Life Insurance

Optional Life Premium Rates Changing in 2018

Optional Life Premium Rates Changing in 2018

With the support of our Benefits Consultant, the UBC Optional Life (Employee and Spouse) Plan is reviewed each year. Based on an increase in claims for the past two years, the Optional Life rates will increase by 5% for the upcoming 2018 year. The new rates are posted here: http://www.hr.ubc.ca/wellbeing-benefits/files/Opt_Rates.pdf.

The Optional AD&D rates remain unchanged for 2018.

Those who are enrolled in UBC Optional Life (Employee and/or Spouse) received a personalized email about the rate change on Dec. 1st.

What’s my current Optional Life coverage?

You can view your current coverage online by logging into the UBC Faculty and Staff Self-Service website with your CWL login and clicking on ‘Benefits Summary’. (Note: You will need VPN if you are accessing Self-Service from off-campus.)

I want to reduce or cancel my coverage. How do I do this?

Complete the change form to reduce or cancel your current coverage and submit the form to UBC Payroll for processing.

I want to increase my current coverage or I am applying for Optional Life for the first time. What do I do?

The Optional Life (Employee and Spouse) maximum is $750,000 per individual. If you and/or your spouse are below the maximum and would like to increase your coverage or apply for the first time, please complete an application form and submit the original form to UBC Payroll for processing.

All applications are subject to proof of good health. Once you submit your application to UBC Payroll, you will be emailed a Sun Life Health Statement. Submit the completed statement to Sun Life for review; if approved, you will be advised in writing and your premiums will be paid through payroll deduction.

Where do I send my forms?

Submit your original form to UBC Payroll for processing, either by mail or in-person:

Vancouver Campuses
Attention: Payroll
UBC Financial Operations
5th Floor – TEF 3
6190 Agronomy Road
Vancouver, BC V6T 1Z3

Okanagan Campus
Attention: Payroll
UBC Finance Operations and Strategies
ADM 006 – 1138 Alumni Avenue
Kelowna, BC V1V 1V7

The Importance of Designating a Life Insurance Beneficiary

Life happens and relationships can change, which is why it’s important to designate a life insurance beneficiary and keep your beneficiary information up-to-date.

Life Insurance Eligibility and Enrolment

If you have an eligible appointment, you will automatically be enrolled in Basic Group Life Insurance on your date of hire, or the date your appointment becomes eligible.

In addition to Basic Group Life Insurance, you may choose to apply for Optional Life and Accidental Death & Dismemberment Insurance for you and/or your spouse.

Keep Your Life Insurance Beneficiary Up-to-Date

It is important to keep the beneficiary of your life insurance policies up-to-date, so that in the event of a claim, the benefit is paid to the correct individual(s) or organization.

If you do not designate a life insurance beneficiary, your life insurance benefit will be paid to your estate in the event of your death (or your spouse’s estate in the event of their death, if they hold Spousal Optional Life Insurance).

What is a Beneficiary?

A beneficiary is the person, persons, or entity you name on a life insurance policy to receive the proceeds of the life insurance policy upon your death. Naming a beneficiary ensures that they receive all your life insurance benefit in the event of your death; since this benefit is not part of your will, provincial probate fees and lawyer fees do not apply, and creditors will not have an opportunity to get access to it.

What is an Estate?

A person’s estate can be defined as the whole of a person’s possessions, including their property, other assets and debts at the time of their death. If you do not designate a beneficiary, your life insurance will be paid to your estate in the event of your death. Probate will occur, which is a lengthy and costly legal process of administering your estate. The proceeds will eventually be distributed according to your will or if there is no will, BC’s intestacy rules that define your estate’s beneficiaries and how much each is to receive.

Consider the following scenarios:

In the first scenario, a faculty/staff member and their spouse divorce, and the faculty/staff member enters into a new relationship. They forget to update their life insurance beneficiary to their new partner and unexpectedly passes away. The faculty/staff member’s life insurance benefit will be paid to their ex-spouse, as they remain the designated beneficiary on file.

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In the second scenario, a faculty/staff member was single at the time they enrolled for life insurance and designated their estate as the beneficiary. They enter into a new relationship and they forget to update their life insurance beneficiary for their new partner and unexpectedly pass away. The faculty/staff member’s life insurance beneficiary will be paid to their estate. 

How to View Your Beneficiary Designation

  1. Go to the UBC Faculty & Staff Self-Service Portal and sign in using your Campus Wide Login (CWL) and password. VPN is necessary to access Self-Service off campus.
  2. Under My Benefits, click on the Benefits Summary.
  3. Click on the Basic Life and/or Optional Life and Optional AD&D (if applicable) link to view the beneficiary for you and/or your spouse.

