The Basic Group Life Insurance plan for UBC faculty and staff provides benefits for your beneficiary in the event of your death. Spouses and dependent children are not covered under the Basic Group Life Insurance plan.
Premiums are dependant on your Employee Group. Please visit the Premium Rates section to learn about the rates for Basic Group Life Insurance.
When coverage begins: Your date of hire.
When coverage ends: Your coverage ends on the earliest of the following dates:
See “Life Conversion” for information on converting to an individual policy after you experience a reduction in coverage or when coverage ends.
This outline is a descriptive outline of the plan only; it is not a contract. All terms and conditions are governed by Contract Number 50555-G-Part A with Sun Life Assurance Company of Canada. In the event of a discrepancy, benefits will be paid according to the official document and applicable legislation.
For complete details, please refer to the Sun Life booklet for your UBC Employee Group below.
Your age and your annual earnings, not including overtime or honoraria, determine Basic Group Life Insurance coverage.
Payments are calculated by multiplying your annual basic earnings by your age factor at the time of your death. For example, for people 34 years and younger, the payment is four times annual basic earnings. For people between the ages of 65 and 71, the payment is one times annual basic earnings. The maximum coverage is $300,000.
The amount of your life insurance coverage generally decreases as you get older, assuming your annual basic earnings remain constant . If you experience a reduction in coverage, you may choose to convert all or a portion of the reduced coverage amount to an individual plan with Sun Life (see “Life Conversion”).
If you experience an involuntary decrease in your annual basic earnings, your life insurance coverage also decreases and you may choose to convert all or a portion of the reduced coverage amount to an individual plan with Sun Life (see “Life Conversion”).
|Age||Amount of Life Insurance|
|34 and under||4.0 x basic earnings|
|35||3.8 x basic earnings|
|36||3.7 x basic earnings|
|37||3.6 x basic earnings|
|38||3.5 x basic earnings|
|39||3.4 x basic earnings|
|40||3.3 x basic earnings|
|41||3.1 x basic earnings|
|42||2.9 x basic earnings|
|43||2.7 x basic earnings|
|44||2.5 x basic earnings|
|45||2.2 x basic earnings|
|46 – NRD*||2.0 x basic earnings|
|post NRD – 71||1.0 x basic earnings|
*NRD = Normal Retirement Date (i.e. the end of the month you turn age 65)
Note: This is the current basic life schedule. The new schedule may not apply to you if you were not actively at work when the new schedule came into effect. For more information, refer to your Sun Life Benefit Booklet above.
You have the option of converting all or a portion of your Basic Group Life Insurance coverage to an individual policy within 31 days after you experience a reduction in coverage or your coverage ends.
The benefit of this conversion is that you will not be asked to complete a health questionnaire to retain the same level of coverage as you had during your employment at UBC.
However, if you are in good health, it may be to your advantage make a regular application for coverage. Sun Life, our insurance carrier, can provide you with details on this option.
The premium rates for individual policies will be based on age, sex, and the customary rate for the type of insurance chosen. The maximum amount you can convert is $200,000 from your group life policies at UBC (Basic and Optional Life) and $200,000 for your spouse.
Contact Sun Life at 1.800.786.5433 for more information, or how to apply.