Your death could create a significant financial burden for your family at a time when they are least able to cope.

The Basic Life Insurance coverage will help ease that burden by providing a lump-sum payment to your beneficiary if you die.

All eligible employees are covered for two times their annual basic earnings. Should you wish to increase this coverage you may do so, provided you are actively at work and apply within 31 days of your date of employment or 90 days following your marriage, the birth or adoption of your first child, or the death of your spouse. If you apply outside of these timelines, you must provide proof of good health and coverage starts upon Great-West Life's approval.

You may increase your coverage to any one of the following coverage options:

• three times your annual basic earnings,
• four times your annual basic earnings,
• five times your annual basic earnings,
• six times your annual basic earnings, or
• seven times your annual basic earnings.

(Coverage is rounded to the next higher $1,000.)

The maximum coverage available for all employees under the Group Life Insurance benefit is seven times your annual basic earnings.

You may name a beneficiary for your life insurance and change that beneficiary at any time by completing a form available from your payroll administrator. Great-West Life will pay your life insurance benefits to your beneficiary. It is important to keep your beneficiary designation current.

Coverage amounts in excess of two times your annual basic earnings are not payable if suicide is committed within two years of the date coverage began or was increased.

Cost Sharing

The cost for two times your annual basic earnings is equally shared between you and your employer. You pay for the full cost of insurance amounts.

If you had the former Survivor's Income Benefit at March 31, 2001 and have coverage of at least four times earnings, your employer pays the cost of two times your annual basic earnings. You pay for the full cost of additional insurance amounts.

Explore your options with the Insurance Rate Calculator.

Change in Coverage due to Change in Earnings

Your amount of Basic Life Insurance changes if your annual earnings change. The change takes effect on the date set out in one of two options selected by your employer:

Option A

The first day of the month following the later of:

• the date on which your earnings change, or
• the date on which the change in your earnings was formally approved by your employer.

Option B

The first day following the salary anniversary date chosen by your employer.

If you are not actively at work on the day your coverage would have changed, the change is not effective until your return to work.