MTS-MSBA Group Life Insurance Plan

Introduction

You and your family deserve the peace of mind that comes from knowing you have financial protection in the event of death or a serious accident. That’s why The Manitoba Teachers’ Society and the Manitoba School Boards Association offer employees a flexible, affordable group life insurance plan. The plan lets you tailor your insurance program to your individual circumstances.

Coverage under the employee Group Life Insurance benefit is mandatory for all eligible employees hired after the plan became effective in your school division or district. Should you need more insurance than that provided by the mandatory benefit, you may increase your Group Life Insurance coverage, provided you meet the requirements of the plan at the time the increase is applied for. As well, you may also choose either or both of the following options to ensure you have the coverage you need for yourself and your family:

• Family Life Insurance
• Accidental Death and Dismemberment Insurance

Use the Insurance Rate Calculator to explore the various insurance options open to you. (8% RST is payable in addition to the calculated amount.)

You can download individual forms in PDF format:

• Manitoba Public School Employees Group Life Insurance Plan Booklet – Sept 2012
• MPS 103 – Change of Beneficiary and/or Appointment of Trustee
• MPS 301 – Application and/or Waiver of Opt Benefits
• MPS 401 – Request to Increase or Reduce Coverage – Evid Not Req.
• MPS 402 – Request to Increase Coverage – Evid Req.
• MPS 403 – Selection of Payment Method on Approved Leave
• GWL M62 – Group Life Claim Report
• GWL M63 – Attending Physician’s Certificate of Death
• GWL M4437 – Accidental Dismemberment or Specific Loss Claim
• GWL M4442 – Certificate of Attending Physician Dismemberment or Loss
• GWL M4811 – Employee Life Waiver of Premium Statement
• GWL M5725 – Conversion Notification
• GWL M5995 – Medical & Lifestyle Questionnaire
• GWL M6236 – Conversion Facts
• GWL M6710 – AD&D Supp Benefits Claim
• Should I Convert My Group Life Insurance? – Things to Know

General Information

This is a summary of your Group Life Insurance Plan. In the case of any discrepancies, benefits will be paid according to the terms of the official plan documents and applicable legislation.

The Plan Trustees reserve the right to change the coverage at any time in the future, but in so doing will provide members with at least 60 calendar days notice of change.

The group contract is interpreted and administered according to applicable legislation and the guidelines of the Canadian Life and Health Insurance Association concerning the continuation of insurance following contract termination and the replacement of insurance.

Great-West Life is not responsible for paying benefits if an insurer under a previous group contract is responsible for paying similar benefits.

Reference to “employer” throughout this document also means your school division or district.

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Overview

Who Is Eligible?

You are eligible to participate in the plan from your first day of employment if you:

• are a full-time or part-time, teaching or non-teaching employee, and
• are hired or contracted for a period of at least 60 consecutive working days.

Substitute teachers and casual employees are not eligible.

Who Are Your Eligible Dependents?

Some options under the plan allow you to insure your eligible dependents–your spouse and children who reside in Canada or the United States. The plan defines your eligible dependents as follows:

• your spouse is your legally married spouse or your partner of the same or opposite sex who you lived with for at least 12 months. If more than one spouse satisfies this definition, the spouse who is actually living with you is considered your spouse in determining how benefits are paid.
• your dependent child is your or your spouse’s unmarried child who is:
  • under 21 years of age;
  • under 25 years of age and attending an educational institution full-time and is wholly dependent on you for support; or
  • over the maximum ages above and wholly dependent on your for support, but unable to support himself or herself because of a physical or mental disability that began before reaching the applicable ages stated above.

Explore your options with the Insurance Rate Calculator. (8% RST is payable in addition to the calculated amount.)

Enrolling for Coverage

You enroll for coverage upon commencement of employment. You make your coverage elections on the enrolment form that is provided to you and return it to your payroll administrator as soon as possible. Special care should be taken in completing the Beneficiary Designation portion of the enrolment form. A beneficiary is a person named by you to receive the insurance proceeds in the event of your death.

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Group Life Insurance

Under the Group Life Insurance benefit, you are automatically covered for two times your annual basic earnings from the day your employment begins.