 How to Add or Change Your Beneficiary

  1. Complete the Basic Life Beneficiary Change FormEmployee Optional Life/AD&D Beneficiary Change Form or the Spouse Optional Life/AD&D Beneficiary Change Form. Important note: If you are designating an organization (e.g. a charity) as your beneficiary, be sure to include the address for a specific division.
  2. Submit the original completed form to UBC Payroll for processing. Only original forms are accepted, and we strongly recommend you keep a copy for your personal records.
Vancouver Campus
Attention: Payroll Services
UBC Financial Operations
500 – 6190 Agronomy Road
Vancouver, BC V6T 1Z3
Phone: 604-822-2187
Fax: 604-822-9233
Okanagan Campus
Attention: Payroll
UBC Finance Operations and Strategies
ADM 006 – 1138 Alumni Avenue
Kelowna, BC V1V 1V7
Phone: 250-807-8616
Fax: 250-807-9354

Other Considerations – Pension Beneficiary Designation

It is also important to make sure your beneficiary information is up-to-date for your UBC pension benefits. Your designated beneficiary will receive your pension benefits in the event of your death.

Under British Columbia pension legislation, your spouse must be named as your primary beneficiary unless they sign a waiver of their survivor benefits. The following links provide detailed information on how to designate or update a pension beneficiary:

If you have questions regarding designating or changing your pension beneficiary, please contact the Pension Office at 604-822-8100 or email fpp@hr.ubc.ca for Faculty plan members, and spp@hr.ubc.ca for Staff plan members.

Optional Life Insurance Rates Remain Unchanged for the Upcoming Year

hsa formThe UBC Optional Life (Employee and Spouse) rates will remain unchanged for the upcoming year (2017). The current rates are posted here. Those who are enrolled for UBC Optional Life (Employee and/or Spouse) will receive a personalized email as well.

To Determine Your Current Coverage

You can view your current coverage online via the UBC Faculty and Staff Self-Service website (VPN is necessary to access Self-Service off campus).

Increasing Your Current Coverage or Applying for the First Time

The Optional Employee and Spouse Life maximum is $750,000 (per individual). If you are below the maximum and would like to increase your coverage or apply for the first time, please complete an application form and submit the original form to Payroll for processing.

Vancouver campus

Attention: Payroll
UBC Financial Operations
5th Floor – TEF 3
6190 Agronomy Road
Vancouver, BC V6T 1Z3

Okanagan campus

Attention: Payroll
UBC Finance Operations and Strategies
ADM 006 – 1138 Alumni Avenue
Kelowna, BC V1V 1V7

All applications are subject to proof of good health. Once you submit your application to Payroll, you will be emailed a Sun Life Health Statement. Submit the statement to Sun Life for review; if approved, you will be advised in writing and your premiums will be paid through payroll deduction.

Decrease to UBC’s Optional Life Insurance Rates for 2016

hsa formOptional Life Rates Decreasing

Effective Jan. 1, 2016, the UBC Optional Life (Employee and Spouse) rates will decrease by approximately 5%. View the new rates on our Premium Rates page.

Those who are enrolled for UBC Optional Life (Employee and/or Spouse) will receive a personalized email with the new rates in early December.

The decrease in your premium will appear on your Dec. 31, 2015, pay statement (premiums are taken one month in advance). You can view your pay statement online via the UBC Faculty and Staff Self Service website (you will need VPN if you are accessing Self-Service from off-campus).

Increasing Your Current Coverage or Applying for the First Time

The Optional Employee and Spouse Life maximum is $750,000 (per individual). If you are below the maximum and would like to increase your coverage or apply for the first time, please complete the application form and submit it to UBC Payroll for processing.

All applications are subject to proof of good health. Once you submit your application to Payroll, you will be emailed a Sun Life Health Statement. Submit the statement to Sun Life for review; if approved, you will be advised in writing and your premiums will be paid through payroll deduction.

Important Change to Determining Dependent Child Optional Life Coverage

Your children and your spouse’s children (other than foster children) are considered dependent children if they are not married or in any other formal union recognized by law, entirely dependent on you for financial support and:

  • under age 19; or
  • between the ages of 19 and 25 if they are a full-time student attending an educational institution recognized under the Income Tax Act (Canada); or
  • any age if approved by Sun Life for disabled status due to a physical or mental disability before reaching the limiting age.

A child may not be considered to be a dependent of more than one UBC employee. In other words, if both parents are UBC employees, only one claim is payable.

Determining Coverage

Effective March 1, 2015:

For each $25,000 unit of coverage you purchase for yourself, you will receive $5,000 of coverage for each dependent child at no extra charge.

Prior to March 1, 2015:

If you have an eligible spouse who was approved for Spouse Optional Life prior to March 1, 2015, you will receive $5,000 of coverage for each dependent child for each $25,000 unit of spouse coverage (no extra charge). Otherwise, the coverage for each dependent child will be calculated based on the coverage you purchase for yourself ($5,000 for each $25,000 unit of your coverage).

Questions?

Stephanie Mah, UBC Human Resources Benefits Specialist
Tel: (604) 822-6823
Email: stephanie.mah@ubc.ca