Retiree Group Life Insurance, Fall 2016

October 27, 2016 9:59 PM | Anonymous

Do you know how much McMaster retiree life insurance coverage you have?

To make things easy for the executor of your will, you should keep a copy of your McMaster life insurance documents with your important papers, such as your will and other insurance policies.

The Human Resources office will be pleased to provide you with a copy if you need it. Contact the Human Resources Service Centre by phone at 905-525-9140, ext. 22247. 

McMaster Post-retirement life insurance coverage varies.

If you retired before age 65 and collected your pension immediately you were eligible to keep the coverage you had as an active employee until you turned 65. If you made this choice, you would have agreed to pay the full premium for as long as you kept the coverage. At 65, or an earlier age you elected, your coverage would reduce to a paid-up Life Benefit of $5,000. (Note that Survivor Income Benefit and Optional Life coverage cease at retirement.)

If you retired before age 65 and chose not to keep your pre-retirement coverage, you were immediately eligible to receive a paid-up $5,000 Life Benefit.

If you retired at age 65 or later, you were eligible for a Life Benefit of $5,000, at no cost to you. You also had a choice of converting your pre-retirement insurance to a private user-pay insurance plan within 31 days of your retirement date.

As well as knowing what McMaster life insurance you have, you should also make sure that your beneficiary information is up-to-date, particularly if you have had a change in family status. To make a change to your named life insurance beneficiary please visit the Human Resources Retiree Information page to print a copy of the Life Insurance Beneficiary Form. Once complete, please forward the original to Human Resources, CSB 202. For more information, contact HR at 905-525-9140, ext. 22247.

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