Benefit Amount: 1 x annual earnings to a maximum of $500,000, reducing by 50% at age 65.
Upon your passing, your basic life insurance is paid to your named beneficiary.
Beneficiary Designation
Please review your beneficiary designation to ensure that it reflects your current intentions. In the event that you have not designated a beneficiary your benefit will be payable to your estate and may be subject to additional taxes and delays.
Termination of Coverage
Your basic life insurance ends on the earlier of retirement, termination of employment or age 70.
Basic life insurance is a mandatory benefit in which you are automatically enrolled. Please note that the cost of your basic life insurance is paid for by Lifemark and is considered a taxable benefit by the Canada Revenue Agency. The premiums + applicable taxes for your basic life insurance will be accounted for on your pay slip and T4 as a taxable benefit.
For more information regarding your basic life insurance please refer to your FlexLife Benefits Guide and your Medavie Blue Cross benefits booklet.
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