Coverage under any other option starts on the later of:

• your date of employment, or
• the date the plan administrator receives your completed application form, within 31 days from your date of employment.

If you do not return your form within 31 days of becoming eligible, you will be required to provide evidence of good health, and coverage starts on the date Great-West Life approves this evidence.

You must be actively at work for coverage to take effect. You are considered to be actively at work on any day that you perform all the usual and customary duties of your occupation at your normal work location or at some other location where your division or district requires you to be for the scheduled number of hours for that day.

Your death could create a significant financial burden for your family at a time when they are least able to cope.

The Group Life Insurance coverage will help ease that burden by providing a lump-sum payment to your beneficiary if you die.

All eligible employees are covered for two times their annual basic earnings. Should you wish to increase this coverage you may do so, provided you are actively at work and apply within 31 days of your date of employment. You may also apply for an increase in coverage within the 90-day period before or after a life event (acquisition of a spouse, birth or adoption of your first child, or death of your spouse).

If you apply within the 90-day period before the life event, and while actively working, increased coverage starts on the date of the life event.

If you apply within the 90-day period after the life event:

• increased coverage starts on the date the plan administrator receives your application.

• If you are not actively at work when the plan administrator receives your application, increased coverage starts on your return to active work.

If you apply outside of these timelines, you must provide proof of good health and coverage starts upon Great-West Life’s approval.

You may increase your coverage to any one of the following coverage options:

• three times your annual basic earnings,
• four times your annual basic earnings,
• five times your annual basic earnings,
• six times your annual basic earnings, or
• seven times your annual basic earnings.

(Coverage is rounded to the next higher $1,000.)

The maximum coverage available for all employees under the Group Life Insurance benefit is seven times your annual basic earnings.

You may name a beneficiary for your life insurance and change that beneficiary at any time by completing a form available from your payroll administrator. Great-West Life will pay your life insurance benefits to your beneficiary. It is important to keep your beneficiary designation current.

Coverage amounts in excess of two times your annual basic earnings are not payable if suicide is committed within two years of the date coverage began or was increased.

Cost Sharing

The cost for two times your annual basic earnings is equally shared between you and your employer. You pay for the full cost of additional insurance amounts.

If you had the former Survivor’s Income Benefit at March 31, 2001 and have coverage of at least four times earnings, your employer pays the cost of two times your annual basic earnings. You pay for the full cost of additional insurance amounts.

Explore your options with the Insurance Rate Calculator. (8% RST is payable in addition to the calculated amount.)

Change in Coverage due to Change in Earnings

Your amount of Group Life Insurance changes if your annual earnings change. The change takes effect on the date set out in one of two options selected by your employer:

Option A

The first day of the month following the later of:

• the date on which your earnings change, or
• the date on which the change in your earnings was formally approved by your employer.

Option B

The first day following the salary anniversary date chosen by your employer.

If you are not actively at work on the day your coverage would have changed, the change is not effective until your return to work.

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Family Life Insurance

If you have an eligible dependent when you are hired and elect Family Life Insurance, coverage for your eligible dependent starts on the later of:

• your date of employment, or
• the date the plan administrator receives your completed application form, within 31 days from your date of employment. If you do not return your form within 31 days of becoming eligible, you will be required to provide evidence of your dependent’s good health. Your dependent’s coverage starts on the date Great-West Life approves this evidence.

If you do not have an eligible dependent when you are hired, but gain a dependent later, you may submit an application within the 90-day period before or after gaining your first dependent (marriage, establishing a common-law relationship, or the birth or adoption of your first child).

If you apply within the 90-day period before gaining your first dependent, and while actively working, coverage starts on the date the eligible dependent is acquired.

If you apply within the 90-day period after gaining your first dependent:

• coverage starts on the date the plan administrator receives your application.
• If you are not actively at work when the plan administrator receives your application, coverage starts on your return to active work.

If you do not return your forms within the 90-day period following the date you gain your first dependent, you will be required to provide evidence of your dependent’s good health, and your dependent’s coverage starts on the date Great-West Life approves this evidence.

