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If you are facing a loss or reduction of your life insurance coverage, you have the option to continue a portion of your coverage through an individual policy.
There are a number of reasons coverage might be terminated or reduced during your career. If you retire, your employment ends, or you take a leave of absence that goes past 18 months, you will lose your Group Life insurance coverage. If you continue working past the age of 65, your coverage is also reduced to equal your annual salary.
However, you can choose to continue receiving coverage by converting your policy to an individual life insurance policy with Canada Life. You can convert your Basic Life insurance, as well as any Optional Life insurance coverages you may have purchased, up to a maximum of $250,000. Conversion is done through your insurance advisor, but if you don’t have one, Canada Life can help to connect you to one.
This conversion can also be an ideal option for people who may not qualify for life insurance coverage due to a pre-existing medical condition or other reasons.
If you are considering conversion, don’t wait too long – once your coverage has been terminated or reduced, your application for the individual policy and first premium payment must be made within 31 calendar days.
If you have questions about your benefit plan, call 3sHealth at 1.866.278.2301 or email ebp@3sHealth.ca.