- Decrease in Faculty/Staff Optional Life Insurance rate by 20%, effective Jan. 1/10.
- Faculty and Staff eligible for UBC Basic Life Insurance can apply for Optional Life Insurance.
The UBC Optional Faculty and Staff Life and Spousal Life insurance plan is an employee-paid plan that provides life insurance benefits for you, your spouse or your dependant children. Participation in the Optional Life insurance plan is voluntary and coverage is in addition to your Basic Group Life insurance through UBC.
If you are enrolled in the Optional Life plan, the following information applies to you. If you are not currently enrolled in the plan, but wish to enrol, please jump to the bottom of the post to learn about eligibility.
Each year, with the support of our Benefits Consultant (Mercer), the Optional Life plan is reviewed. Due to a favourable claims experience for the past year, the optional life premium rates will be reduced. Effective Jan. 1/10, the premium rates will decrease by approximately 20%. (Please note that premium rates are subject to change on an annual basis, and may increase or decrease in subsequent years depending on the experience on the plan.)
For those enrolled in the Optional Accidental Death and Dismemberment Plan, premium rates remain unchanged for the upcoming year.
The new monthly Optional Life premiums will be reflected on your Dec. 31/09 pay stub, as premiums are taken one month in advance. To determine your monthly premium for the upcoming year, you can find the age bracket, smoker status and coverage amount for you and/or your spouse by viewing the Faculty and Staff Optional Life premium rate table.
UBC faculty and staff enrolled in the UBC Optional Faculty and Staff Life and Spousal Life insurance plan will receive a memo about these changes.
Eligibility for New Enrolments
If you are not enrolled in the UBC Optional Faculty and Staff Life and Spousal Life insurance plan and are enrolled in the UBC Basic Life insurance plan, you are eligible to apply for coverage. Applications are subject to a health questionnaire and approval from Sun Life, UBC’s life insurance provider. For more information on the plan, visit the Benefits section of the Human Resources website and click on your Employment Group on the right navigation menu, then Optional Life Insurance.
If you have questions regarding the changes to the Optional Faculty and Staff Life and Spousal Life insurance plan, please contact Stephanie Mah at email@example.com.