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Optional Spousal Life Insurance and Optional Child Life Insurance
If you wish, you may purchase additional Optional Spousal Life Insurance and/or Optional Child Life Insurance for your spouse and dependent children as well. This insurance can help meet your financial needs if your spouse or dependent dies and you face unexpected expenses.
You are required to pay the cost of any optional life insurance coverage you elect using FlexDollars or by payroll deduction. If you receive insurance proceeds upon a death, the proceeds paid are not taxable.
The cost of Optional Spousal Life is based on age-banded, smoker/non-smoker rates. Remember that premium rates increase for every 5 year age-band (ex. 45-49), therefore it is advisable to go on the site each year during the annual re-enrolment window.
Optional Spouse Life
| No Coverage | Options | |
| Coverage | No Coverage | Available in units of $10,000 |
| Maximum | No Coverage | $150,000 (15 units) |
| Termination Age | No Coverage | Earlier of employee age 70, employee's retirement or spouse's age 70. |
Optional Child Life
| No Coverage | Option 1 | Option 2 | |
| Coverage | No Coverage | $5,000 flat amount | $10,000 flat amount |
| Maximum | No Coverage | $5,000 | $10,000 |
| Termination Age | No Coverage | Earlier of employee age 70, employee's retirement or maximum dependent child age. | Earlier of employee age 70, employee's retirement or maximum dependent child age. |
Evidence Of Insurability
Insurance companies often require medical proof (or “evidence”) that a person is in good health at the time they apply for optional life insurance. Our insurer requires your spouse to submit evidence of good health at the initial enrolment in Optional Spousal Life or if you elect to increase the coverage at a subsequent enrolment. Children are not required to provide evidence of insurability.
If evidence of insurability is required, your spouse will need to complete a form and additional medical evidence may be required. If so, the insurer or one of its chosen medical providers will contact you directly.
Beneficiaries
You are automatically the beneficiary for any Optional Spousal Life Insurance or Optional Child Life Insurance you elect.