Memo: Changes to Optional Life Plan Premiums effective Jan. 1, 2015 (Faculty & M&P Staff) (Dec. 1, 2014)

Memorandum
Date: Dec. 1, 2014
From: UBC Human Resources
To: All Faculty and Management & Professional Staff enrolled in the Optional Life Plan
Subject: Changes to Optional Life Plan Premiums effective Jan. 1, 2015


The UBC Optional Employee and Spouse 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 coverage.

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 Jan. 1, 2015, the premium rates will decrease by approximately 10% and your new, lower premium will be reflected on your Dec, 31, 2014, 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.

The new monthly Optional Life premiums are shown on this PDF table. 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 UBC Faculty and Staff Self-Service website https://paprod.adm.ubc.ca:8443/psp/paprod/?cmd=login&languageCd=ENG 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 available from www.hr.ubc.ca/benefits/forms/#life-insurance.

Please return original completed forms by Campus Mail to:

  • UBC Vancouver: Payment & Procurement Services – Payroll, 5th Floor – TEF 3, V6T 1Z3
  • UBC Okanagan: Payment & Procurement Services – Payroll, ADM 006 – 3333 University Way, V1V 1V7

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

Download the Premium Rates Table: PDF

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