Updates to Optional Life and Basic Life Insurance

Optional Life Insurance Premium Rates Changing in 2019

With the support of our Benefits Consultant, the UBC Optional Life Insurance (Employee and Spouse) Plan is reviewed each year.

Based on a decrease in claims for the past year, the Optional Life Insurance premium rates will decrease by an average of 3% for the upcoming 2019 year. The new rates are posted here.

Those who are enrolled in UBC Optional Life Insurance (Employee and/or Spouse) Plan will receive a personalized email about the rate change on Nov. 30, 2018.

Optional Accidental Death & Dismemberment (AD&D) rates remain unchanged for 2019.

What’s my current Optional Life Insurance coverage?

You can view your current coverage online by logging into the UBC Faculty and Staff Self-Service website with your CWL login and clicking on “Benefits Summary”. (Note: You will need VPN if you are accessing Self-Service from off-campus.)

I want to increase my current coverage / I am applying for Optional Life Insurance for the first time. What do I do?

The Optional Life Insurance (Employee and Spouse) maximum is $750,000 per individual. If you and/or your spouse are below the maximum and would like to increase your coverage or apply for the first time, please complete an application form and submit the original form to UBC Payroll for processing.

All Optional Life Insurance applications are subject to proof of good health. Once you submit your application to UBC Payroll, you will be emailed a Sun Life Health Statement. Submit the completed statement to Sun Life for review; if approved, you will be advised in writing and your premiums will be paid through payroll deduction.

I want to reduce or cancel my coverage. How do I do this?

Complete the change form to reduce or cancel your current coverage and submit the form to UBC Payroll for processing.

Where do I send my forms?

Submit your original form to UBC Payroll for processing, either by mail or in person:

Vancouver Campus
Attention: Payroll
UBC Financial Operations
5th Floor – TEF 3
6190 Agronomy Road
Vancouver, BC V6T 1Z3

Okanagan Campus
Attention: Payroll
UBC Finance Operations and Strategies
ADM 006 – 1138 Alumni Avenue
Kelowna, BC V1V 1V7

Changes to Basic Life Insurance Schedule effective Jan. 1, 2019

UBC is amending the Basic Life Insurance effective Jan. 1, 2019 as follows:

*NRD = Normal Retirement Date. The Normal Retirement Date for Staff is the end of the month you turn 65. For Academic Executive or Faculty, your normal retirement date is Jun. 30 or Dec. 31 following (or on) the date you turn 65.

The maximum benefit will remain at $300,000.

The new Basic Life Insurance schedule will apply to employees actively at work on or after Jan. 1, 2019. For full details of your Basic Life Insurance policy, please refer to the Sun Life contract booklet for your employee group.

For employees who are not actively at work, the previous life insurance schedules will apply as summarized in the table below:

*NRD = Normal Retirement Date. The Normal Retirement Date for Staff is the end of the month you turn 65. For Academic Executive or Faculty, your normal retirement date is Jun. 30 or Dec. 31 following (or on) the date you turn 65.