Group Optional Life Insurance

Two plans are available and members may participate in either or both plans.

Plan 1

Open Group

Underwritten by Desjardins Financial, this plan is available to all Active members Under the age of 70. Spouses under age 70 are also eligible. Monthly premiums are $7.79 per unit, effective June 2016.

Monthly Premium - $7.79 per Unit Effective June 2016
AGE MALE FEMALE

Smoker Non-Sm Smoker Non-Sm
to 34 $45,000 $75,000 $60,000 $90,000
35-39 $35,000 $75,000 $45,000 $75,000
40-44 $22,000 $45,000 $30,000 $50,000
45-49 $14,000 $25,000 $20,000 $30,000
50-54 $9,000 $15,000 $10,000 $20,000
55-59 $6,000 $8,000 $7,500 $12,000
60-64 $5,000 $6,000 $6,000 $8,000
65-69 $2,000 $4,000 $5,000 $7,000

Maximum coverage available is $200,000 per person.

Provided at least 2 units of insurance are purchased by the member and/or Spouse, all dependent children over 14 days of age and under age 21 (25 if still attending school, college full-time) are automatically insured for $2,500 each.

Satisfactory evidence of insurability is required for Members and/or Spouses and coverage only becomes effective upon approval by the insurer. Benefits are paid for death from any cause, except suicide within the first 2 years of coverage.

* Coverage ends at age 70.

Plan 2

Closed Group

Underwritten by Manulife and available to all active members or retirees under 65

Coverage becomes effective on the 1st day of the month following 60 days of ONR employment and Members must apply by that date. Thereafter, satisfactory evidence of insurability is required.

Members may elect either $1,000 or $2,000 of coverage. The monthly cost, effective March 2017, is $2.48 for $1,000 and $4.96 for $2,000 death benefit coverage.

* Note: Coverages end at age 65.