your death:

• A claim form must be completed by the college and by you or your beneficiary
• Completed claim forms, along with a death certificate from the attending doctor or funeral home, must be forwarded to Sun Life

It normally takes 3 to 4 weeks to process a claim; however, this may vary depending on the circumstances of each case. Sun Life makes every effort to keep the college benefits plan administrator informed of the status of the claim.

Retiree Basic Life Insurance

Last revision: July 2010

Since September, 2005, all retired employees are under one benefit plan.

All employees can elect to maintain Retiree Basic Life Insurance of $10,000.00. This benefit is payable to your named beneficiary in the event of your death due to any cause. You may name anyone you choose as your beneficiary. If you have not named a beneficiary or your named beneficiary is deceased at the time of your death, the benefit will be paid to your estate.

Duration of Coverage

• For your lifetime if you are Administrative or Support Staff Retiree
• Up to age 75 if you are an Academic Retiree

Coverage Provisions

• If you do NOT ELECT this coverage when you first retire, it is NOT AVAILABLE to you at any future date
• You may CANCEL this coverage on the first of any month with ADVANCE written notice to your college benefits plan administrator
• For Administrative and Support Staff Retirees, coverage is cancelled coincident with the date you cease paying the required premium
• For Academic Retirees, coverage terminates on the earlier of the date you cease paying the required premium or the end of the month in which you reach age 75
• If you cancel this coverage at any time, this Retiree Basic Life Insurance is no longer available to you

Retiree Additional Life Insurance

Last revision: July 2010

If you are at least age 50 but under age 65 when you first retire, you may elect Additional Retiree Life Insurance over and above the $10,000 Basic Life Insurance.

Retiree Additional Life Insurance is payable to your named beneficiary in the event of your death due to any cause. You may name anyone you choose as your beneficiary. If you have not named a beneficiary or your named beneficiary is deceased at the time of your death, the benefit will be paid to your estate.

*Overall maximum combined with Retiree Basic Life Insurance is the lesser of $500,000, or the amount of your pre-retirement Basic plus Supplemental plus Employee Optional Life Insurance combined, in effect immediately prior to your retirement date rounded to the next higher $5,000 if not a multiple of $5,000.

Coverage Provisions

• You must be between age 50 and 65
• If you do NOT ELECT this coverage when you first retire, it is not available to you at any future date
• You may NOT INCREASE your Additional Life Insurance at any future date
• You may DECREASE or CANCEL the amount of your Additional Life Insurance on the first of any month by providing ADVANCE written notice to your college benefits plan administrator
• Coverage terminates at the end of the month in which you turn age 65
• Coverage is cancelled coincident with the date you cease paying the required premium
• If you cancel this coverage at any time prior to your 65th birthday, this Retiree Additional Life Insurance is no longer available to you

Life Insurance Conversion

When your Additional Life Insurance reduces or terminates, you may convert all or part of your reduced or terminated coverage to a private policy with Sun Life without providing any medical evidence, subject to the following:

• • Maximum amount you may convert is $200,000
  • Conversion must be completed within 31 days of the date your coverage reduced or terminated

Retiree Dependent Life Insurance

As of February 1, 2015 no further enrolments will be allowed in this benefit. Any retirees currently enrolled in the coverage will be allowed to continue the coverage until January 31, 2016 at which point the coverage under this benefit will terminate.

Grandfathered Early Retirees (Age 50-65)

If you retired prior to September 1, 2005, your Early Retirement Benefits are grand parented and remain in effect (Academic, Administrative, and Support). Employees could elect to maintain Life Insurance they had up to retirement into retirement up to the age of 65. The retiree pays 100% of all premiums.

Basic Life Insurance

Supplemental Life Insurance

Supplemental Life Insurance is available only if you continued your Basic Life Insurance, equal or less than your pre-retirement amount.

Note that across all employee groups, coverage may not be increased once you early retire.

Employee Pay-All Optional Life Insurance

Employee Pay-All Optional Life Insurance is available only if you continued Basic and Supplemental Life Insurance, equal or less than your pre-retirement amount.

Note that coverage may not be increased once you early retire.

Key Forms and Documents

• Retiree Basic Life Insurance Benefits – Read the document within the page for more information on basic life insurance.