Life Insurance

UBC’s Basic Group Life Insurance Plan will pay a sum of money (benefit) to your designated beneficiary in the event of your death, whatever the cause. The amount depends on your age at the time of your death and your annual earnings, to a maximum of $300,000. The benefit your beneficiary will receive is non-taxable.

Your spouse and/or dependent children are not covered under UBC’s Basic Group Life Insurance Plan. However, they may qualify for UBC’s Optional Life Insurance Plan.

If you are eligible, you are automatically be enrolled in UBC’s Basic Group Life Insurance Plan.

Learn more about Basic Group Life Insurance.

For employees

UBC’s Optional Life Insurance Plan provides supplementary life insurance coverage in addition to your Basic Group Life Insurance. You can purchase Optional Life Insurance to a maximum of $750,000. You must apply for this optional plan, and your application must include a Health Statement that is subject to review and approval by Sun Life. If you are approved, you pay for this plan through monthly premiums that are deducted from your paycheque. In the event of your death, your beneficiary will receive a non-taxable sum of money.

Learn more about Optional Life Insurance.

For spouses

UBC’s Optional Life Insurance Plan provides supplementary life insurance coverage for your spouse. You can purchase Optional Life Insurance for your spouse to a maximum of $750,000. You must apply for this optional plan for your spouse, and your application must include a Health Statement from your spouse that is subject to review and approval by Sun Life. If they are approved, you pay for this plan through monthly premiums that are deducted from your paycheque. In the event of your spouse’s death, their beneficiary will receive a non-taxable sum of money.

Learn more about who is considered a spouse.

For dependent children

Your dependent children are automatically approved for supplementary life insurance coverage under UBC’s Optional Life Insurance Plan once you are approved for coverage (effective March 1, 2015). You do not need to apply for this optional plan for your dependent children and there is no additional cost besides the payment of the monthly premiums for your own coverage. In the event of your child’s death, you will receive a non-taxable sum of money.

Learn more about who is considered a dependent child.

For employees

UBC’s Optional Accidental Death & Dismemberment (AD&D) coverage will pay a sum of money (benefit) to your beneficiary if you are the victim of an accident that results in the loss of life, limb, sight or hearing. You apply for this optional plan when you apply for the Optional Life Insurance Plan, and the coverage amount is the same as Optional Life. If you are approved for Optional Life, you pay for this plan through monthly premiums that are deducted from your paycheque. In the event of your death, your beneficiary will receive a non-taxable sum of money. The beneficiary of your Optional AD&D is the same as your designation for Optional Life.

Learn more about Accidental Death & Dismemberment Insurance.

For spouses

UBC’s Optional Accidental Death & Dismemberment (AD&D) coverage will pay a sum of money to your spouse’s beneficiary if they are the victim of an accident that results in the loss of life, limb, sight or hearing. You apply for this optional plan for your spouse when you apply for their Optional Life Insurance Plan. If they are approved for Optional Life, you pay for this plan through monthly premiums that are deducted from your paycheque. In the event of your spouse’s death, their beneficiary will receive a non-taxable sum of money. The beneficiary of your spouse’s Optional AD&D is the same as their designation for Optional Life.