When you leave UBC, your Basic Group Life insurance, Optional Life insurance, and Accidental Death and Dismemberment insurance plans expire as of your last day of employment.
But leaving our group plans doesn’t mean that you have to be without life insurance, or that you have to start from the beginning. After your last day of work at UBC, you have 31 days to convert your Basic Group Life and/or Optional Life/Accidental Death and Dismemberment insurance plans from a group to an individual policy, without having to provide medical evidence.
The maximum amount that you can convert between all your group plans to an individual policy is $200,000.
Premium rates for individual life insurance policies vary based on your age, your sex, whether you smoke, and the customary premium rate charged for the type of insurance you choose.
For more information on rates, terms of individual life insurance policies and any general questions regarding conversion of your group life insurance coverage to an individual policy, contact Sun Life directly at 1.877.893.9893 to speak with a Sun Life insurance representative.
After speaking with a Sun Life representative and if you are definitely going to convert your group insurance, contact Florence Lum at 604.822.8988, who will complete the necessary form for you.
Something to Consider : Converting directly to an individual policy through Sun Life has the advantage of not requiring you to submit a health questionnaire as you would have to if you purchase an individual policy from another provider. However, if you are in good health and choose to submit a health questionnaire, you may want to talk to your financial advisor or insurance provider representative to investigate which insurance policy and insurance company will best suit your needs.