Overview

Group Life Insurance helps provide coverage for plan members and their families against the loss of income in the event of a plan member’s death. It allows plan members to know their loved ones are financially protected.

Common types of Group Life Insurance benefits available include: Employee Basic, Employee Optional, Dependent Basic and Dependent Optional.  Employee Basic and Optional provide financial assistance to the designated beneficiary, payable upon the plan member’s death.

Product information

Employee Basic

  • Available to groups of all sizes
  • Minimum coverage is $10,000 and the maximum is determined by group size and a multiple of the plan member’s salary
  • Plan sponsor selects coverage amount – usually a flat amount or a multiple of the plan member’s salary
  • Coverage can be provided without the plan member providing medical evidence based on the size of the group and coverage plan - subject to Manulife approval
  • Plan sponsors typically fund the premium. Payroll deduction is also an option

Employee Optional

  • Available to groups of 25 lives and above (Signature, Corporate and Trustee)
  • Coverage is intended to supplement the plan member’s Basic plan coverage
  • Minimum coverage is $10,000 and the maximum is determined by group size and a multiple of the plan member’s salary
  • Coverage plans are usually a flat amount or a multiple of the plan member’s salary
  • Evidence is required from first dollar. A non-evidence amount may be available for larger groups, based on Manulife approval, and require that a plan member’s application be received within 31 days of eligibility

Dependent Basic and Optional

  • Coverage for a plan member’s spouse and/or dependent children
  • Coverage amounts are typically lower than that of the plan member
  • Plan member is the beneficiary

Additional features

Manulife Group Life Insurance also has added features such as the Safe Access Account, Compassionate Assistance, Conversion, and Waiver of Premium.

Safe Access Account

  • High-interest, limited access chequing account for the purposes of depositing proceeds of a Life Insurance claim
  • Provides beneficiaries with time to consider their options so they can make the right financial decisions
  • Contact your Manulife representative for complete details and eligibility guidelines

Compassionate Assistance

  • Compassionate Assistance is a payment made to a plan member who is terminally ill with a prognosis of death within one year
  • It is a loan against his or her group Life Insurance benefit
  • The face amount of Life Insurance, less the loan amount plus any interest owing, is paid to the beneficiary when the plan member dies

Conversion

  • Plan member may be eligible to convert their group Life Insurance to an Individual policy when his or her group Life Insurance terminates or reduces
  • Medical evidence is not needed provided the application is made within 31 days of group coverage termination
  • Maximums are specified by the group policy
  • May be able to convert spouse and/or dependent child coverage

Waiver of Premium

  • Provides for the continuation of Life Insurance coverage without payment of premiums if a plan member becomes totally disabled while insured

More information?

For more information on Group Life Insurance contact your Manulife representative

Group Benefits products are offered through Manulife Financial (The Manufacturers Life Insurance Company).