If your dependent (other than a newborn baby) is hospitalized on the date coverage would begin, coverage for that dependent will begin on the first day after the dependent is discharged from the hospital.

If your spouse or child dies, this optional insurance provides a benefit to help reduce the financial obligations for funeral or other expenses.

• If your spouse dies, you receive a lump-sum benefit of $20,000.
• If a child dies, you receive $10,000.

To elect this coverage you must apply within 31 days of your date of employment or within the 90-day period before or after your marriage, the birth or adoption of your first child, or the death of your spouse. If you apply outside of these timelines, you must provide proof of your dependent’s good health and coverage starts on the date Great-West Life approves this evidence.

Cost Sharing

You pay the full cost of this coverage, if you elect it.

Explore your options with the Insurance Rate Calculator. (8% RST is payable in addition to the calculated amount.)

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Accidental Death and Dismemberment Insurance

Accidental Death and Dismemberment Insurance (AD&D) benefits are paid in addition to any benefits payable under your Basic Life Insurance or Family Life Insurance coverages. Subject to some exclusions (see below), coverage is provided anywhere in the world, 24-hours-a-day!

A serious accident causing death or bodily injury could happen in a split second, any time, anywhere. It could mean major changes and adjustments in your family life. You or a family member could be confined to a wheelchair. Your home may require extensive renovations or your vehicle might need special modifications. During the period of shock and grief that follows an accident, you or your loved ones shouldn’t face the added burden of financial uncertainty.

AD &D Insurance provides a lump-sum payment in the event of death or loss of a limb, sight, hearing, etc. resulting from an accident. This valuable benefit could help you or your family member with such costs as:

• home renovations;
• vehicle modifications;
• living aids, such as a wheelchair; or
• prosthetic devices, such as artificial limbs.

Amount of Coverage

You may insure yourself, or yourself and your family. You choose the amount of insurance (called the principal sum) in units of $15,000 to a maximum of $300,000.

If you choose the “Employee and Family” option, you insure yourself and your eligible dependents as follows:

• You are covered for the full principal sum.
• If you do not have eligible dependent children, your spouse is covered for half of your principal sum.
• If you have a spouse and eligible dependent children, your spouse is covered for 40% of your principal sum and each eligible dependent child is covered for 5% of your principal sum.
• If you do not have a spouse, each eligible dependent child is covered for 10% of your principal sum.

Open Enrolment

Every September you are allowed to add new AD&D coverage, increase existing coverage or add coverage for your dependents. No evidence of insurabilty is required. For more information or to change your coverage, see your plan administrator.

You may also add or increase your AD&D coverage or add coverage for your dependents within 90 days before or after the scheduled date of a life event (acquisition of a spouse, birth or adoption of your first child, or death of your spouse).
If you apply within the 90-day period before the life event, and while actively working, increased coverage starts on the date of the life event.

If you apply within the 90-day period after the life event:

• increased coverage starts on the date the plan administrator receives your application.
• If you are not actively at work when the plan administrator receives your application, increased coverage starts on your return to active work.

Evidence of good health is not required.

Benefits

If you die, the benefit is paid to your designated beneficiary(ies) or to your estate if you do not have a beneficiary. If you suffer a covered loss, the benefit is payable to you. You are the beneficiary if your spouse or eligible dependent children die or suffer a covered loss.

You must provide proof of loss within 90 days of the date of the loss. For losses resulting from and occurring within 365 days of an accident, your Accidental Death and Dismemberment Insurance pays benefits according to the following schedule:

Explanation of Losses

Loss of one arm means severance at or above the elbow. Loss of a leg means severance at or above the knee. Loss of a hand means severance at or above the wrist. Loss of a foot means severance at or above the ankle. Loss of thumb and fingers means severance at or above the metatarsophalangeal joints. Loss of toes means severance at or above the metatarsophalangeal joints. Loss of sight, loss of speech or loss of hearing must be total, permanent, and irrecoverable. Loss of use of a limb must be total, continuous for 12 months, and then must be determined to be permanent and irrecoverable before the benefit is payable.

