Life Insurance Conversion

You can convert your UBC group life insurance coverage to an individual policy when you leave UBC.  You can also convert any reduction in life insurance coverage (for example, working past normal retirement) to an individual policy.

Your Basic Group Life Insurance, Optional Life Insurance, and Accidental Death and Dismemberment Insurance plans expire on your last day of employment. You can convert one or more of these plans to individual policies so that you continue to hold insurance coverage.

After your last day of work at UBC (or once you have experienced a reduction in coverage), you have 31 days to convert your Basic Group Life, Optional Life or Accidental Death and Dismemberment insurance plans from a group to an individual policy without having to provide a Health Statement to Sun Life.

You will be responsible for arranging this coverage and paying the premiums associated with any individual policies directly to Sun Life.

Health questionnaire considerations

If you convert your current coverage to an individual policy through Sun Life, you do not need to submit a Health Statement as is required if you are purchasing an individual policy from another provider.

However, if you are in good health, you may want to talk to your financial advisor or insurance provider representative to investigate which insurance policy and insurance company will best suit your needs.

Maximum amounts and rates

The maximum amount you can convert from a group life policy (Basic and Optional Life) to an individual policy is $200,000 for you as an employee and $200,000 for your spouse. This conversion option is not available for dependent children.

Premium rates for individual life insurance policies depend on your age, your sex, whether you smoke, and the customary premium rate charged for the type of insurance you choose.

Questions?

For more information on rates, terms of individual life insurance policies and any general questions about converting your group life insurance coverage to an individual policy, contact Sun Life directly at 1-877-893-9893 to speak with a Sun Life insurance representative.

Contract/Plan Numbers

  • Faculty: 050555-G-014
  • Staff: 050555-G-013