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Life Insurance |
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Industrial and Institutional:
Active (Hour Bank) and Disabled/Associate (Class 001)
Honourary or Exempt (Class 002)
Commercial:
Active (Hour Bank) (Class 003)
Active (Monthly) (Class 004)
SUMMARY OF BENEFITS
Class 001 –
Amount of Basic Life Insurance: $35,000.
Coverage terminates on the date you no longer have hours in
your
Hour Bank Account.
Class 002 -
Amount of Basic Life Insurance:
• retired before October 1, 2002 – $10,000
• retired before April 1, 2004 – $5,000
• retired on or after April 1, 2004 – not applicable.
Coverage terminates on the date you cease to be an
Honourary or
Exempt Member.
Class 003 & 004 –
Amount of Basic Life Insurance: $35,000.
Waiver of Premium Benefit: to age 65 (note Definition of
Disability is
to match that of Long Term Disability if you are on LTD,
otherwise,
it is our standard “any occupation”.
Termination of Insurance for Class 003:
Coverage terminates on the date you no longer have hours in
your
Hour Bank Account.
Termination of Insurance for Class 004:
Coverage terminates on the end of the month in which
employment
ceases.
EMPLOYEE LIFE INSURANCE
In the event of your death while insured, the amount of
your Life
Insurance is payable to your beneficiary. You may change
your beneficiary
at any time by written notice to your Plan Administrator,
subject to any policy or legal limitations.
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Waiver of Premium for disability
If you become totally disabled for 6 consecutive months
before
age 65, your Life Insurance will be continued free of
charge until you
cease to be totally disabled or you reach age 65, whichever
occurs
first. To qualify, you must be unable to work for
compensation or
profit or to engage in any business or occupation, and you
must
submit proof of your continuing disability as may be
required by the
Insurer.
Note: In order to qualify for the Waiver of Premium benefit
you
must notify Manulife Financial of your disability within
one (1) year
of your last active day at work, and must furnish proof of
your disability
satisfactory to the Insurer within 18 months of that last
active
working day.
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Conversion Privilege
Your Life Insurance continues for 31 days following either
the termination
of your employment, or your classification changing to one
in which you are not insured. During this 31-day period you
may
convert the amount of your Group Life Insurance, provided
you are
under 65 years of age, to any individual whole life or
convertible
one-year term or term to age 65 plan without submitting
evidence
of health.
The amount of the individual policy shall not exceed the
amount of
insurance for which you were insured when coverage was
discontinued,
subject to a maximum of $200,000 less any amount you
become eligible for under a replacing contract of group
life insurance.
The premium rate will be determined from your age and class
of
risk at the time of conversion.
Note: The conversion privilege does not apply for loss of
insurance
as a result of:
- any age reduction specified in the Summary of Benefits;
or
- if insurance terminates when you reach the age
specified in the
Summary of Benefits section or upon your retirement.
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