Optional Group Term Life Insurance. Optional group term life insurance is guaranteed issue for new hires and first time eligible employees. New hires and first time eligible employees may enroll in a benefit level between one and five times their annual earnings, up to a benefit maximum of $500,000. New hires and first time eligible employees may also elect six or seven times their annual earnings, up to a benefit maximum of $1,000,000. Elections of six or seven times their annual earnings or coverage of more than $500,000 are subject to evidence of insurability. Members may increase benefit amount by one level up to the lesser of five times their annual earnings or $500,000 during open enrollment without evidence of insurability. Elections to enroll in optional group term life outside the new hire election period, period of initial eligibility or elections beyond the previously stated benefit levels during open enrollment require evidence of insurability. If a member does not pass the evidence of insurability, coverage will revert to the highest guaranteed issue amount. Members may submit new evidence of insurability each year during open enrollment regardless of past failures. During open enrollment for the 2016 plan year, eligible employees not currently enrolled in optional group term life coverage may elect one times their annual earnings, up to a benefit maximum of $500,000, on a guaranteed issue basis without evidence of insurability.
Optional Group Term Life Insurance for Both Groups This program is intended to allow covered members to increase the amount of their group life insurance. Application forms are available through the IWA Canada National Office and before coverage is in effect, everyone must supply our insurer with a statement concerning their current health and have it approved by Great West Life prior to the insurance being in force. Your employees may also apply for coverage under this program for their spouse if they wish. Usually those who wish this coverage pay for it themselves however, it is possible for the local union to reimburse them for the coast. In units of $10,000 someone may apply for up to $100,000 of coverage. You could use this program to increase your group life limit on the group life plan if you wish, assuming that everyone would be approved by the insurer.
