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Group Term Life
Payment of Benefit
If you die while insured, we will pay the amount of your group term life insurance to your beneficiary. When you designate more than one person as beneficiary, we will assume the benefit amount is to be divided equally, unless you specify otherwise. If your designated beneficiary is under age 18, you should appoint a trustee for this beneficiary and have a trust agreement drawn up and signed. This trustee will receive and give discharge for any benefit amount which becomes payable while your beneficiary is a minor. If no beneficiary survives you, the benefit amount will be paid to your estate.
Living Benefit
Terminal condition
means an injury or sickness from which there is no reasonable prospect of recovery, as determined by us, and which is expected to result in your death within 12 months. If you have a Terminal condition, we will pay you the living benefit amount shown in the Schedule of Benefits. You or your legal representative must submit a written request for this benefit and include written consent from your beneficiary (release form) and written proof of your medical condition from your attending Physician.
This benefit amount is payable once. The amount of your group term life insurance benefit or the amount of insurance you can convert outlined under the conversion option is reduced by the amount you receive under this benefit.
Waiver of Premium
You will continue to be covered for Life Insurance without payment of contributions for so long as you continue to be disabled and entitled to receive LTD benefits.
Conversion Option
You will be eligible to convert your group life insurance coverage to a personal life insurance policy issued by Blue Cross Life Insurance Company of Canada without having to answer any health questions. To qualify, you must be under age 65, and we must receive your application within 31 days of the date your employment terminates. Contact BC LIFE directly for further information. This option does not apply to schedule reductions, or termination of coverage that becomes effective at a specified age.
The maximum coverage you can purchase will be the lesser of:
- $200,000 or
- the amount of group life insurance you had with us, or
- the difference between the amount of group life insurance you had with us and the amount that is available through your new employer's group plan - provided you become insured within 31 days following the termination of your coverage under this policy.
You may purchase less than the maximum amount of life insurance you are entitled to convert. However, you cannot apply for an amount which is lower than that for which Blue Cross Life customarily issues a policy. You will have a choice of two policies:
- a term life insurance policy for one year, or
- a term life insurance policy to age 65.
Your premium will be based on the prevailing standard rate charged by Blue Cross Life on the date your personal policy is issued.
Claims
In the event of your death, the Plan Administration office must be contacted within 30 days, and a completed claim form along with any proof required must be received within 90 days. However, no payment will be made on any claim submitted later than 1 year from the date of death.
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