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Optional Life Insurance

Employees and their spouses can opt for extra life insurance coverage, in addition to their Basic Group Life Insurance benefit. Evidence of insurability is required.

Coverage Amounts:

Available in increments of $50,000, with a minimum amount of $50,000 and a maximum of $250,000. The maximum amount of insurance for an employee who elects optional insurance for him/herself or spouse is the sum of the basic and optional amounts.

To Apply:

Employees wishing to apply for this coverage need to complete the ‘GWL Evidence of Insurability’ form and complete the ‘Optional Life’ and ‘Beneficiary’ sections. The employer should forward the signed, original completed form to the BCCA Employee Benefits office.

When Coverage Begins:

Your coverage is effective the date Great West Life approves the application. Both the employee and employer will be notified in writing about the approval.

Beneficiary:

The employee can designate their choice of beneficiary and can make changes at any time. You must appoint a Trustee if you select a beneficiary who is less than 18 years of age. The beneficiary for any spousal/child coverage is automatically the employee.

Premiums:

This is optional coverage, so it is 100% employee paid and will be reflected as a deduction to payroll. Upon approval, your employer will begin deductions the first of the month following notification from the insurer.

Premium Rates:

The chart below indicates monthly rates per $50,000 of coverage. Find your age and gender under the appropriate smoking status table. For example, a female 38 years of age who is a non-smoker seeking $200,000 of coverage would pay $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

When coverage terminates:
Your coverage terminates at the age of 65 or earlier retirement, whichever comes first. Your spouse's coverage terminates at the same time or when he or she reaches age 65 or is no longer your spouse, whichever comes first.


Consider helping those affected: 

Extended Health Care Dental Care Accidental Death & Dismemberment Insurance Long-Term & Short-Term Disability Insurance Employee & Family Assistance Program Medical Travel Reimbursement Benefit Basic, Optional & Dependant Life Insurance Critical Illness Hour Bank
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