Page 7 - Impact XM Canada Benefits Guide 2023
P. 7
Your Long Term Disability Plan
LONG TERM DISABILITY INSURANCE Long Term
Long term disability insurance is an important part of your
financial security. Disability Benefit
Insurance
On your disability, Canada Life will pay you the Long Term
Disability insurance benefit, based on the formula included 60% of monthly
here and your annual salary. earnings to a
Formula maximum of
$5,000 per
Waiting Period month
119 days
24 months own
occupation, any
Termination occupation
thereafter to
age 65
Your Life Insurance Plan
LIFE INSURANCE
Life insurance is an important part of your financial security, Life Insurance Benefit
especially if you support a family.
100% of annual
On your death, Canada Life will pay your life insurance earnings up to
benefits to your named beneficiary. If you have not named a
beneficiary or there is no surviving beneficiary at the time of $50,000
your death, payment will be made to your estate. Your Basic Employee maximum,
employer will explain the claim requirements to your
beneficiary. Life reducing by 50%
at age 65 and
terminating at
age 70
Dependent Life Spouse: $5,000
Insurance Child: $2,500
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