Memo: Changes to Optional Life Plan Premiums effective January 1, 2014 (Dec. 4, 2013)

Memorandum
Date: Dec. 4, 2013
From: UBC Human Resources – Health, Wellbeing and Benefits
To: All Faculty and Staff enrolled in the Optional Life Plan
Subject: Income Replacement Plan (IRP) Premium Rate Effective January 1, 2014

The UBC Optional Employee Life and Spousal Life plan is an employee-paid plan that provides benefits to your designated beneficiary (ies) should you, your spouse or your dependent child die. Participation in the Optional Life plan is voluntary and coverage is in addition to your Basic Group Life plan through UBC.

Each year, with the support of our Benefits Consultant, the experience of the Optional Life plan is reviewed. Due to favourable claims experience this past year, a decrease to the optional life premium rates is warranted. Effective January 1, 2014, the premium rates will decrease by approximately 5% and your new, lower premium will be reflected on your December 31, 2013 pay advice (premiums are taken one month in advance).

For those enrolled in the Optional Accidental Death and Dismemberment Plan, these premium rates remain unchanged for the upcoming year.

Click here to view the new monthly Optional Life premiums. To determine your monthly premium for the upcoming year, find the age bracket, smoker status and coverage amount for you and/or your spouse. If you are unsure what your Optional Life coverage amount is, log in to the Faculty and Staff Self-Service website with your CWL username and password and click on “myBenefits”, then “View Benefit Enrolments”.

Need to Make Changes to Your Coverage and/or Update Your Beneficiary(ies)?

If you would like to increase/decrease your coverage, cancel coverage, change your smoking status or beneficiary, complete the appropriate change form.

Please return completed forms by Campus Mail to:

UBC Vancouver: Financial Services – Payroll, GSAB, Zone 1

UBC Okanagan: Financial Services, ADM002, 1138 Alumni Ave.

If you have any questions, please contact Stephanie Mah at 604-822-6823 or stephanie.mah@ubc.ca.

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