Life and AD&D Benefits
Basic Life and AD&D is a 100% employer-paid benefit provided at no cost to employees. It pays out to your beneficiaries in the event of your death. Your coverage will end should you ever retire or no longer be an employee of MTC.
Beneficiary Designation
When you enroll in the life insurance plan, you must name a beneficiary – the person(s) who receive benefits under the plan upon your death. You alone are always the beneficiary of any dependent life policy that you elect. You can change your beneficiaries for your non-dependent coverage at any time during the year.
Click the button below to watch a video to learn more about your Life Insurance benefits.
Life Insurance Benefits
Benefit |
3x your annual salary to a maximum of $500,000, no medical questions asked |
Age Reduction |
Reduced to 65% at age 65 and 50% at age 70, |
Additional Life and AD&D coverage is available for purchase for you, as well as your spouse and your dependent children. You, the employee, must elect coverage for yourself in order to purchase coverage for your spouse or child.
Beneficiary Designation
When you enroll in the life insurance plan, you must name a beneficiary – the person(s) who receive benefits under the plan upon your death. You alone are always the beneficiary of any dependent Life and AD&D policy that you elect. You can change your beneficiaries for your non-dependent coverage at any time during the year.
Living Benefit
If it is determined that you are terminally ill and have 24 or fewer months to live, you may elect to have part of your life insurance benefit paid to you in a one-time lump sum payment. You can request up to 75% of your life insurance amount, up to a maximum of $500,000. The remaining benefit is paid to your beneficiary upon your death.
Plan Requirements
For new hires or newly benefit eligible persons, the Guarantee Issue is $100,000 for employee coverage. If an election is above the Guarantee Issue, an Evidence of Insurability medical questionnaire is required and is subject to approval by Sun Life.
If you are not a new hire or not newly eligible (meaning you’ve waived this plan in the past), Evidence of Insurability medical questionnaire is required.
Life Insurance When Disabled
If you become continuously disabled while insured under the Sun Life plan and you have not yet reached age 65, your life insurance may continue at no cost.
Portability/Conversion
You have the option of continuing your Voluntary Life insurance and/or your dependent’s Voluntary Life insurance coverage if you retire or leave employment.
More About AD&D Insurance
You will receive a payment if you suffer a covered accidental injury or an accidental death. You may receive up to a maximum of 100% of your AD&D coverage for losses resulting from one accident.
Semi-Monthly Payroll Deductions
Your Voluntary Life insurance premium is based on your age. Spouse insurance is based on your spouse’s age. Rates will increase when you or your spouse move to the next age band. Benefits are reduced to 65% at age 65, and 50% at age 70, on the 1st of the month following birthday.
The below chart provides semi-monthly rates.
Click the button below to watch a video to learn more about your Life Insurance benefits.
Life Insurance Benefits
| Benefit Amount | Guarantee Issue | Age Reduction | Eligible Increase Amount (during OE without EOI required) | |
|---|---|---|---|---|
Employee |
Increments of $10,000, up to $500,000, not to exceed 5x annual salary |
$100,000 |
Reduced to 65% at age 65 and 50% at age 70 |
$10,000, up to the |
Spouse |
Increments of $5,000, up to $250,000, not to exceed 50% of employee amount. |
$50,000 |
Reduced to 65% at age 65 and 50% at age 70 |
$5,000, up to the |
Child (6 months to 26 years) |
Increments of $2,500, up to $10,000, not to exceed 50% of employee amount. |
$10,000 |
N/A |
Evidence of insurability |
| Accidental Injury | Plan Pays: |
|---|---|
Quadriplegia |
100% |
Sight of one eye |
50% |
Speech only |
50% |
Hearing only |
50% |
Loss of limb (arm or leg) |
50% |
Thumb and index finger on same hand |
25% |
| Age Band | Employee per $10,000 | Spouse per $5,000 | Child Per $2,500 The premium paid for child coverage is based on the cost of coverage for one child, regardless of how many children you have. |
|---|---|---|---|
15-24 |
$0.26 |
$0.13 |
$0.15 |
25-29 |
$0.29 |
$0.15 |
$0.15 |
30-34 |
$0.36 |
$0.18 |
$0.15 |
35-39 |
$0.51 |
$0.26 |
$0.15 |
40-44 |
$0.73 |
$0.37 |
$0.15 |
45-49 |
$1.16 |
$0.58 |
$0.15 |
50-54 |
$1.85 |
$0.92 |
$0.15 |
55-59 |
$2.84 |
$1.42 |
$0.15 |
60-64 |
$4.43 |
$2.22 |
$0.15 |
65-69 |
$7.69 |
$3.85 |
$0.15 |
70-74 |
$13.73 |
$6.86 |
$0.15 |
75+ |
$26.90 |
$13.45 |
$0.15 |
AD&D Coverage Rates |
Employee per $10,000 |
Spouse per $5,000 |
Child per $2,500 |
$0.10 |
$0.06 |
$0.05 |