Plan Overview
The Public Employees Group Life Insurance Plan provides comprehensive life insurance coverage to participating employers.
Canada Life Assurance Company provides claims adjudication and benefit payment services. The Plan is managed by Plannera Pensions & Benefits (Plannera).
Important Notice for Employees Turning 75 on or after January 1, 2024, Regarding Group Life InsurancePlease be advised that under the current Group Life contract, working employees that turn 75 on or after January 1, 2024 are no longer covered under the employer provided group life insurance. Employees who are currently 75 or older or who will turn 75 before December 31, 2023, will continue to have Group Life insurance until retirement. Coverage for spouses under an employee's Group Life Insurance plan will also end at age 75, per above details. If you require any additional information, please feel free to contact our team at (306) 787-3440 or email: benefits@plannera.ca. |
Rate Decrease for Group Life for Members Aged 65-75
Effective January 1, 2024, coverage rates for Plan members between the ages of 65-75 are decreasing. Previously, the rate was $15 per $10,000 of coverage. The new rate will be $10 per $10,000 of coverage.
Eligibility
- Employees of Executive Government.
- Several crown corporations.
- Various agencies, boards and commissions as approved by the Lieutenant Governor in Council.
- Coverage under the Plan begins on your first day of active employment.
- Coverage ends immediately at termination of employment or if you do not elect to continue coverage while on leave of absence/layoff.
- Whenever your coverage ends, you have 31 days to convert the amount of coverage (employee and spouse) that was in effect at termination to an individual policy with the insurance carrier.
Coverage
- Basic coverage: equal to two times (2x) your annual salary.
- Optional coverage: you may qualify to purchase optional coverage as:
- unit-based coverage – additional coverage in units of $10,000.
- salary-based coverage – additional coverage equal to one times (1x), two times (2x), three times (3x) or four times (4x) your annual salary.
- Maximum coverage: (basic plus optional) is $500,000.
Coverage during leave/disability
Leave of absence – If you take an approved leave of absence without pay or are laid-off, you may continue your coverage for a maximum of three years. You must complete a Leave of Absence or Layoff form prior to the start of your leave.
Long-term disability – If you are eligible for coverage under the Plan and qualify for benefits under a participating employer’s long-term disability plan, your group life insurance coverage may remain in effect at no cost (premium waiver).
Coverage at retirement
Retirement death benefit certificate:
Insured employees who retire under an employer-sponsored pension plan may be eligible to receive a $10,000 Retirement Death Benefit Certificate.
The certificate is payable to your designated beneficiary(s) upon your death. This is payable whether you continue your group life insurance into retirement or not.
Group Life Insurance at retirement
There are two extension options at retirement based on your age. You must be insured under the Plan on the date immediately preceding retirement to qualify. Insurance rates at retirement is determined by your age.
- Prior to age 65 the rate is $0.22 per thousand dollars of coverage.
- At age 65 the rate is $10 per $10,000.
If you retire younger than age 65, you may continue coverage until the end of the month you reach age 65. You then have the option to extend coverage to age 75.
If you retire at age 65, you may continue coverage until the end of the month you reach age 75.
In both instances insurance premiums are paid monthly by the retiree.
How to Enrol
If you are eligible, your human resource contact will discuss your enrolment as part of your onboarding.