Limitations

The maximum amount paid for all losses to an insured person resulting from any one accident is the principal sum, and only the largest percentage is paid for injuries to the same limb.

Other Features

In the event of accidental death:

• Child Educational Benefit – children are reimbursed for their enrolment fees as full-time students in a post-secondary institution for up to four consecutive years following the accident, if they are enrolled at the time of the accident. The maximum amount payable for the entire period is the lesser of 5% of the principal sum and $5,000.
• Spouse Occupational Training Benefit – in the event of employee accidental death, spouses are reimbursed for their enrolment fee in an accredited occupational program for up to three years after the accident. The maximum amount payable for the entire period is the lesser of 10% of the principal sum and $10,000.

In the event of accidental death or dismemberment:

• Family Transporation Benefit – if a covered person is hospitalized more than 150 kms from home as a result of an accident, expenses for economy class transportation and moderate quality lodging expenses for one family member to join the person who becomes hospitalized are covered. If a private vehicle is used, covered expenses for transportation are limited to $.20 per km traveled. Telephone expenses and taxicab and car rental charges are included. The maximum amount payable is $2,000.
• Education Benefit – if a covered person is required to change occupations as a result of the accident, tuition fees for enrolment in a post-secondary institution for training in a new occupation are reimbursed provided that the person is enrolled within 365 days of the accident. The maximum amount payable is $10,000. Expenses are only reimbursed if within two years after the accident.
• Wheelchair Benefit – if a covered person is required to use a wheelchair as a result of an accident, expenses for alterations to the person’s home and vehicle are covered when incurred within 365 days of the accident. The maximum amount payable is $10,000 for all home and vehicle modifications combined.

Exclusions

Your Accidental Death and Dismemberment Insurance plan does not provide benefits for losses as a result of:

• Illness, disease or medical and surgical treatment
• Attempted suicide or suicide
• Parachuting or skydiving
• Intentially self-inflicted inury
• War, rebellion or hostilities of any kind whether or not the insured person is a participant
• Paricipation in a riot or a civil disturbance
• Participation in a criminal offence or provoking an assault, excluding driving a motor vehicle while blood alcohol content is in excess of the legal limit
• Use of any prohibited substance, including but not limited to any substances listed under the Controlled Drugs and Substances Act, its Schedules or other comparable criminal legislation; or
• A plane crash when: the insured was a pilot or a crew member, the aircraft did not have a certificate of airworthiness, or the aircraft was not flown by a licensed pilot.

Cost Sharing

You pay the full cost of any coverages you elect.

Explore your options with the Insurance Rate Calculator. (Your monthly payment does not include the 8% Manitoba RST.)

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General Information About Your Coverage

Coverage If You Become Disabled

For disability dates prior to July 1, 2009

• If you become totally disabled for at least six months before age 65, your coverage will continue without further premium payment until the end of the month in which you retire, provided you continue to be totally disabled.
• Totally disabled means that you are totally and permanently unable to work, as a result of injury or illness, at any occupation for which you are or may become suited by education, training or experience.
• You must apply for waiver of premium with Great-West Life. Waiver of premium forms are available from your payroll administrator.

For disability dates on or after July 1, 2009

• Your premiums for all benefits will automatically be waived if you are approved for diability benefits under either the Manitoba Teachers’ Society Disabiilty Benefits Plan (MTS DBP) or the Manitoba School Boards Association Long Term Disability (MSBA LTD) plan.
• There is no need to apply for waiver of premium with Great-West Life.
• Premiums are payable until disability benefits are approved.
• Coverage will continue without further premium payment untl the end of the month in which you retire, as long as you continue to qualify for disability benefits under either of the above-mentioned disability plans.
• if disability benefits are declined, you must return to work to remain covered. Otherwise, you may exercise the Conversion Privilege as discussed below.

If you are not covered under either of the two above-noted disability plans, you may apply to have your premiums waived. Your coverage will continue without premium payment provided your application for waiver is approved by Great-West Life. Premiums are payable until waiver is approved. To be approved you must be unable to perform your own occupation during the first 30 months of disability. Thereafter, you must be unable to earn at least 60% of your pre-disability earnings adjusted for inflation.

