Ryerson-paid Basic Life Insurance is an automatic benefit for all members of the RFA with benefits.
You are eligible for life insurance as long as you are an active member of the RFA employee with benefits.
Your coverage begins on your date of hire.
No, your spouse and your children are not eligible for life insurance coverage.
If you die while your coverage is in force, your beneficiary or estate will be paid an amount equal to two times your basic annual earnings. If this amount is not already an even multiple of $1,000, the benefit amount will be rounded to the next higher $1,000.
The maximum coverage is $400,000.
There are no faculty-paid premiums. Ryerson pays for your basic life insurance coverage.
The premium that Ryerson pays for your coverage is considered a taxable benefit for income tax purposes. The value of this benefit will appear on your T4 slip.
The life insurance plan is automatic and does not require your enrolment. 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.
Members of the RFA are automatically enrolled in the supplemental life insurance plan.
Supplementary Life Insurance coverage is equal to your Basic Life Insurance coverage amount. This coverage doubles your Basic Life Insurance amount if you die while coverage is in force.
The maximum coverage is $400,000.
The premium cost for Supplemental Life Insurance is split; Ryerson pays 70% and you pay 30%. Premiums are deducted from your salary.
The 70% portion of the premium that Ryerson pays for your coverage is considered a taxable benefit for income tax purposes. The value of this benefit will appear on your T4 slip. The 30% is not considered a taxable benefit since you pay the premium.
The Supplemental Life Insurance Plan is mandatory for RFA members.
Any change in your earnings that occurs while you are actively at work will be reflected immediately in your coverage. If you are not actively at work due to illness on the day the change occurs, your coverage will be updated when you return to work.
Your chosen beneficiary(ies) will receive your benefit.
You can name or change your beneficiary at any time by completing the 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.
Your Basic Life Insurance coverage remains in effect until the earliest of the following dates:
In the event of your death, your estate will receive a payment equal to one month of your earnings.
In the event of your death, your surviving spouse and/or children will be offered extended health care and dental benefits for a period of six months. Ryerson will pay the premiums for this period.
In addition to Ryerson-sponsored life insurance benefits, your survivors may be entitled to payments from various government departments:
You remain covered under life insurance
While you are absent from work due to illness and in receipt of Long Term Disability (LTD) benefits, coverage continues under the basic life plan.
In the event of your death, your beneficiary(ies) should contact Pension and Benefits so that they can provide the necessary forms and instructions.
If you choose, you may convert your life insurance coverage to an individual policy. You must apply within 31 days of your termination date to select this option.
The maximum coverage will be the benefit amount in effect before you left Ryerson, or $200,000, whichever is less. Your premium will be based on Sun Life Financial’s rates for your class of risk, your age, and the type of policy you select. A health questionnaire will not be required.
For details, please contact SunLife at 1-800-361-6212.
Ryerson reserves the right, at any time, to amend, change or discontinue any benefit coverage. If there is a question about coverage referred to in any portion of this benefits communication, the master contract from the insurer is the governing document.