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.
When to submit a life claim
Your beneficiary or estate must submit a claim within 6 months of the date of death.
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.
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, accidental death 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 your spouse’s optional life coverage to an individual policy. Residents of Quebec may 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.
If you are interested in applying for conversion, please contact a Co-operators office near you for an application form.