Life insurance plans
The Concordia Life Insurance Plans are designed to provide a financial safety net in the event of your death or that of a covered dependent.
You decide on the size of your safety net:
- You want minimal coverage for yourself?
You have the Basic Life Insurance Plan, which is fully paid for by the University.
- You want extra coverage for yourself?
Buy additional coverage at competitive group rates under the Optional Life Insurance Plan. This plan pays benefits in addition to the Basic Life Insurance Plan. You pay for the full cost.
- You want to cover your spouse and/or dependent children?
Buy coverage—also at competitive group rates—under the Optional Dependent Life Insurance Plan. You pay for the full cost.
The choice is yours!
|For you||Basic Life Insurance Plan||Optional Life Insurance Plan|
|Coverage||1 x your annual base salary||1, 2, 3 or 4 x your annual base salary|
|$200,000 for optional coverage
of 1 x your annual base salary
$400,000 for optional coverage
of 2 x your annual base salary
$600,000 for optional coverage
of 3 x your annual base salary
$800,000 for optional coverage
of 4 x your annual base salary
|Cost||Concordia pays 100% of
|You pay 100% of the cost|
|For your eligible dependents||Optional Life Insurance Plan - Coverage|
|Your spouse||$10,000 to $100,000 (in units of $10,000)|
|Each dependent child||$2,500 to $25,000 (in units of $2,500)|
|If you cover both your spouse AND dependent children||Note: for each $10,000 of coverage you buy for your spouse, each of your dependent children is automatically covered for $2,500|
|Cost||You pay 100% of the cost|
Proof of good health (initially a medical questionnaire) will be required for certain levels of coverage and depending on when you enrol.