• Great-West Life will request evidence of disability within 12 months of the beginning of disability and from time-to-time after that. There is a six-month waiting period for waiver and a 12-month time limit from the date of disability to apply for waiver. If you don’t apply for waiver during this time, or your waiver claim is not approved, your coverage will cease at the end of the month. At that time you must return to work to remain covered. Otherwise, you may exercise the Conversion Privilege as discussed below.
• if approved for waiver, your coverage will continue without further premium payment until the end of the month in which you retire, as long as you continue to be disabled as defined above.
• Forms are available from your employer.

In the event of an appeal there will be a grace period for coverage to continue until the appeal is finalized.

Each January after you become disabled, your Basic Life benefit amount will be increased by a factor equal to the increase in the Consumer Price Index over the preceeding 12 months, to a maximum increase of 5%.

Coverage for disabled employees terminates at the end of the month on the earlier of the cessation of total disability, cessation of MTS DBP or MSBA LTD benefits, and retirement.

If the group insurance master policy is cancelled for any reason, your life insurance coverage with Great-West Life will also be cancelled and coverage under this provision will not apply.

Continuation of Coverage If you are Not at Work

Your coverage continues if you are absent from work as a result of illness or if you are on vacation, provided your premiums continue to be paid. Coverage ceases upon denial of MTS DBP or MSBA LTD benefits or denial of waiver of premium. If you do not apply to have your premiums waived, coverage under this plan will cease at the end of the month coincident with or following 12 months from your last day worked.

If you are on temporary lay-off, you may choose to continue your coverage until the earliest of the following:

• the date you engage in any work for pay or profit;
• six months after the date of your lay-off, provided all the premiums are paid; or
• the date for insurance termination set by your employer’s policy.

Employees on approved Leaves of Absence must continue their insurance coverage, provided the leave is listed below and does not exceed the specified duration. There is no option to opt out during a leave unless the duration of the leave exceeds the limits detailed below. In that case coverage is terminated at the end of the month coincident with or following the last day of active work. This applies even when you travel outside Canada.

A. Coverage is continued for up to 2 years for the following types of leaves:

• Approved Study
• Employment with the Federal Department of External Affairs
• Sabbatical Leave
• Improvement of Qualifications or Educational Leave
• Maternity, Parental or Adoptive Leave

B. Coverage is continued for up to 1 year for the following types of leaves:

• Deferred salary leave
• Personal leave

Coverage is not allowed to continue during a leave of absence if you are employed elsewhere. Premiums must be paid for coverage to continue. Failure to pay premiums during an approved leave will result in termination of coverage. If terminated, coverage will not be reinstated until you return to work and medical evidence of good health is approved by Great-West Life..

Termination of Coverage

Your coverage under the group policy ends on the earliest of the following dates:

• the end of the month following the date of termination of employment or retirement, or on August 31st if your termination or retirement occurs at the end of the school year in June (or during the summer months);
• the end of the period for which the last premium is paid to Great-West Life for your insurance;
• the end of the month in which you are denied disability benefits or waiver of premium;
• the end of the month coincident with or following 12 months from your last day worked if you do not apply to have your premiums waived; or
• the date the policy terminates.

Your dependent’s coverage under the group policy ends on the earliest of the following dates:

• the date you cease to be insured;
• the date your dependent no longer qualifies under the definition of dependent; or
• the end of the period for which the last premium is paid to Great-West Life for insurance on your dependent.

Your partner who is your spouse under the policy’s definition of spouse ceases to qualify as a dependent on the earliest of:

• the date you cease to be insured;
• the date you choose to disqualify that partner as a spouse; or
• the date your partner ceases to meet the requirements of a person eligible to be qualified as a spouse under the policy.

Conversion Privilege

The group policy allows you and/or your spouse to convert, without providing evidence of good health and subject to certain maximums and limitations, all or part of your Basic Life Insurance coverage to an individual life insurance policy if your coverage ends other than at your request. If your annual earnings are reduced, you may also apply to convert the amount by which your earnings are reduced. Your spouse may apply for an individual policy if your Family Life Insurance coverage ends other than at your request. You and your spouse may apply to Great-West Life to convert the coverage without providing evidence of good health.

