Cost of coverage

Basic Life Insurance Plan

Concordia pays the entire cost.

Optional Life Insurance Plan

You pay the full cost of coverage. The premiums are determined according to the following rate table, based on:

• your age as of the preceding June 1 (unless, of course, your birthday falls on June 1);
• your sex; and
• your smoker status

Bi-Weekly Optional Life Insurance Premium Rates per $1,000 of Coverage (including sales tax)

Your premiums for the optional coverage are paid through payroll deductions and are automatically adjusted whenever:

• your coverage changes; or
• your salary changes; or
• you move into a new age group.

You pay the full cost of your spouse’s optional life insurance coverage. The premiums are determined according to the following rate table, based on:

• your age as of the preceding June 1 (unless, of course, your birthday falls on June 1); and
• you spouse's sex

The premiums for optional coverage for your spouse are paid through payroll deductions.

Bi-Weekly Optional Dependent Life Insurance Premium Rates per $1,000 of Coverage for Your Spouse (including sales tax)

You pay the full cost of your dependent children’s optional life insurance coverage. The bi-weekly premiums are equal to a flat rate of $0.246 per $2,500 of coverage. This rate applies regardless of the number of children that you may have.

The premiums for optional coverage for your dependent children are paid through payroll deductions and include sales tax.

You pay provincial and federal income tax on the premium, including the sales tax that Concordia pays for your coverage under the Basic Life Insurance Plan.

Life insurance benefit payments are not subject to federal or provincial income tax.