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Life Insurance

Description of Benefits

The Life Insurance benefit is payable in the event of your death from any cause at any time or place while you are insured. Payment will be made to the beneficiary designated by you. If there is no designated beneficiary living at the time of your death, the Insurer will pay the benefit to your Estate.    

Retirees may be eligible for a Retiree Life Benefit Certificate, and should refer to the description below.   

Member Life Insurance
Active Members under age 65 $100,000.00
Active Members Age 65 and under age 71 $ 20,000.00
Retirees up to Age 65 $ 20,000.00

Beneficiary

For Member death benefits, you may name a beneficiary/beneficiaries and, from time to time, change such named beneficiary/beneficiaries, subject to Provincial law, by written request filed with the Administrative Agent. The change will take effect as of the date such request was executed, but without prejudice to the Insurance Company for any payments made before such request is received at its Head Office.

Waiver of Premium Provision

If, while covered under this, you become totally disabled and have not retired or had your 65th birthday and remain so disabled for 6 consecutive months, the Insurer will waive payment of the life insurance premiums up to age 65 provided you remain so disabled, and provided proofs of disability are furnished as required. Totally disabled means you are incapacitated by an injury or disease to the extent that you are not able to perform any work for compensation or profit and are not able to engage in any business or occupation.

The Waiver of Provision continues to age 65, however the amount of the benefit reduces to $20,000 at age 60.

If you die while your life insurance is being continued under this Waiver of Premium Provision, the amount of insurance payable will be the amount of insurance for which premiums are being waived. Subsequent increases in life insurance benefits for Active Members do not apply to Members covered by premium waiver.

In order to qualify for the Waiver of Premium Provision, you must notify the Insurer within 12 months of the last active day at work and must furnish due proof of disability, satisfactory to the Insurer.

From time to time during the first year that premiums are waived, the Insurer shall have the right to require proof of continuance of your disability.

After a year, proof shall only be required no more than once a year. You may be required to be examined by a medical examiner designated by the Insurer, at the Insurer’s expense. No benefits will be provided under this benefit if you fail to submit proof of disability when required.

The Insurer will waive premiums starting with the date the required proof is approved. Premiums shall not be waived beyond the earlier of your age 65 or the date you cease to be totally disabled. The benefit will cease if you fail to submit proof of continuance of disability when required or if you fail to be examined by a qualified Physician when required.

If you die within one year of becoming totally disabled and unable to work due to such disability, but before due proof of the disability was furnished to the Insurer, the Insurer will pay your beneficiary the amount of life insurance to which you were entitled on the date you became so disabled. The Insurer must receive proof of the death and total disability during this period not later than one year after your death.

If you do not return to work within 31 days after this benefit ceases, you may convert the amount of insurance that was subject to this provision as though the insurance had ceased on that date due to termination of employment. If a benefit is payable under “Conversion Privilege” of this policy, the amount of insurance payable under this provision shall be reduced by the amount of that benefit. If an individual policy has been issued in accordance with the Conversion Privilege no payment shall be made under this provision if the individual policy is not surrendered to the Insurer, without payment of the claim. If the policy is surrendered, the Insurer will refund any premium paid on the individual policy.

The Insurer shall not be liable for waiver of premium benefits after termination of the contract or waiver of premium provision once a replacing insurer is bound contractually or as a matter of law.

However, if this contract or waiver of premium provision terminates, the Insurer remains liable to provide waiver of premium benefits for a continuous disability caused by an accident or sickness that occurred prior to termination provided a claim is submitted within 12 months of the Member’s last active day at work and due proof of disability, satisfactory to the Insurer, is furnished within 18 months of the last active working day. At the end of any 6 month period during which the Member was not disabled the Insurer ceases to be liable for any further waiver of premium benefit, for disability caused by an accident or sickness that occurred prior to termination.

Retiree Life Benefit Certificate

You are eligible to receive a Retiree Life Benefit Certificate when you retire, if:

  • have reached age 65, and
  • your hour bank balance has run out, and
  • you were eligible for benefits under this Trust Fund immediately prior to your Retirement.

For purposes of the Retiree Life Benefit Certificate, Retirement is defined as receiving pension benefits under the terms of the Insulators Local 95 Pension Plan. Self Paying Retirees who have received their Retiree Life Benefit Certificate are not entitled to any other Life Insurance benefits from the Trust Fund.

Benefit Amount: If you retired on or after July 1, 1977, and before January 1, 2009, you are entitled to receive an amount of five hundred dollars ($500.00) for each year of your membership in the Pension Plan, to a maximum of five thousand dollars ($5,000.00).

If you retire on or after January 1, 2009, you are entitled to receive an amount of one thousand dollars ($1,000.00) for each year of your membership in the Pension Plan, to a maximum of ten thousand dollars ($10,000.00).

The Administrative Agent will automatically arrange on your behalf for the issuance of a Life Benefit Certificate once you commence receiving pension benefits under the Pension Plan. However, should you retire before age 65 you must continue your benefits through the self-pay provision in order to be eligible for a Life Benefit Certificate to be issued upon your attainment of age 65. If you are disabled and on an approved Life Waiver of Premium, a Life Benefit Certificate will be issued upon your attainment of age 65.

Once a Life Benefit Certificate is issued to you it should be kept with your other important documents. A lump sum payment, in the face amount set out on the Certificate, will be made to your named beneficiary upon your death.

Proof of Loss

Written proof stating the occurrence, character and extent of loss must be submitted to the Administrative Agent within 12 months after the date of death for Life Insurance, and within 18 months after the date the Member ceases active work because of total and permanent disability under the disability provision for Life Insurance.

Insulators Local 95 Benefit Trust Fund c/o Benefit Plan Administrators 
90 Burnhamthorpe Road West, Suite 300 Mississauga, Ontario L5B 3C3