What am I insured for?
If you die while insured, we will pay the amount of basic life insurance for which you are insured, as described in the schedule of benefits, to your named beneficiary.
What if I become terminally ill?
The living assistance benefit is available to you as an advance payment of your basic life insurance to help meet your medical or other health and welfare expenses if you become terminally ill and have been approved for the total disability life waiver of premium prior to age 65.
Your plan sponsor must approve your application for this benefit and Co-operators Life will confirm that your medically diagnosed condition meets the program’s requirements before approving payment. The amount of money available as a living benefit payment is 50% of your basic life insurance benefit, to a maximum of $50,000.
When to submit a life claim
Your beneficiary or estate must submit a claim within 6 months of the date of death.
If you become totally disabled (as defined in the policy) prior to age 65, you can apply for a premium waiver and if approved your life insurance coverage will continue without payment of premium until the earlier of; your 65th birthday or your recovery, retirement or death. Proof of your total disability must be submitted to us within 6 months from the date you became disabled and periodically thereafter.
Failure to furnish proof within this time will not invalidate nor reduce any claim if it is shown not to have been reasonably possible to furnish the proof and that the proof was furnished as soon as was reasonably possible, but in no event will this be more than 12 months after the date of loss or disability.
Life Insurance Conversion Privilege
If your insurance terminates on or before your 65th birthday, you may be able to convert your group life insurance to an individual policy, without needing to provide evidence of good health. Your application for the individual policy and the first premium must be received by Co-operators Life within 31 days of the termination of your group life insurance. If your insurance terminates on your 65th birthday, your application must be received by Co-operators Life within 31 days of your 65th birthday. If you die during this period, the amount of group life insurance available for conversion will be paid to your beneficiary or estate, even if you didn’t apply for conversion. The conversion privilege is not available after your 65th birthday.
Not all types of individual plans are available for conversion and the individual plan will not include any disability, Critical Disease or Disease Dismemberment benefits or any other special benefit. The maximum amount of group life insurance that can be converted cannot exceed the full amount of your basic life insurance benefit amounts less the amount of insurance you have or are eligible for under any group insurance contract issued by any insurance carrier on the date your converted policy becomes effective. However, in no event shall the amount of the individual policy exceed $400,000 for a Quebec resident or $200,000 for a resident of any other province or territory.
Depending on your plan specifics you may also be able to convert dependent life coverage. When you are entitled to convert coverage under another benefit provided under your plan, the sum of the amounts available for conversion cannot exceed $400,000 for a Quebec resident or $200,000 for a resident of any other province or territory. The individual life insurance contract becomes effective at the end of the 31-day conversion period.