Business Travel Accident Insurance Plan
Ryerson-paid Business Travel Accident Insurance is an automatic benefit for all Ryerson employees who are covered for group benefits. The plan pays a lump-sum benefit to help you cope with severe disability caused by an accident or to assist your family if you die due to an accident.
The insurance is effective if you are traveling on Ryerson business from the start of your trip until you return to your workplace or your home (whichever occurs first). The policy also includes rehabilitation support and repatriation benefits. The plan is insured through RBC Insurance.
You are eligible for business travel accident insurance as long as you are under the age of 72 and are an active employee at Ryerson.
Anything else I should know?
- This plan does not require proof of insurability to be covered.
- This plan is not available to early retirees or retirees.
When will my coverage begin?
Your coverage begins on your date of hire.
Can my family be insured for some benefits?
As this plan provides coverage to employees who are travelling on work-related trips, spouses and families are not eligible for coverage.
What is the cost for this coverage?
There are no employee-paid premiums. Ryerson pays for your Business Travel Accident Insurance coverage.
How do taxes apply to the plan?
The premium that Ryerson pays for your coverage is considered a taxable benefit for income tax purposes and the value of this benefit will appear on your T4 slip.
How do I enrol?
This is an automatic coverage and you are automatically enrolled. The only action required on your end is to name a beneficiary who will receive the death benefit from the plan(s) if you die.
How do I name or change a beneficiary?
Your beneficiary for Business Travel Accident Insurance is automatically the same beneficiary(ies) you have named for your Group Life Insurance coverage in section 6A: Beneficiary Nomination of the Sun Life Group Benefits Enrolment/Change form (PDF).
If you wish to name more than one beneficiary, you may do so, but you must indicate the percentage of the benefit that you want each beneficiary to receive and the percentages must add to 100%.
You may also elect to fill out section 6B: Appointing Contingent Beneficiaries to receive your benefits in the event that those named in section 6A are not alive at the time of your death.
You may change your beneficiary at any time by contacting Pension and Benefits.
Note: If you do not nominate a beneficiary, the proceeds will be paid to your estate and therefore may be subject to estate taxes and creditors.
When does my coverage end?
Your coverage under business travel insurance benefits program will end on the earliest of the following dates:
- The date you terminate employment with Ryerson;
- The date the relevant plan policy ends; or
- The date you change employment within Ryerson if this benefit plan is not offered under your new employment category.
What is covered?
The plan provides a lump-sum benefit in the event of your death from an accident, or dismemberment, or loss of use of limbs, sight, speech, or hearing, occurring anywhere in the world at any time if you are travelling on Ryerson business. The coverage amount payable for loss of life is called the principal sum. Details about the limits to the principle sum are outlined below.
Please note: You must be taking the trip at Ryerson's request and expense. This coverage is not applicable if the accident occurs on Ryerson premises (for example, if you are required to attend a meeting in another Ryerson building location).
Anything else I should know?
- The plan also covers a guest travelling with you – who may or may not be your eligible dependent – for the same losses, if the guest is travelling at Ryerson's request and expense.
- It does not cover everyday commuting travel and coverage for air travel is subject to limitations. For more details, see What is not covered.
- The coverage is in force from the start of the planned business trip, whether you leave from home, work, or another location. Coverage stops upon return to your home or work, whichever occurs first.
- A loss of life benefit from the plan is payable in addition to any other insurance benefit for loss of life from another insurance plan (such as Basic Life Insurance) that may be in effect at the time of the accident.
What limits apply to the principal sum?
The following is the principal sum that applies to each insured person:
||4x annual earnings rounded to the next higher $1,000 (if not already a multiple of $1,000)
Annual earnings means the annual rate of wage or salary excluding any bonuses, commissions, and overtime earnings, paid to the insured person by Ryerson immediately prior to the date of the accident.
Specifics of coverage