Date: Dec. 1, 2014
From: UBC Human Resources
To: All non-M&P 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.
Effective Jan. 1, 2015, there will be a change to the premiums you pay, as well as an increase to the Optional Life maximum and addition of the Optional Spouse Accidental Death and Dismemberment Benefit (AD&D). These changes are summarized below.
Premium Rate Decrease
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 Employee Accidental Death and Dismemberment (AD&D) 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 with your CWL username and password and click on “myBenefits”, then “View Benefit Enrolments”.
Increase to the Optional Life Maximum to $750,000
Effective Jan. 1, 2015, the Optional Employee and Spouse Life maximum increases from $250,000 to $750,000. This means that starting in January, you and/or your spouse can apply for coverage up to $750,000. All applications are subject to proof of good health.
Whether you are applying for Optional Life coverage for the first time or increasing your current coverage, you (and/or your spouse) are required to complete a UBC application form and a Sun Life Health Statement. Sun Life will review the Health Statement and advise you in writing whether your application has been approved.
To apply for or increase your Optional Life coverage, the first step is to complete the UBC application form and submit the original to UBC Payroll. UBC Payroll will review your application and send you the Sun Life Health Statement. For more information, including a link to the application form, please visit: http://www.hr.ubc.ca/benefits/life-insurance/optional-life-insurance/.
If you do not wish change your current coverage, no further action is necessary.
New Benefit – Optional Spouse Accidental Death and Dismemberment (AD&D)
Optional Spouse AD&D is a new benefit available to your spouse if they are enrolled for Optional Spouse Life. Spouse AD&D provides benefits if your spouse becomes the victim of an accident that results in the loss of their life, limb, sight or hearing. This benefit is in addition to Spouse Optional Life coverage.
If your spouse is currently enrolled for Optional Spouse Life, you can add the Spouse AD&D effective Jan. 1, 2015.
To add the Spouse AD&D, complete the UBC application form http://www.hr.ubc.ca/benefits/files/opt-life-add-enrollment-form.pdf and submit the original to UBC Payroll. For more information, including Optional AD&D rates, please visit: http://www.hr.ubc.ca/benefits/life-insurance/accidental-death-dismemberment-insurance/.
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 email@example.com.