RCC and Morneau Sobeco have developed a framework that allows a wide range of possible Group Life Insurance coverages to meet the needs of your employees. This cost effective insurance allows each employee to ensure their financial security and their family's well-being.

Common features of life insurance include:

• Flat benefit of $50,000 for owners/managers and $25,000 for all other staff
  
• Coverage reduces by 50% at age 65 and terminates at the earlier of retirement or age 70
  
• Premiums are waived after six months of total and continuous disability
  
• Employees must be medically approved by the insurer
  
• Conversion to individual life insurance policy upon termination of employment before age 65

Basic Accidental Death & Dismemberment (AD&D) Insurance

AD&D Insurance provides an added element of protection if your employee suffers a severe accident which causes death or a loss listed in the Loss Schedule described below.

• Pays an additional amount equal to basic life insurance benefit in the event of accidental death
  
• Pays a portion of the death benefit for dismemberment or paralysis due to an a
  
• Coverage reduces by 50% at age 65, and terminates at the earlier of retirement or age 70

This plan pays a benefit in the event of your accidental death or bodily injury. Benefits are paid to your appointed beneficiary in the event of your death, and to you for any of the other covered losses. The amount of benefit is shown in the benefit summary, located in the left pocket of your handbook. This is multiplied by the applicable percentage below:

	Loss Of			Benefit Payable
	Life			100%
	Both hands or both feet			100%
	Sight of both eyes			100%
	One hand and one foot			100%
	One hand or one foot and sight of one eye			100%
	One arm or one leg			75%
	Sight of one eye			66 2/3%
	One hand or one foot			66 2/3%
	Thumb and index finger of one hand			66 2/3%
	Speech or hearing in both ears			66 2/3%
	Hearing in one ear			25%
	Use of both arms, both hands or both legs			100%
	Use of one arm or one leg			75%
	Use of one hand or one foot			66 2/3%
	After 365 days of continuous paralysis
	Quadriplegia			200%
	Paraplegia			200%
	Hemiplegia			200%

Optional Life and AD&D Insurance

Your employees' circumstances and therefore their life insurance needs will vary. Optional Life Insurance allows employees to purchase additional protection at their own expense through payroll deductions. This is a low cost alternative to Personal Insurance policies or mortgage insurance. Optional Life and AD&D Insurance is available with the following plan features:

• Coverage can be purchased for the employee and/or spouse
  
• Coverage is available in units of $25,000 to a combined maximum of $250,000 (i.e., 10 units) with the Basic Life Insurance
  
• Coverage terminates at earlier of retirement or age 65
  

Life and Accidental Death & Dismemberment (AD&D) Insurance Rates

Premium rates for life and AD&D insurance are based on each employee’s salary, age, and smoking status (for life insurance only). Please contact Morneau Sobeco to obtain rates for your group.

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If you have any further questions, please contact us; we'll be glad to help you.

This information is not intended for use without professional advice. While we have attempted to make this site as accurate as possible, it is only a summary. For more information, see our disclaimer.

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