Earlier this year, an open enrollment period was offered to employee benefits plan members. They were given the chance to purchase additional optional life insurance coverage for themselves and their spouses without having to provide medical evidence of insurability.

Plan members jumped at the opportunity, submitting more than 1,800 applications. When all was said and done, 672 members purchased their own optional life coverage for the first time, equating to more than $97 million of coverage. More than 1,200 members purchased optional coverage for spouses that did not have coverage previously, adding more than $61 million in new coverage. 

“It is very encouraging to see this level of interest in purchasing additional optional life insurance,” said Lorne Shiplack, Director of Benefit Services. “The Board of Trustees’ approval of this open enrolment has provided a terrific opportunity for plan members to secure a bit more peace of mind for their loved ones.”

This opportunity to expand plan members’ coverage has been in the works for some time. After the Board of Trustees voted to offer the opportunity, a technical change had to be made. The implementation of the AIMS project and its more modern software allowed for additional deductions to be made beyond what the previous software could provide. 

Additional coverage still available any time

While the open enrollment period was only available for a limited time, additional optional life insurance coverage can be purchased any time! You and your spouse are eligible to apply if you are actively at work, under the age of 65, have not previously been denied coverage, and do not currently have more than $150,000 Employee Optional Life insurance (can still apply for Spousal Optional Life insurance).

If you are within the first 90 days of your membership in the Group Life Insurance Plan, you can purchase up to $150,000 of coverage without proof of medical insurability. After 90 days, you can purchase as much as $500,000 of coverage for yourself or $150,000 for your spouse, but evidence of insurability is required and the application will be subject to approval by the insurer. 

You can reach out to the Employee Benefits team for the Optional Life insurance application form by calling 1.866.278.2301, emailing EBP@3sHealth.ca, or head to 3sHealth.ca and try a live chat with a Benefit Services Officer!