Premium rates for converted policies are based on the type of policies you and your spouse select, your gender and age at the time of conversion. Converted policies do not offer disability or accidental death benefits.

To convert eligible coverage, you and/or your spouse must apply to convert the insurance and pay the first premium within the 31 days of the termination of the insurance. If you or your spouse die within this 31-day period, the beneficiary will receive the amount of insurance eligible for conversion.

The maximum amount of insurance available for conversion cannot exceed $200,000 per insured.

Further information is available from Great-West Life at the time of conversion.

Claims

Your employer should be contacted in the event of a claim. Your employer will provide assistance in completing necessary claim forms and filing them with Great-West Life.

Explore your options with the Insurance Rate Calculator. (8% RST is payable in addition to the calculated amount.)

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Questions & Other Information

Enrolling for Life Insurance

When you are first enrolling in the Manitoba Public School Employees Group Life Insurance Plan, you are faced with many decisions

• How much insurance do I need?
• What coverage do I need?
• What’s the cost?
• What if my needs change?

While you will ultimately have to decide these questions yourself, this document will help to identify some of the important issues surrounding each of these questions.

How Much Insurance Do I Need?

The answer is different for everyone. Are you married or single? Do you have large debts or a big mortgage? How many children do you have and what are their ages? Do you have health problems that make you a higher insurance risk? How you answer these questions will determine whether you need a lot of life insurance or very little.

What Coverage Do I Need?

In addition to Basic Life Insurance, the plan also offers Family Life Insurance and Accidental Death and Dismemberment (AD&D) Insurance. The Family Life Insurance covers your spouse ($20,000) and each child ($10,000). If you have no other insurance for your family this may be an important addition. The AD&D coverage pays an additional benefit if you die accidentally or are involved in a serious accident where you may lose a limb, or sight or are paralyzed. You can also cover your family for this benefit. This is a valuable benefit if the prospect of accidental death or injury could create additional burdens for you or your family.

What’s the Cost?

Decisions on coverage are best made on need. But clearly you will want to know what the various options may cost you, over and above what your employer pays. The best way to see what various optional coverages will cost you is to log on to this  website.  In addition to describing the coverages available, you can access the Insurance Rate Calculator (your monthly payment does not include the 8% Manitoba RST). This will allow you to complete a number of “what if” calculations to determine the total monthly cost of a variety of options or option variations you may be considering.

What if My Needs Change?

How much insurance and which coverages you elect will depend on your current needs. However, needs rarely remain constant and you may want to change your insurance in the future. Here are the rules:

• You can reduce your coverage at any time, subject to certain minimum requirements
• Should you experience:
  • the death of your spouse
  • marriage
  • birth or adoption of your first child

  you can increase or add coverages, provided you apply within 90 days before or after the event.

• You can increase or add coverage at any other time – but only if you provide medical evidence of insurability satisfactory to the insurer.
• There is an open enrolment period for AD&D only, every September.

Make sure you understand all the rules before you make your choices.

Should I Convert My Group Life Insurance?

Things You Should Know

When the group life insurance available through your employer either terminates or reduces, you will usually be able to convert this coverage into an individual policy of insurance. For those eligible, this conversion privilege is guaranteed regardless of your state of heath, provided you make application within 31 days of the termination of your group coverage. This is a very valuable option for some, particularly if you are uninsurable for reasons of ill health. But for others it may be too expensive or unnecessary. Here are some things to consider.

Cost

All conversion policies are special individual policies of insurance which are much more expensive than the group policy available through your employer. Premium rates vary and will depend on the type of policy you choose and such things as your age, sex and smoking status. Further, when you apply for an insurance policy under the Conversion Privilege, the insurer may limit the types of policies available to the more costly varieties because they assume you to be uninsurable.

Need

How much life insurance do you really need or want? For many, the answer is little or none. For example, if you are retiring you may have concluded that your financial affairs are in order, you have no major obligations and therefore little need for life insurance. You may have other policies that you deem adequate under the circumstances. Some may conclude the opposite. A desire to leave an estate or outstanding debt may precipitate a need for life insurance after your group coverage terminates.

