Optional Group Life Coverage

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Basic Life:

  • 175% of you annual salary* - maximum coverage of $175,000
  • evidence of insurability is not required - McMaster will pay the entire premium

Optional Life:

  • 25% to 500% of your annual salary* - maximum coverage of $500,000
  • Coverage for members of the McMaster University Faculty Association (MUFA) is 25% to 1000% of your annual salary* - maximum coverage of $1,000,000
  • Coverage for members of The Management Group (TMG) is 25% to 1000% of your annual salary* - maximum coverage of $1,000,000
  • you will be required to provide evidence of insurability
  • you pay the entire premium based on your age, gender, and smoking status

*for benefit purposes, salaries are limited to $100,000 and if the salary is not an even thousand, it will be raised to the next higher $1,000

Do I really need additional life insurance?

The need for life insurance is unique for each individual and depends on your financial and personal needs. For example, a person with a large mortgage and young children might require more life insurance than someone who has only a small or no mortgage and whose children are grown up.

How much will the life insurance cost?

The cost of optional life coverage under the new plan is based on your age, sex and smoking status. The costs increase as you get older. You should, therefore, review the age related rates indicated to determine your current and future costs.

 
MALE
 
FEMALE
 
Age Band
Non-
Smoker
Smoker
Non-
Smoker
Smoker
Under 24
$0.018
$0.043
$0.012
$0.018
24 - 34
0.024
0.050
0.018
0.028
35 - 39
0.028
0.057
0.024
0.035
40 - 44
0.043
0.078
0.028
0.050
45 - 49
0.064
0.140
0.045
0.077
50 - 54
0.121
0.249
0.077
0.128
55 - 59
0.204
0.415
0.121
0.204
60 - 64
0.300
0.600
0.198
0.332
65 - 69
0.434
0.868
0.325
0.523


Use Our Handy Calculator

To calculate your monthly optional life insurance premium, fill out all of the information in SECTION A. When complete, press "Compute". The results will show up in SECTION B.

NOTES: Your Monthly Salary includes: Regular salary, stipends (Admin, Chair, Dean) plus RMA. Salaries will be calculated and rounded to the next highest thousand, with a maximum annual salary of $100,000.

Age *MUST* be age at July 1st.

NOTE: This is intended for informational purposes only. In the event of a difference between the HR calculated premium and the premium calculated here, the HR calculated premium will prevail.

Section A

Enter Data Here...

Option
%
Monthly
Salary
Age As
Of Last July 1
Sex
Smoking
Status
 
Female
Male
NonSmoker
Smoker

SECTION B

Results Will Appear In The Boxes Below...

Sex
Smoking
Yearly
Salary
 
Option
 
Rate
Tax
Monthly
Premium
/1000X X X1.08=

 

How do I apply for Optional Life Insurance?

Step One:
Complete the Group Life Insurance Enrolment form indicating that you are applying for Optional Life coverage by entering the requested amount in Part B of the form. Please ensure the amount you are electing is recorded in 25% increments up to 500% (or up to 1000% for MUFA and TMG) not a dollar amount. All sections of the form, including beneficiary designation, must be completed as this form will replace all other forms on file for you. Send the completed form to your HR representative indicating that you wish to apply for Optional Life coverage.

Step Two:
Your HR representative will send you a Health Statement form. HR will complete Section 1 and you must complete the remainder of the form. Once completed you must send the form directly to Sun Life for approval. Please do not send the completed form to HR as it will contain details of your personal and confidential health history.

Step Three:
Sun Life is the approver and they make the determination on whether to grant your coverage request. Sun Life will send you and HR a letter confirming the decision. If approved, payroll deductions will commence within 2 pay periods from HR’s receipt of the coverage confirmation.

Please note coverage is not in force until confirmation is sent by Sun Life and premiums are being deducted from your biweekly pay deposit.

Who is your HR representative?

Human Resources Service Centre
Campus Services Building room 202
(p) 905.525.9140 ext. 22247
(f) 905.525.8410

Faculty of Health Sciences Human Resources
HSC 2J1A
(p) 905.525.9140 ext. 22207
(f) 905.526.6623