Voluntary Accident Insurance
Ryerson’s Voluntary Accident Insurance is designed to protect you and your family’s income, and provide support and care in the event that you are severely injured as a result of an accident.
If you purchase this coverage, the Voluntary Accident Insurance 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 24 hours a day, 365 days a year, worldwide, on or off the job. Your policy also includes rehabilitation support, education assistance and several other benefits.
The plan is insured through Sun Life.
You are eligible for voluntary accident insurance as long as you are under the age of 72 and 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 will start on the first of the month after HR pension and benefits receives your enrolment information.
Can my family be insured for some benefits?
Your spouse and your eligible children ("dependents") can be insured under the Voluntary Accident Insurance Plan.
In order to be eligible, dependents must be under 72 years of age.
Dependents are eligible for the Voluntary Accident plan:
- As soon as your enrolment in the plan is effective or,
- The date they become your dependents (if that date is later).
Anything else I should know?
- This Voluntary Accident Plan is not available to dependents of early retirees or retirees.
- You cannot opt out of the plan yourself and cover only your family.
What is the cost for this coverage?
Your selected benefit amount and your choice of the Employee Only or the Family Plan determines the cost of your coverage. See What Is Covered? for a detailed explanation of these choices.
- Employee Only: $0.014 per month per $1000 of coverage
- Family Plan: $0.022 per month per $1000 of coverage
You pay the premiums by payroll deduction. If you change your coverage, the current rate for the new amount of coverage will apply.
|Benefit amount chosen
The premiums shown in this table include 8% Ontario retail sales tax.
For example: Under the Family Plan, if you select $300,000 for yourself and you wish to insure your spouse and two dependent children, the amount of insurance would be as follows: The premiums shown in this table include 8% Ontario retail sales tax.
- Employee $300,000
- Spouse $150,000 (50% of your coverage)
- Each Child $45,000 (15% of your coverage)
- Your monthly payroll deduction would be $7.13.
How do I enrol?
In most cases, Human Resources will provide you with an enrolment form when you’re hired.
You can also download the Sun Life Group Benefits Enrolment/Change form (PDF).
Anything else I should know?
The plan is voluntary – you may choose to join at any time.
It’s your responsibility to complete your Sun Life enrolment form and to ensure that your dependants are enrolled properly. The next section provides some tips on the process.
If you have any questions, contact Pension and Benefits
Filling out the Group Benefits Enrolment/Change form for Voluntary Accident Insurance
Complete section five of the Group Benefits Enrolment/Change form: Voluntary Accident Insurance.
Should I select single or family coverage?
For individual coverage, select Single Only. This will provide coverage for yourself only
For coverage of spouse and dependents, select Family. This will cover yourself and your spouse, and/or your dependent children.
How do I name or change a beneficiary?
You must name a beneficiary on your enrolment form.
Your beneficiary for Voluntary Accident Insurance is automatically the same beneficiary(ies) you have named for your Group Life Insurance coverage.
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%.
If you have not named a beneficiary, the first surviving person(s) in the list below would receive your accidental death benefit, in the following order:
- your spouse
- in equal shares to your children
- in equal shares to your parents
- in equal shares to your siblings
- to your estate
Please contact Pension and Benefits if you want to make changes to your coverage. You may increase or decrease your coverage at any time by completing a new enrolment form and returning it to the Benefits Unit. To cancel your coverage, notify the HR pension and benefits in writing. Your coverage will end when your premium deductions stop.
Note: You are the automatic beneficiary for your dependents’ accidental death benefit under the Voluntary Accident Insurance Plan.
How do taxes apply to the plan?
The insurer will apply Ontario provincial sales tax (8%) to the cost of your premiums. Voluntary Accident Insurance is not a taxable benefit for income tax purposes.
When does my coverage end?
Your coverage under the voluntary accident insurance plan will end on the earliest of the following dates:
- The date you terminate employment with Ryerson;
- The date the relevant plan policy ends;
- The date you begin an unpaid leave of absence, if you choose not to continue your benefits coverage during your leave;
- The date you change employment within Ryerson if this benefit plan is not offered under your new employment category;
- The end of the period for which you have paid premiums (for optional coverage only);
- The date you request, in writing, to stop deductions (for optional coverage only); or
Coverage for your dependents stops when they no longer qualify as dependents or when your own coverage ends.
Covered expenses, limits and exclusions
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 choose the Family Plan, it covers your eligible dependents for the same losses.
You are covered for these losses whether you are traveling for business or pleasure. A benefit is payable in the event that any of these losses results from an unavoidable exposure to the elements. See Exclusions and conditions for more details.
A benefit for loss of life 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. The coverage amount you select for yourself is called the benefit amount.
What limits apply to the benefit amount?
You may purchase any amount of insurance you wish, in multiples of $10,000, to a maximum of $500,000.
Specifics of coverage
What are the benefits of coverage?
The benefit amount is payable if the insured person dies. It is also paid if the insured person disappears and his or her body is not found within one year of the disappearance, stranding, sinking or wrecking of the vehicle he or she was in at the time of the accident. Twice the benefit amount is payable in specific cases of paralysis. For other losses or loss of use that occur within one year of the date of the accident, the benefit amount or a portion of it may be payable. The portion paid is based on the severity of the injury. Different amounts apply to adults and dependent children. For details about adult coverage, see Benefits for loss of life or severe injuries to adults. For details about dependent children coverage, see the Benefits for loss of life or severe injuries to children.
Flexible coverage options
If you select the Family Plan, your dependents will be covered for a percentage of the benefit amounts detailed below, as follows:
||Percentage of benefit amount
|Spouse, but no eligible child(ren)
|Spouse and eligible child(ren)
- Spouse: 50%
- Each child: 15%
|Eligible child(ren) but no spouse
||Each child: 20%