Life Insurance: Policy # 154591
If you are a member in good standing and are within the age requirements you are automatically insured for Life Insurance benefits. Coverage begins on the first day of the month following your swearing-in or the reinstatement of your active membership with Local 873. Your Life Insurance is underwritten by Canada Life.
If you are under the age of 70, your life insurance benefit is a flat $100,000 (an increase from $75,000 as of September 1st, 2021). If you are a retired member or are between the ages of 70-75, your benefit reduces by 50% to $50,000 (an increase from $37,500 in coverage). All Life Insurance coverage stops at age 75 , even if your membership is still active and/or you are still actively working.
If you should pass away, your life insurance is payable to your beneficiary if one was designated, otherwise, it will be paid to your estate. You may change your beneficiary at any time subject to provincial law. To check or update your beneficiary information contact J and D Benefits Inc.
Life Conversion Option:
If your membership with Local 873 is terminated either by your own doing or by the Local, the amount of life insurance you were eligible for at the time of termination, may be converted into an individual policy with Canada Life. No medical will be required provided the application is finalized and any payment owing is received within 31 days from the date your membership terminated.
Full details for Life Insurance and conversions can be found in the I.A.T.S.E Local 873 Health & Welfare Trust Benefit Booklet. Download below
Death Benefit:
This benefit of $7000 is paid directly by the IATSE Local 873 Health and Welfare Trust, to your beneficiary or your estate if a beneficiary is not named.
CLAIMS:
Contact the Benefits Manager at the union office @416-368-1873 or by email: tracy@iaste873.com as soon as you can to obtain what is required for the death benefit and the necessary claim forms for life insurance.