Providing Additional Low-Cost Protection to You and Your Family
Even though the protection offered by your group insurance policy provides you and your family with comprehensive coverage, it still may not meet all your needs.
The reason is simple – your group insurance Plan has been tailored to meet average needs which may not necessarily reflect your own personal circumstances. That's why Great-West Life's Optional Group Term Life Insurance is so attractive. It offers you solid insurance protection at low group rates. And, it allows you to increase your existing insurance coverage to ensure your coverage reflects your needs.
Highlights of the Optional Term Life Plan
• You and your spouse are both eligible for this additional coverage if you are under age 65.
• If you remain totally disabled for at least six months and are approved for a waiver of premium, you won't have to pay premiums on your coverage for the time you are disabled.
• The cost of this additional coverage is very low, and you pay your premiums through payroll deduction.
• If you change your job, you can convert your coverage and your spouse's to individual Plans within 31 days, without any medical exams or tests.
How does it work?
Optional Group Term Insurance is available in units of $10,000. The maximum coverage is $500,000 per person.
To apply for coverage for you or your spouse, simply complete the Evidence of Insurability for Optional Life Insurance form (M1749A) and return it to your Plan Administrator. Your coverage will take effect as soon as your Plan Administrator receives written confirmation from Great-West Life.
No benefits will be paid for suicide within the first two years after your optional Group Life Insurance goes into effect or after any increase in coverage.
Group life insurance rates are lower than individual life insurance rates because marketing and administration costs are lower. And, because your employer has endorsed this Plan, you can make your payments through payroll deduction at work.
The chart below shows you what premium you and your spouse will pay, per month, for each $10,000 of coverage.
|Monthly Premium for Each Unit of $10,000 of Life Insurance|
|35 - 39||$0.80||$1.41||$0.58||$1.16|
|40 - 44||$1.30||$2.34||$1.05||$1.64|
|45 - 49||$2.30||$4.33||$1.87||$3.04|
|50 - 54||$4.00||$7.59||$3.04||$5.02|
|55 - 59||$6.70||$12.86||$4.91||$7.59|
|60 - 64||$11.10||$17.65||$6.55||$9.82|