Group Life Insurance

Important Changes to Group Life Insurance Plan:

Life insurance coverage gives you peace of mind knowing that your family will be protected from financial difficulty in the event of your death.

For the 2020/2021 school year the rates will change as follows.

A portion of the required Group Life rate has been subsidized from the Plan’s surplus funds since October 1, 2006.  A reduced premium rate has been paid by employees and employers since then.  The subsidy lasted many years longer than we anticipated.  It has finally depleted the surplus funds and will be discontinued effective October 1, 2018.

Effective October 1, 2020, the Group Life rate paid by employees and employers will increase by $0.01 per $1,000 of coverage.   

Effective January 1, 2021, the option to increase your Group Life coverage to 6x or 7x your annual salary will be discontinued.  It will also no longer be possible to increase your Group Life insurance above $1 million.  If you wish to apply for an increase in your insurance before these plan changes are effective, contact the Division for the required forms.  You must submit the forms to Canada Life by November 30, 2020.  No late applications will be accepted.  Please note that if you are already covered for 6x or 7x your annual salary, or for more than $1 million, you will not lose that coverage.

Family Life Insurance

Coverage for family members has been expanded to include children of legal guardians starting September 1, 2015.  For the 2020/2021 school year the rates remain unchanged.

AD&D Insurance

Coverage for family members has also been expanded to include children of legal guardians.

If you currently do not have AD&D insurance, you’ll have an opportunity to add this coverage in September 2015.  If interested, contact your payroll administrator for an application.  Once it is processed, your new coverage will begin on the later of September 1, 2015 or the date the application is received by your payroll administrator.  At this time you can also increase or decrease your existing coverage.

*NOTE:  the reduction in Manitoba Retail Sales Tax from 8% to 7% effective July 1, 2019 does apply to the Group Life, Family Life and Accident Insurance plans.  

 

For more information on your Group Life Insurance