Compare Life Insurance Quotes

From 50+ of Canada’s leading providers in 3 minutes.

Canada

There are many benefits for employees that work for the Federal and Provincial Governments. There are different plans that they can opt into. One of these is life insurance. There are group plans that are available for federal employees. As well as provincial employees. However, the groups are different.

Federal Life Insurance Options

federal

There are different sectors or departments in the federal government. Some of these departments are under the union. The management departments are not unionized. It appears the federal government has broken down their offerings for insurance coverage. According to these departments.

Public Service Management

For those that are not members of the union, there is a public service management insurance plan. Within these life insurance plans that they are offering, there are some options. This type of insurance is part of a group plan. Each employee that takes out the insurance comes from a specific group policy plan. It doesn’t mean that the insurance company will accept them. They will have the responsibility of being able to prove that they qualify. For the insurance coverage. The group life insurance programs available are Basic and Supplementary Life Insurance.

Who Pays the Premiums?

who

Under the Public service management insurance plan there is a list. Showing who will qualify for this insurance. The premiums get paid by the Treasury Board on behalf of the participants. Under this particular policy, there is an entitlement to the basic life insurance. As outlined in the plan. These employees that are eligible for this life-insurance have the option of opting out. They can waive it. It is beneficial to have the benefits paid by the employer. If the employee leaves their position, they may lose their life insurance coverage. But there will be an option for them to convert to a private insurance policy.

Public Servants That Are Excluded

Those that are public services but do not fall into the management category will still be able to take advantage of the Life Insurance. But the big difference will be that as an employee they will be responsible for the payment of the premiums.

Life Insurance Categories

There are different segments of the plan. Within this plan for the Federal Employees Life Insurance, These include:

  • The Basic Life Insurance
  • Supplementary Life Insurance
  • Accidental Death and Dismemberment Insurance
  • Dependant’s Insurance
  • Post Retirement Life Insurance is only available to management members

Provincial Life Insurance Coverage

Each province has its own set rules. That is for compensation and benefits that they offer their employees.

Ontario Public Servant Employees

In Ontario, the Public Servant employees appear to have life insurance coverage. Options that are available to them. It appears to be like that offered to the Federal employees. The employees that are union members rely on this organization. To bargain for what benefits are going to be available to them. This includes the life insurance options that the Provincial government will offer.

Retired Ontario Public Servant Employees

Retired employees may have their premiums paid for them once they retire. It will depend on the type of life insurance they have. But, this is only applicable to the Basic life insurance coverage. Also, it depends on the retirement date. Those that retired before January 1, 2017, will have their premiums paid in their entirety. Those that retired after this date will only have 1/2 the premiums paid for. The retired employee handles the other 50%.

Other Insurance Options for Federal and Provincial Employees

Some find the basic insurance coverage provided by a government employee is enough. With many of the plans, there is the option to go from the basic coverage to supplementary. Also for those in management they have good life insurance coverage. Being as often the premiums are paid for.

What is going to happen in the future when one may leave a government employee?

This is one thing to keep in mind. When one belongs to a group plan. It is important to determine if there are options. To carry this forward if one is going to another sector of the government. Or if they are leaving the government altogether is there an option.? For this to transfer over to private coverage. If this is not the case, then the individual is going to have to consider buying a new insurance policy package.

Staying Informed

Some belong to the union of the respective governments. It is important that they keep on top of any changes that may be taking place in regards to their insurance. Every few years the unions re-negotiate the benefits for their members. This can often include the various types of insurance that are available to them. The government employees should be well aware of these changes.

More Life Insurance Options

life insurance

Some individuals feel there is not enough coverage offered. Or they are not satisfied with the cost of the insurance. Most often the group insurance plans premiums can be better. Compared to private insurance. Although this is not always the case. Every insurance company is different. There may be some individuals that feel that they would like more insurance. Under private insurance coverage. In these cases, they are going to want to shop for what is available to them. When shopping it is important to do the proper research. To see what the difference in the premium costs is going to be. It may mean that there is a difference in the type of coverage provided. When it comes to the details of the policy itself.

Life insurance is like any other insurance it is an individualized product. One has to shop carefully for it and take their time when making their decisions. There can be some good savings in life insurance premiums. It is because the insurance companies differ in what they offer. They use different metrics when determining the cost. Also, they will try and add different incentives to their packages. In the hopes, they can attract more clients.