Cover upon death
Your pension scheme provides your next of kin a coverage if you die.
Your basic coverage
Spouse/cohabitant’s pension – monthly disbursements for ten years payable or livelong to the surviving widow(er), registered partner or cohabitant.
Children’s pension – monthly pension disbursements for children under the age of 24.
Group life benefit - payable to closest living survivors if death occurs before age 67.
The Spouse/cohabitant’s pension is generally set to 60% of the old-age pension, but can be changed to between 0-60%. You can also elect to change the pension to a life-long spouse/cohabitant pension, or you can opt out of the coverage entirely.
The children's pension is generally set to a 20% of the highest of lifelong or disability pension. Depending on your agreement, you can choose a children’s pension set to 0 - 20%. For members employed under public sector collective agreements the children’s pension, however, must set to at least 14%.
You can also buy a Death benefit – amount payable to closest living relatives or your estate if you die before age 67. Death benefit can be set to 0 - 240% of the highest old-age pension or disability pension.
Group life benefit is a non-negotiable part of group insurance.
A non-negotiable part of group insurance.