Life Insurance

When your ASEBP Life Insurance ends, you have the option to convert part or all of your group life insurance policy to an individual policy with Canada Life Assurance Company (Canada Life).

You must apply within 31 days of your coverage ending to avoid having to provide evidence of your good health; however, providing evidence of good health may help reduce your premium.

You also have the option to enrol in a smaller individual life insurance policy with Canada Life rather than converting your group life insurance policy. If you choose to do this, evidence of good health may be required. If you’re deemed ineligible due to the medical information provided, you can still convert your group policy to an individual policy without evidence of good health.

Important Notes

Here’s some important information for you to know:

• Converting your group life insurance policy to an individual policy can be expensive. For the same amount of coverage you received through your ASEBP Life Insurance, an individual policy is typically much more expensive than the premiums you were paying with ASEBP.
• To convert your ASEBP Life Insurance to an individual life policy, a Group Life Insurance Conversion Notice will need to be submitted to Canada Life on your behalf within 31 days of coverage ending. If you’re actively working, please contact your employer to let them know you’re interested in converting your policy and they’ll complete this form for you. If you’re not actively at work, please contact us.
• Once you have received your copy of the completed notice in the mail—you should contact Canada Life directly at 1-888-252-1847, quoting your ASEBP policy number 138400GL.
• If you pass away during the 31-day period after your ASEBP Life Insurance termination date, your beneficiary will receive the full amount of your ASEBP Life Insurance, whether or not you had applied to convert to an individual life policy.

If you continue to work after age 65, your benefits can be extended up to the end of the school year (June 30), following your 70th birthday as long as you remain actively at work. This means if you turn 70 on June 29, your benefits will remain active for one day, until June 30. If you turn 70 on July 1, your benefits will remain active for approximately one year, until June 30.

Please review the Important Notes in the Converting ASEBP Group Life Insurance Policy to an Individual Insurance Policy section for more information about converting your policy.

Your Spending Accounts are cancelled on the date of your death and no further credits are allocated after that date. Your dependants or beneficiaries will have 60 days to submit eligible expenses you or they incurred before your death (ASEBP can help if your My ASEBP password is unknown to your dependants or beneficiaries). After that time, any unused credits will be forfeited back to your employer.

When you pass away, ASEBP offers the health, dental and/or vision benefits you had in place at the time of your passing to your dependants, including your spouse, on a premium-free basis until the earliest of the following:

• One year after you pass away
• The date your spouse remarries
• The date your spouse passes away (if your spouse was your only dependant)
• The date your dependent child(ren) is no longer eligible or passes away if your child(ren) was your only dependant (see Managing Dependants for details)

Your employer will most often notify us of your death. If you have family coverage at the time of your death, upon receipt of the death certificate, we will begin the process of notifying your eligible dependants of this temporary benefit coverage. If you’re not actively working when you pass away, your dependants must contact us for more information.

Surviving dependants of MyRetiree Plan members aren’t eligible for free premiums. Visit MyRetiree Plan for more information about this plan’s Life Insurance.