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How much coverage can I buy?
| For you |
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All retirees except PACT retirees |
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PACT retirees |
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Basic coverage: $10,000
Additional optional coverage ending on the first day of the month following your 65th birthday: $25,000 or $50,000, depending on your coverage as an active teacher
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| $15,000 or $30,000 |
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| For your spouse |
Basic coverage: $5,000
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Shouldn't I simply buy personal life insurance instead?
With group life insurance, such as the one offered by QPAT, you benefit from competitive group rates. Also, at retirement, people often require less insurance, for a number of reasons:
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living expenses are often lower since retirees do not have any work-related expenses and taxes are lower; |
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your children, if any, are likely all grown up and do not depend on you financially; and |
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your mortgage, if any, is likely paid by now. |
Depending on your life insurance needs, however, you may still want to consider adding personal life insurance to your group life insurance. Here are three suggestions:
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Try Industrial Alliance's quick life insurance calculator for an estimate of your life insurance needs. |
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Ask yourself the following key questions: |
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Are you single with no dependents? If so, you may not need as much life insurance as some other people. |
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Do you have young children or elderly parents who depend on you financially? If so, how much money will be required to care for them after your death? |
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Do you plan on paying for your children's post-secondary education? |
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Do you have other sources of income, such as your spouse's income, RRSPs, mortgage insurance, and other insurance plans? |
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Are you the main breadwinner? If not, could your family handle their expenses without your income? |
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Speak to a financial advisor. |
Can I stop participating at any time?
Yes. You can remove your spouse from the Plan or stop your own participation at any time. However, if you later want to rejoin, proof of good health will be required.
To stop participating:
- Complete the Participation Request form.
- Return the completed form to QPAT.
Are benefits taxable?
No. Benefits are tax-free.
Are survivor benefits payable from other sources?
Yes. Benefits may be payable from the following plans in the event of death:
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other group insurance plans, such as where your spouse works; |
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personal life insurance; |
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government plans, such as the Teachers' Pension Plan and the Quebec Pension Plan. |
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