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Life Insurance |
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For Members Only
The amount of insurance below will be payable to your beneficiary upon
your death.
Each Member - $75,000
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Living Assistance Benefit
The Living Assistance Benefit is available as an advance payment of
your Basic Life Insurance to help meet the medical or other health and
welfare expenses of terminally ill Members under age 63.
Application for this benefit must be approved by the Plan and The
Co-operators will confirm that medical evidence meets the Plan’s
requirements before approving payment.
The amount of money available as a Living Assistance Benefit payment
is 50% of your Basic Life Insurance Benefit, to a maximum of $20,000.
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Total Disability Waiver
of Premium
Should you become Totally Disabled (as that term is defined in the
Policy) for more than six (6) months prior to age 65, the amount of Life
Insurance will continue without payment of premiums while you remain
Totally Disabled. Satisfactory proof of Total Disability must be submitted
to The Co-operators within 12 months from the date of Total Disability
and thereafter, upon request by The Co-operators. Your Life Insurance
coverage and Waiver will terminate when you reach age 65 or recover,
whichever occurs first.
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Conversion Privilege
Upon termination of your Life Insurance, prior to age 65, you may obtain
an individual policy with the Co-operators Life Insurance Company
without evidence of good health on the Ordinary Life Plan, Limited
Payment Life, Term to Age 65, or One Year Term Plan (non-renewable)
at the lesser of $200,000 or the difference between the amount of
insurance at the time of your termination and the amount of insurance
for which you are eligible under a new group contract at the time you
are exercising your right to convert. The individual policy will be issued
only if application is made within 31 days after your termination. Your
life will continue to be insured during the 31-day conversion period
whether or not you apply for conversion.
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Submitting a Claim
The time limit within which a Life Insurance claim must be made is 180
days from the date of loss.
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Termination Age
Your Basic Life Insurance Benefit terminates at age 70. Life reduces by 50% at age 65.
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How to File a Claim
The Administrator should be advised when a death occurs. The
Administrator will then send the beneficiary the proper claim
forms for completion. A death certificate will be required.
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