This Schedule of Benefits must be read together with the benefit details described in this booklet.
BASIC LIFE INSURANCE
Insurance provided by Co-operators Life Insurance Company
| Benefit Formula: | Flat $100,000 per Member. |
| Amount of Insurance: | The amount calculated using the benefit formula. The maximum amount of insurance is:
Non-Evidence Maximum: $100,000 |
| Termination age: | Member’s retirement |
| Life waiver of premium waiting period: | Is after 6 months of Total Disability. The definition of Total Disability for the Basic Life Waiver is “Any and All” as defined in the Policy. Waiver of premium terminates at age 65. |
ACCIDENTAL DEATH AND DISMEMBERMENT BENEFITS
Insurance provided by Co-operators Life Insurance Company
| Amount of Insurance: | Flat $50,000 per Member.The maximum amount of insurance is:
Non-Evidence Maximum: $50,000 |
| Critical Disease Benefit: | 10% of the Amount of Insurance to a maximum amount of $50,000. Terminates at age 65. |
| Termination age: | Member’s retirement |
| Total Disability Waiver of Premium: | When Basic Life Insurance premiums are waived. |
DEPENDENT LIFE INSURANCE
Insurance provided by Co-operators Life Insurance Company
| Amount of Insurance: | $10,000 Spouse amount $5,000 Child amount (from Birth) |
| Pre-Natal (Stillbirth) benefit: | Indemnity Benefit not to exceed the child amount |
| Termination age: | Member’s retirement |
| Total Disability Waiver of Premium: | When Basic Life Insurance premiums are waived. |
CRITICAL ILLNESS BENEFIT
Insurance provided by Co-operators Life Insurance Company
| Benefit Formula: | Flat $25,000 per Member |
| Amount of Insurance: | The amount calculated using the benefit formula. The maximum amount of insurance is:
Non-Evidence Maximum: $25,000 At age 65 the Amount of Insurance reduces by 50%. |
| Partial Benefit: | 20% of the Amount of Insurance to a maximum of $25,000. |
| Conversion available: | no |
| Multiple Event Benefit: | not covered |
| Pre-existing Condition Exclusion: | not included |
| Termination age: | Member’s 70th birthday |
| Total Disability Waiver of Premium: | When Basic Life Insurance premiums are waived. |
SHORT-TERM DISABILITY BENEFITS
Coverage provided by the Labourers’ Local 493 Welfare Trust Fund
| Benefit Formula: | Flat $500 per Member |
| Weekly Benefit: | The amount calculated using the benefit formula or the amount calculated using the formula for the All Source Maximum, whichever is less. |
| Weekly Benefit Maximum: | $550 effective May 1, 2024 |
| All Source Maximum: | 100% of pre-disability gross Salary |
| Occupational Coverage: | yes, 24-hour coverage |
| Elimination Period: | – for Injury 0 consecutive Days – for Sickness 7 consecutive Days |
| First day hospitalization: | Yes (minimum 24 hours) |
| Benefit Period: | 26 weeks from the Disability Date |
| Recurrent Total Disability: | 4 weeks |
| Short Term Disability Week: | 7 days |
| Tax Status: | Taxable |
| CPP/QPP Offset: | Primary |
| Termination age: | Member’s 75th birthday |
| Waiver of premium: | not applicable |
LONG-TERM DISABILITY BENEFITS
Insurance provided by Co-operators Life Insurance Company
| Benefit Formula: | Flat $1,500 per Member. |
| Monthly Benefit: | The amount calculated using the benefit formula. The maximum Monthly Benefit is the lesser of $1,500 or the amount calculated using the formula for the All Source Maximum.
Non-Evidence Maximum: $1,500 |
| All Source Maximum: | 85% of pre-disability gross Salary |
| Occupational Coverage: | yes, 24-hour coverage |
| Elimination Period: | – for Injury 26 consecutive weeks – for Sickness 26 consecutive weeks |
| Own Occupation Period: | The Elimination Period and the next 24 months. |
| Maximum Benefit Duration: | 24 months from the end of the Elimination Period or age 65, whichever first occurs. |
| Recurrent Total Disability: | 6 months |
| Tax Status: | Taxable |
| CPP/QPP Offset: | None |
| Termination age: | Member’s 65th birthday |
| Waiver of premium waiting period: | is equal to the Long Term Disability Elimination Period. Waiver of premium terminates at age 65. |