Basic Group Life Insurance

Your Basic Group Life Insurance Plan will pay a sum of money (benefit) to your designated beneficiary in the event of your death. Spouses and dependent children are not covered under the Basic Group Life Insurance plan.

Your age and annual earnings, not including overtime or honoraria, determine your Basic Group Life Insurance coverage. UBC pays the monthly premiums associated with this benefit.

When does my coverage begin and end?

See Benefit Coverage Start and End Dates for details on when your coverage begins and ends.

When your coverage ends, you can convert your group policy to an individual policy. Learn more.

What is my coverage?

Your age and your annual earnings, not including overtime or honoraria, determine your Basic Group Life Insurance coverage.

For salaried employees, payments are calculated by multiplying your annual basic earnings by your age factor at the time of your death. For hourly employees, payments are calculated by multiplying the salary 12 months from the date of your death by your age factor at the time of your death. For example, if you die when you are 45 years old or younger, your beneficiary will receive four times your annual basic earnings. If you die between the ages of 65 and 71, your beneficiary will receive a payment equal to your annual basic earnings. The maximum amount your beneficiary will receive in the event of your death is $300,000.

The value of your life insurance coverage decreases as you get older, assuming your annual basic earnings remain constant. Your life insurance coverage may also decrease if your annual basic earnings are reduced.

You can convert all or a portion of the reduced coverage amount to an individual plan with Sun Life. You can convert all or a portion of your Basic Group Life Insurance coverage to an individual policy within 31 days after you experience a reduction in coverage or your coverage ends. See Converting your group policy to an individual policy for more information.

The table below shows the Basic Group Life Insurance coverage effective Jan. 1, 2019. This coverage may not apply to you if you are not actively at work when the new schedule comes into effect. For more information and previous coverage, refer to your Sun Life Benefit Booklet.

Age Factor
45 and under 4 x annual basic earnings
46 to NRD* 2 x annual basic earnings
Employees who reach their NRD* and continue to work to 71 1 x annual basic earnings

*NRD = Normal Retirement Date. The Normal Retirement Date for Staff is the end of the month you turn 65. For Academic Executive or Faculty, your normal retirement date is June 30 or December 31 following (or on) the date you turn 65.

How do I designate a beneficiary?

It is important to keep your Basic Life Insurance beneficiary up to date, so that in the event of your death, the benefit is paid to the intended person. See designating a beneficiary for more information.

For more information

The outline above is a descriptive summary of the plan and is not a contract. All terms and conditions are governed by Contract Number 050555 with Sun Life Assurance Company of Canada. In the event of a discrepancy, benefits will be paid according to the official document and applicable legislation.

You can read the full details of your Basic Life Insurance policy in the Sun Life booklet for your employee group: