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Benefit Amount: 1 x annual earnings to a maximum of $500,000, reducing by 50% at age 65.
In the event of an accident that results in injury or death, your accidental death and dismemberment (AD&D) insurance can provide financial compensation to help you and your family cope with your injury or death.
Beneficiary Designation
In the event of your passing, the benefit amount is payable to the beneficiary you have named under your basic life insurance benefit or in the absence of such designation, to your Estate.
Termination of Coverage
Your AD&D coverage ends on the earlier of retirement, termination of employment or age 70.
AD&D is a mandatory benefit in which you are automatically enrolled. Please note that the cost of your AD&D is paid for by Lifemark and is considered a taxable benefit by the Canada Revenue Agency. The premiums + applicable taxes for your AD&D will be accounted for on your pay slip and T4 as a taxable benefit.
For more information regarding your AD&D insurance please refer to your FlexLife Benefits Guide and your Medavie Blue Cross benefits booklet.
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