Life Insurance

Your ASEBP Life Insurance benefits are in force at all times, anywhere in the world. Here are the basic criteria for Life Insurance:

  • Effective only while you’re working for an employer with ASEBP benefits or while you have ASEBP early retiree, substitute teacher, casual staff, part-time employee or school trustee benefit coverage 
  • Available only to you, the covered member (dependants, including a spouse, are not covered)
  • Has no cash value outside of the payable amount when you pass away (e.g. cannot be used as security for a loan)

You can find your plan number under Coverage on My ASEBP or on your ASEBP ID card on the My ASEBP Mobile App under Life Insurance.

Note that the following is an interpretation of the official, legally binding ASEBP insurance policies and plan documents available through your employer or by contacting us.

What's covered?

Life Insurance (Active Employees)

The amount of life insurance that will be paid is based on your annual earnings and is payable to your designated beneficiary or your estate. This includes salary, administrative allowances, isolation pay, vacation pay, retroactive salary and compensation for an acting assignment longer than three months. Note that annual earnings do not include car allowances, early retirement incentives, expense allowances or reimbursements, overtime, pay in lieu of vacation, salary from teaching night or summer school classes or signing bonuses.

Plan 2
Two times your annual earnings to a maximum of $600,000
(tax-free) 

Life Insurance (Substitute Teachers, Casual Staff, Part-Time Employees and School Trustees)

The amount of life insurance that will be paid is a lump sum of your choice and is payable to your designated beneficiary or your estate.

Plan 2 Plan 4
Your choice of $25,000 or $50,000 (tax-free) An additional $25,000 (tax-free and on top of your Plan 2 coverage) is available to school trustees, if all trustees in your school jurisdiction decide to participate. Please contact your employer for more information. 

Life Insurance (Early Retirees)

The amount of life insurance that will be paid is based on your annual earnings at the time of your retirement and is payable to your designated beneficiary or your estate. This includes salary, administrative allowances, isolation pay, vacation pay, retroactive salary and compensation for an acting assignment longer than three months. Note that annual earnings do not include car allowances, early retirement incentives, expense allowances or reimbursements, overtime, pay in lieu of vacation, salary from teaching night or summer school classes or signing bonuses.

Plan 2 Plan 3
Two times your annual earnings to a maximum of $600,000 (tax-free) $25,000 (tax-free) if you retired before September 1, 2011, and were enrolled in Early Retirement Package 2

Advance Payment to Beneficiary

If your beneficiary is facing financial difficulties (e.g. paying for funeral expenses), they may be eligible for an advance payment of part of your life insurance amount immediately after you pass away. Your beneficiary can contact your employer if you were actively working when you passed away, otherwise they can contact ASEBP for more information.

Plan 2 Plan 3
Maximum of $10,000 (tax-free) Maximum of $10,000 (tax-free)

Advance Payment for Terminal Illness

If you’re terminally ill and not expected to live for more than 12 months, you can request an advance payment of your life insurance amount. This advance partial payment is made to you, not your beneficiary. Please contact your employer if you’re actively working, otherwise contact ASEBP for more information.

Plan 2 Plan 3
Up to 50% of your life insurance amount, to a maximum of $50,000 (tax-free) Up to 50% of your life insurance amount, to a maximum of $12,500 (tax-free)

Resources

What's not covered?

Your life insurance will not be paid if your death results from: 

  • Active duty in any military or peacekeeping force 
  • Active participation in a war or act of war (declared or not) 
  • Conduct that would constitute an indictable offence within Canada

Additional Information

Beneficiaries

The beneficiary you choose is the only person eligible to receive your Life Insurance amount when you pass away. See Managing Beneficiaries for details.

Temporary Coverage for Surviving Family

When you pass away, ASEBP offers the health, dental and/or vision benefits you had in place at the time of your passing to your dependants, including your spouse, on a premium-free basis until the earliest of the following:

  • One year after you pass away 
  • The date your spouse remarries 
  • The date your spouse passes away (if your spouse was your only dependant)
  • The date your dependent child is no longer eligible or passes away if your child was your only dependant (see Managing Dependants for details)

Your employer will most often notify us of your death and, if you have family coverage at the time of your death, we will automatically begin the process of notifying your eligible dependants of this temporary benefit coverage. If you’re not actively working when you pass away, your dependants must contact us for more information. 

Converting ASEBP Life Insurance to an Individual Insurance Policy

Retiring

When you choose to retire, you will no longer receive ASEBP Life Insurance coverage. At this time, you can convert the remaining 50 per cent of your ASEBP Life Insurance to an individual life insurance policy with the Great-West Life Assurance Company. This option allows you to maintain life insurance coverage into your retirement without having to provide evidence of your good health.

Important Notes

Here’s some important information for you to know: 

  • You have a 31-day window to apply to convert your ASEBP Life Insurance to an individual life policy without having to provide evidence of your good health. If you pass away during this 31-day period, your beneficiary will receive the full amount of your ASEBP Life Insurance, whether or not you had applied to convert to an individual life policy. 
  • To convert your ASEBP Life Insurance to an individual life policy, you’ll need to complete a form. If you are actively working, please contact your employer for this form; otherwise, please contact us for this form.
  • For more information about converting your ASEBP Life Insurance to an individual life policy, please contact the Great-West Life Assurance Company and refer to your ASEBP policy number 138400GL. 

Life Insurance Past Age 65

If you continue to work after age 65, the amount of your ASEBP Life Insurance benefit will be reduced by 50 per cent on your 65th birthday. If you want to keep the level of coverage you had prior to turning 65, you can convert the 50 per cent coverage you lose from ASEBP to an individual life insurance policy between you and the Great-West Life Assurance Company, without providing evidence of your good health. 

Spending Accounts

Your Spending Accounts are cancelled on the date of your death and no further credits are allocated after that date. Your dependants or beneficiaries will have 60 days to submit eligible expenses you or they incurred before your death (ASEBP can help if your My ASEBP password is unknown to your dependants or beneficiaries). After that time, any unused credits will be forfeited back to your employer.

Benefit Inquiries

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Phone 780-431-4786
Fax 780-438-5304
Toll Free 1-877-431-4786