Basic Life Insurance

Select your desired Basic Life Option considering:

• The differences between Options

• Your family’s or beneficiary’s financial needs

• Your health status and the rules regarding medical evidence

• Any Optional Life or Individual Life coverage you may have

• The level of benefit coverage you are comfortable with

• The cost of each Option

The Self-Service Flex Enrolment tool will calculate your Basic Life benefit amount and premium due based on your annual earnings and Flex Option selected. You will have the opportunity to consider different scenarios prior to making your final selection.

Calculating your basic life monthly premium

The monthly premium for Basic Life is calculated based on the rate per $1,000 of benefit volume. As such, multiply your annual earnings by the earnings factor (depending on your Option choice it will be either 1x, 2x or 3x salary up to the benefit maximum), round up to the nearest $1,000; next, multiple the result by the applicable rate and divide by $1,000. To determine your semi-monthly deduction, divide the monthly cost by 2.

For example, effective January 1, 2019, for an employee earning $80,000 the following are the calculated costs:

Option 1 = ($80,000 x 1 x $0.1100) ÷ $1,000 = $8.80 per month ÷ 2 = $4.40 per pay

Option 2 = ($80,000 x 2 x $0.1100) ÷ $1,000 = $17.60 per month ÷ 2 = $8.80 per pay

Option 3 = ($80,000 x 3 x $0.1178) ÷ $1,000 = $28.27 per month ÷ 2 = $14.14 per pay