How should you decide?

First, remember you only have 31 days following the termination of your group insurance coverage, to make application for the guaranteed issue policies that are available under the Conversion Privilege. You can always make an application and then decide not to proceed if the coverage is too costly or if you later decide you have no need for life insurance. But if you are in good health, it may cost you less to buy a regular individual life insurance policy (as opposed to the limited offerings of the Conversion Privilege). Many of you however, may not know if you are in good enough health to be accepted for a regular policy. In these circumstances, the best way to proceed is to apply for both:  a regular policy where you must provide evidence of good health and a conversion policy where you are guaranteed coverage regardless of your state of health. If you are accepted for the regular policy, this likely will be the less expensive way to proceed, but if you are declined, you will not have missed the application deadline for the conversion policy. You might even decide, after you have all the information, that neither approach is right for you. It is also a good idea, that when you search for a regular individual policy, you see what might be available from several different insurers.

How should you proceed?

If you would like to explore the issues and cost of converting your group life insurance into an individual policy, contact the Payroll Department of your school division. They will have information brochures and contact points with the insurer to assist you through the process. You may have your own insurance agent who can also give you quotes on alternative regular individual policies. Many of you will also want to talk to a financial advisor to seek their advice on what might be necessary to compliment your personal financial plan. But remember, the responsibility to make application for a conversion policy is yours, and you must do so within 31 days of the termination of your group insurance coverage.

Have Your Needs Changed?

There are several milestones in our lives where our life insurance needs may change (e.g. marriage, death of a spouse or birth of a child). Your plan can accommodate these changes. This is a good time to re-assess all the aspects of your insurance coverage. Do you have the right amount of insurance coverage, too much or too little? To understand the rules regarding increased coverage, please contact the Payroll Professional in your school division or review this website.

Is Your Beneficiary Current?

When was the last time you reviewed your beneficiary? Now might be the time to make certain insurance proceeds will be distributed the way you want them to be. If you are not sure, your Payroll Professional can tell you who you have currently nominated as your beneficiary.

How Much Insurance Do I Really Need?

The Manitoba Public School Employees Group Life Insurance Plan provides employees with a wide range of insurance coverages, as well as optional amounts of insurance for some of those coverages. Faced with a variety of choices many employees often ask “How much insurance do I really need?”

Well not surprisingly, the answer to that question is not a simple one, and it will also change over time. Each individual should determine what their own needs are, based on an assessment of financial commitments, family needs, lifestyle expectations, estate planning, and consideration of future changes to any of these items. Most people will need larger amounts of insurance when their responsibilities are greatest. A family to raise, mortgages and future schooling costs are all good reasons to protect yourself with appropriate life insurance coverage. On the other hand, as these commitments fade or disappear, insurance needs will also dissipate. Focus should then move to estate planning. How important is it that you leave an estate behind and how large do you want it to be? Each of us will likely have a different answer.

To assess how much insurance you need, it is best to have a serious look at what would happen should your untimely death leave a spouse and family, or any other person who may be dependent upon you for support, without the regular source of income you provide. What would be the impact on them and how long would it last. Answering this question will help you determine minimum insurance amounts.

When you have completed your assessment, the next step is to review the coverages that are available to you through the Manitoba Public School Employees plan. Your booklet describing coverage will help you through this process. For most employees, coverage from this plan will be sufficient to meet their needs. For others, who have substantial commitments and young families, supplementary coverage may be required at least temporarily.

You may decide that you want to augment your coverage by purchasing individual insurance. The important thing is to regularly assess your needs. Your insurance coverage should be maximized when your responsibilities are greatest. As they diminish, you may decide you need less insurance. Remember though, if you have health problems or are uninsurable, do not cancel coverage that you may ultimately need. It may not be available later, and it will be your family that suffers.

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Plan Consultants
Mercer

This plan is insured by Great-West Life policy number 335114 effective July 1, 2004.

Website information updated as of September, 2012.

For More Information

Contact the Payroll Administrator of your school division or the Plan consultants.