As a VMware employee residing in Canada, you are eligible to participate in the Life Insurance, Optional Life Insurance, and Dependent Life Insurance plans through Canada Life.
All full-time regular employees residing in Canada will be eligible to participate in the plans on the date employment begins. You must be actively at work when coverage takes effect, otherwise the coverage will not be effective until you return to work.
If any or all of your insurance reduces or terminates on or before your 65th birthday, you may be eligible to apply for an individual conversion policy without providing proof of your insurability. You must apply and pay the first premium no later than 31 days after your group insurance terminates.
Your coverage in any of these plans terminates when your employment ends, you are no longer eligible, you retire, or the policy terminates, whichever is earliest.
Beneficiaries for Life Insurance and Optional Life Insurance
You may name a beneficiary for your life insurance and change that beneficiary at any time by completing a beneficiary designation form. On your death, VMware will explain the claim requirements to your beneficiary. Canada Life will pay your life insurance benefits to your beneficiary.
If a beneficiary is designated as irrevocable, his/her consent is required to change it. For Quebec residents only, the designation of your spouse as beneficiary is irrevocable unless otherwise specified (include a signed and dated consent form).
Employee Life Insurance
Your coverage will begin on your first day of active work as a VMware employee. You will be automatically enrolled in the Life Insurance. VMware pays 100% of the premium costs for the Life insurance.
In the event of your death, Canada Life will pay the amount of life insurance for which you are insured as described below:
- Benefit amount is 2x’s your annual benefit salary with a maximum benefit of $800,000. Your benefit reduces by 50% at age 65 and terminates at age 70.
- Amounts of life insurance for employees under age 65 are rounded to the next higher thousand dollars. At age 65 and over, amounts are rounded to the next higher five hundred dollars.
Dependent Life Insurance
Your coverage will begin on your first day of active work as a VMware employee. Your Spouse and Dependent Child(ren) will be automatically covered for Dependent Life Insurance when you complete your Canada Life Enrollment Form. VMware pays 100% of the premium costs for Dependent Life insurance.
If you elect Dependent Life Insurance your Spouse will be insured for $5,000 and each will be insured for $2,500. Coverage for dependent children terminates when they attain age 25.
Waiver of Premium
If you are under age 65 and have been disabled for 6 months or more, you may be entitled to have your life insurance continued without premium payment until you reach age 65. You are considered disabled if injury or disease prevents you from being gainfully employed in any job. Canada Life will determine your qualification for the waiver of premium benefit. If you believe you may be eligible, contact HR Source for claim forms. You must apply for waiver of premium benefits within 12 months of becoming eligible.
Optional Life Insurance
You must apply for Optional Life insurance, which is subject to approval of medical evidence of insurability by Canada Life. Your coverage will begin upon approval from Canada Life. You would be responsible for 100% of the premium costs for the Optional Life insurance. Monthly Premium per $10,000 of Optional Life Insurance are based on the chart below:
Optional Life Insurance Monthly Premium
|Age of You or Spouse||Male
|To age 34||$0.50||$0.80||$0.40||$0.60|
|35 to 39||$0.50||$1.10||$0.50||$0.80|
|40 to 44||$0.80||$1.70||$0.70||$1.30|
|45 to 49||$1.60||$3.00||$1.30||$2.20|
|50 to 54||$2.60||$5.10||$2.10||$3.50|
|55 to 59||$4.80||$8.90||$3.40||$5.30|
|60 to 64||$6.70||$11.60||$4.30||$6.30|
Monthly Premium costs for Dependent coverage is $0.84 per $5,000 of Optional Life Insurance.
You can purchase Optional Life insurance for yourself and/or your spouse in increments of $10,000 up to a maximum of $500,000. Optional life insurance terminates at age 65. You can purchase Optional Life insurance for a dependent child in increments of $5,000 up to a maximum of $25,000. Optional Life for dependents terminates on the date that the dependent attains age 25.
Last Updated: 1 Oct 2021, 8:18 AM