Life insurance plans
The Concordia Life Insurance Plans are designed to provide a financial safety net in the event of your death or that of a covered dependent.
You decide on the size of your safety net:
- You want minimal coverage for yourself?
You have the Basic Life Insurance Plan, which is fully paid for by the University. - You want extra coverage for yourself?
Buy additional coverage at competitive group rates under the Optional Life Insurance Plan. This plan pays benefits in addition to the Basic Life Insurance Plan. You pay for the full cost. - You want to cover your spouse and/or dependent children?
Buy coverage—also at competitive group rates—under the Optional Dependent Life Insurance Plan. You pay for the full cost.
The choice is yours!
Highlights
| Current coverage | ||
|---|---|---|
| For you | Basic Life Insurance Plan | Optional Life Insurance Plan |
| Coverage | 1 x your annual base salary | 1, 2, 3 or 4 x your annual base salary |
| Maximum benefits |
$200,000 | Plus:
|
| Cost | Concordia pays 100% of the cost |
You pay 100% of the cost |
| For your eligible dependents | Optional Life Insurance Plan - Coverage |
|---|---|
| Your spouse | $10,000 to $100,000 (in units of $10,000) |
| Each dependent child | $2,500 to $25,000 (in units of $2,500) |
- Coverage for dependent children applies to each child, regardless of the number of children.
- Depending on when you enrol your eligible dependents, proof of good health (initially a medical questionnaire) will be required.
- Benefits payable are subject to certain exclusions.