When your employment ends or you begin to receive your pension (or, if earlier, on June 1 coinciding with or following your normal retirement date), you may convert the following amounts to an individual insurance policy, at standard rates:
- For yourself: The coverage that you will lose under the plans when you leave the University or retire, up to $200,000.
- For your spouse: The coverage that your spouse will lose under the Optional Dependent Life Insurance Plan when you leave the University or retire, up to $100,000
You have 31 days to initiate the process and pay the required premium.
You and your spouse are not required to provide proof of good health if you purchase the individual policy from Sun Life. However, if you do provide such proof, you may benefit from better rates and terms of coverage.
If you or your spouse dies within the 31-day conversion period, the insurance that could have been converted wil be paid to the designated beneficiary, whether or not an application for conversion was made.