If you are enrolled in the basic life insurance plan, you may apply for additional Optional Life Insurance to increase your life insurance coverage.
Monthly premiums are based on age and per thousand of insurance coverage.
Note: This coverage will cease upon termination of the basic coverage, at the time of early or normal retirement, or on the July 1st following your 70th birthday, whichever occurs first. If you have additional Optional Life Insurance you may convert some or all of it (as with basic life insurance).
Units of $25,000 of coverage are available up to a maximum of $250,000.
Applications for additional optional coverage may be made anytime and will become effective when approved by Great-West Life. You may have to provide medical evidence of good health at your own expense.
Your beneficiary under the optional life insurance may or may not be the same as the one designated under the basic life insurance.
Optional life insurance is not payable if:
If you become totally disabled for a period in excess of six months and are subsequently on Long-Term Disability, premiums will be waived subject to medical verification.
Within 31 days of terminating employment or retiring early from the University you may contact Great-West Life and convert the coverage to a standard individual policy without providing evidence of good health.
The maximum amount that can be converted is $200,000 for basic and optional life combined.