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How much coverage can I buy?
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For you |
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You can buy up to $250,000 in life insurance (under both the Life Insurance Plan and the Additional Life Insurance Plan combined) for yourself. |
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Life Insurance Plan
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Additional Life Insurance Plan
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6 choices:
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$25,000
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$50,000
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$75,000
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$100,000
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$125,000
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$150,000
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4 choices:
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$25,000
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$50,000
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$75,000
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$100,000
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Note: You must choose the maximum amount of coverage under the Life Insurance Plan (i.e., $150,000) before you can buy coverage under the Additional Life Insurance Plan.
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| Maximum benefits |
Up to $75,000 without proof of good health (if you apply within 60 days of becoming eligible)
Up to $150,000 with proof of good health (for amounts exceeding $75,000)
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$100,000 with proof of good health |
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For your eligible dependents |
How much coverage should I buy?
The answer will depend on your personal situation. Here are three suggestions to help you determine the amount that's right for you:
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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. |
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. Depending on your life insurance needs, however, you may still want to consider adding personal life insurance to your group life insurance.
Can I change coverage or stop participating?
Yes. You can change the amount of your coverage or stop participating altogether at any time. However, if you later want to rejoin, proof of good health will be required and you must be actively at work.
To make a change:
- Complete the Participation Request form.
- If you are increasing coverage, submit proof of good health.
- Return the completed form to your school board.
Are benefits taxable?
No. Benefits are tax-free.
When are benefits NOT payable?
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Benefits payable or not?
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| Life Insurance Plan |
Benefits are payable regardless of the cause of death.
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| Additional Life Insurance Plan |
No benefits are payable if you commit suicide, while sane or insane, less than 12 months after coverage began. In this case, Industrial Alliance will only refund the premiums paid.
The 12-month period restarts:
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when you rejoin the Additional Life Insurance Plan after having left it; or |
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when you request an increase in coverage. The 12-month period will only apply to the supplementary amount of insurance. |
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| Dependent Life Insurance Plan |
Benefits are payable regardless of the cause of death. |
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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