Life and Accidental Death & Dismemberment

Financial support for the unexpected

The unexpected death of a head of household can be financially devastating for a surviving spouse and other dependents. If you asked them, many Canadians would likely say they don't have enough insurance to protect their loved ones in the event of their death.

An employer sponsored life insurance plan helps employees be better prepared by providing financial support directly to their beneficiaries who can use the money where it's needed most. For example, in the event of death the benefit can be used to:

  • Make up for the deceased's lost future income
  • Fund a child's education
  • Pay off household debt
  • Pay for funeral and other related expenses

Term Life insurance can be a cost-effective way to provide financial support for your employees and their families in the event of death. Benefits can be provided as a specific flat dollar amount, a multiple of the employee's annual salary or a combination of each without the need for completing a medical questionnaire.

Accidental Death & Dismemberment

Accidental Death & Dismemberment coverage can provide added security in the event of an employee's accidental death or if they suffer from a physical disability as a result of a life changing accident. The benefit amount is typically set to be the same amount as their group term life coverage however various coverage options are available.

Additional coverage options

Optional Life Insurance

You may choose to provide additional coverage or offer your employees the opportunity to voluntarily add more coverage to supplement their group term life benefit. Optional Life Insurance coverage may also be extended to cover the employee's spouse. To be eligible, the person to be covered must be under age 65 and may be required to complete a medical questionnaire.

Dependent Life Insurance

Employers may also choose to offer Dependent Life Insurance. This coverage ensures financial support to your employees as a result of the death of their spouse or other covered dependents. The benefit can provide financial support to cover funeral costs or other final expenses. It is not intended to provide the same level of coverage as our other life benefits. To be eligible, the person to be covered must be under age 65 and may be required to complete a medical questionnaire.

Life conversion option

If your employee's coverage ends before the age of 65, they may convert their group term life coverage to an individual life insurance plan. A medical questionnaire is not required if the application is made within 31 days from the termination date.

 

Life and Accidental Death & Dismemberment [pdf]