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Core Life Insurance

The WRLA group insurance program offers group life insurance products that provide a wide range of innovative, flexible solutions to meet the needs of each member group. This low-cost coverage helps employees plan for the financial security of their families and manage the economic consequences of an unexpected loss.

Common features of the life insurance plan include:

  • Group Life Insurance based on a multiple of salary or a flat amount
  • Custom-tailored plans are available (depending on the size of member group)
  • A certain amount of coverage can be converted to an individual life insurance policy (regardless of health condition) if an employee’s employment with a WRLA member terminates
  • Coverage terminates at age 70 or retirement

Optional Life Insurance

Each employee may have different life insurance needs above the amount offered for Core Life Insurance. Optional Life Insurance allows an employee to purchase additional life insurance through payroll deductions. The cost of this coverage is considerably less than to purchase individual insurance outside of a group plan. Evidence of insurability is required for this coverage and a two-year suicide exclusion applies.

Optional Life Insurance is available with the following features:

  • Coverage can be purchased for the employee and/or spouse
  • Coverage is available in units of $10,000 up to a maximum of $300,000
  • There are no minimum participation requirements, which is a valuable feature if only a few employees wish to purchase the additional coverage
  • Coverage terminates at age 70 or retirement

Dependent Life Insurance

While Core and Optional Life Insurance plans cover employees, the loss of a spouse or child can also result in added financial burden. Dependent Group Life Insurance is an affordable option that can provide the financial assistance employees need during this difficult time.

1. Two coverage levels are available:

  • $10,000 for spouse and $5,000 for each child
  • $5,000 for spouse and $2,500 for each child

Core Life Insurance Rates

The volume purchasing arrangement available through the WRLA allows for cost effective and very competitive Life Insurance rates. Rates for the Core Life Insurance are based on the specific demographic characteristics of each WRLA member.

In order to price the plan, census information including age, sex, salary, job classification and a copy of any current contract will be required.

Optional Life Insurance Rates

The Optional Life Insurance rates as noted below are based on the age and smoking status of the employee and/or spouse.

Rates (per $1,000)

  Male Female
Age Band Smoker Non-Smoker Smoker Non-Smoker
0-24 0.066 0.040 0.054 0.034
25-29 0.066 0.040 0.054 0.034
30-34 0.094 0.047 0.081 0.041
35-39 0.094 0.047 0.081 0.041
40-44 0.209 0.094 0.142 0.061
45-49 0.386 0.171 0.264 0.114
50-54 0.614 0.310 0.404 0.195
55-59 0.926 0.443 0.567 0.280
60-64 1.254 0.686 0.790 0.485
65-69 2.160 1.184 1.360 0.840

For example, the cost for a 38 year old non-smoking male to purchase $50,000 of Optional Life Insurance would be $50,000 X $0.047 / $1,000 = $2.35 per month.

Note: This summary is intended to provide a brief description of the benefits available under the WRLA group insurance program. This material does not create or confer any rights. The exact terms and conditions of your benefits are outlined in the applicable group benefits agreements or policies. Some restrictions and/or limitations may apply to all benefits mentioned above. Please contact the WRLA or Morneau Shepell for full details.

 

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Last updated on:  June 1, 2012  Page: 

This information is not intended for use without professional advice. While we have attempted to make this site as accurate as possible, it is only a summary. For more information, see our disclaimer.

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