Premium Waiver
If you become totally disabled in accordance with the terms and conditions as described under Employee Life Insurance, and Waiver of Premium is approved for your Life Insurance, then the premium requirement for the Dependent Life benefit will also be waived until the earliest of (a) the date your Waiver of Premium for Life Insurance ceases, or (b) the date the policy or coverage terminates. See the Employee Life Insurance section of this website for further details of this waiver benefit.
Conversion Option
An individual life insurance policy issued by the Insurer may be purchased on the life of a spouse who is under 65 years of age if the insurance ceases due to your insurance terminating, a change in your spouse’s status as a dependent, or because of your death. The conditions under which this policy may be purchased are the same as those described in the Employee Life Insurance section of this website, however the policy will be on the life of the spouse. The premium rates will be based on the age and class of risk of the spouse. You w ill be the owner of the individual policy, unless you are deceased and then your spouse will be the owner. You or your spouse should contact the Administrator for details. Written application together with the initial premium due must be submitted to the insurance company within 31 days of the date your spouse's coverage terminates.
If the spouse dies within the 31 day period during which the spouse’s life insurance could have been converted, the Insurer will pay the maximum amount of the insurance that could have been converted. If an individual policy has already been issued through conversion, no payment shall be made through this provision unless the individual policy is surrendered without payment of claim. Upon surrender the Insurer shall refund premiums paid on the individual policy.