About Saint Mary's

Optional Life Insurance

Employees under age 65 may apply for optional life insurance coverage as follows in units of $10,000 subject to a combined (basic and optional) maximum of $415,000. Evidence of insurability, satisfactory to the insurer, shall be required for all amounts of optional life insurance in excess of $50,000. Amounts of $50,000 or less must be applied for within 31 days from the date of employment or is subject to evidence of insurability. This coverage is available in addition to, not in lieu of, basic life.

Optional Life Rates : Rate per $1,000

Age Renewal Smoker Renewal Non-Smoker
20-29 0.025 per thousand 0.015 per thousand
30-34 0.032 per thousand 0.019 per thousand
35-39 0.048 per thousand 0.024 per thousand
40-44 0.069 per thousand 0.039 per thousand
45-49 0.120 per thousand 0.060 per thousand
50-54 0.183 per thousand 0.104 per thousand
55-59 0.318 per thousand 0.176 per thousand
60-64 0.486 per thousand 0.274 per thousand


i.e., 5 Units = $50,000 and age 35 for a Non-Smoker
Cost per pay = $50,000 x 0.024 /$1,000 = $1.20


In the event of an employee's death while insured, the amount of optional life insurance is payable to the designated beneficiary. No benefit will be paid for death resulting from self-destruction within two years of the insurance becoming effective.

The provisions of this coverage shall be the same as for basic life insurance.

Application for Optional Life Insurance

To apply for Optional Life Insurance, an employee must complete the necessary Application for Optional Life Insurance for Plan Members & Spouse Only Form and the Group Benefits Non-smoking Declaration Form.

Please note – If optional life insurance is over $50,000 or if you are considered a late applicant, you must obtain appropriate forms from HR to apply for coverage.

Effective date for coverage under $50,000 will be the employee's date of hire. Effective date for coverage over $50,000 or for late applicants will be the date the benefit is approved by the insurer. Payroll deductions would commence at this time.