Life insurance can help your family deal with the financial impact that comes with a loss of life. It pays out a one-time cash amount to the beneficiaries you’ve named under the insurance.
This amount can be used to help cover expenses such as:
- funeral costs
- debt payments
- mortgage payments
- family living expenses
- aging parents
Basic life insurance
Your employer might offer you basic life insurance coverage at a lower cost, or no cost at all. This insurance typically pays up to the full amount of your annual salary. Make sure to check your benefits booklet for your coverage details.
Optional life insurance
You can buy this insurance on top of your basic life insurance as part of your group benefits plan if your employer offers it. You can get the full details online in your benefits booklet. For questions about what your plan offers and how much it costs, ask your plan administrator or human resources (HR) team.
You can insure yourself, your spouse, and your children, as long as:
- your employer’s plan offers the insurance
- the person being insured meets your plan’s rules for coverage
- the person being insured is in good health
As little as $1 a day, depending on the coverage you choose. The options you can get from your group plan are usually cheaper than what you can find on your own.
Here are a few reasons why this coverage is worth it.
- Flexible coverage – You choose how much you want.
- Easy to pay for – The money comes off your pay and is sent to Manulife on your behalf.
- Apply with no medical questionnaire – Your plan might allow you to get a fixed amount of coverage without a medical questionnaire when applying for optional life insurance.
- Take it with you – If you change jobs and transfer some coverage to an individual policy, you can keep your coverage – with no medical questions asked when transfer is requested.
Group life insurance is available across Canada and may be offered through your employer’s benefits plan.
Check out your employee booklet or contact your human resources (HR) team for more information. To check your benefits booklet, sign in at manulife.ca/signin, then under My benefits, click View benefits booklet.