Life and AD&D Insurance
Basic Life and AD&D Insurance
Michaels provides free Basic Life Insurance and Accidental Death & Dismemberment (AD&D) Insurance coverage of one (1) times your eligible annual earnings, up to $150,000, paid by Michaels for all eligible full-time Team Members.
Note: Basic Life Insurance and AD&D coverage terminates when you turn age 70.
Monthly Costs
The cost of this coverage is free for you – it’s 100% covered by Michaels.
Evidence of Insurability (EOI) Form
Follow the link below to download/print the Evidence of Insurability (EOI) Form.
Optional Life and AD&D Insurance
If you are a full-time Team Member and want additional financial protection, you may buy optional life and AD&D insurance, up to $250,000, for yourself and/or your spouse.
Note: Optional life insurance coverage terminates at age 70.
New Hires & Proof of Good Health
If you are a new hire, you can elect optional life coverage up to $30,000 without answering any health questions. Coverage amounts more than $30,000 and all spousal optional life amounts require proof of good health, and you will need to complete a Statement of Health. Coverage will not be effective until your Statement of Health is approved by Canada Life.
Monthly Costs
You pay the full cost of this coverage if you elect it.
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Optional Life Insurance
| Age | Male Non-Smoker Rate per $10,000 of Coverage | Male Smoker Rate per $10,000 of Coverage | Female Non-Smoker Rate per $10,000 of Coverage | Female Smoker Rate per $10,000 of Coverage |
|---|---|---|---|---|
| Age18-29 | Male Non-Smoker Rate per $10,000 of Coverage$.70 | Male Smoker Rate per $10,000 of Coverage$1.30 | Female Non-Smoker Rate per $10,000 of Coverage$.50 | Female Smoker Rate per $10,000 of Coverage$.70 |
| Age30-34 | Male Non-Smoker Rate per $10,000 of Coverage$.80 | Male Smoker Rate per $10,000 of Coverage$1.40 | Female Non-Smoker Rate per $10,000 of Coverage$.60 | Female Smoker Rate per $10,000 of Coverage$.80 |
| Age35-39 | Male Non-Smoker Rate per $10,000 of Coverage$.90 | Male Smoker Rate per $10,000 of Coverage$1.70 | Female Non-Smoker Rate per $10,000 of Coverage$.90 | Female Smoker Rate per $10,000 of Coverage$1.10 |
| Age40-44 | Male Non-Smoker Rate per $10,000 of Coverage$1.50 | Male Smoker Rate per $10,000 of Coverage$2.90 | Female Non-Smoker Rate per $10,000 of Coverage$1.40 | Female Smoker Rate per $10,000 of Coverage$1.70 |
| Age45-49 | Male Non-Smoker Rate per $10,000 of Coverage$2.50 | Male Smoker Rate per $10,000 of Coverage$5.40 | Female Non-Smoker Rate per $10,000 of Coverage$2.20 | Female Smoker Rate per $10,000 of Coverage$2.70 |
| Age50-54 | Male Non-Smoker Rate per $10,000 of Coverage$4.40 | Male Smoker Rate per $10,000 of Coverage$9.00 | Female Non-Smoker Rate per $10,000 of Coverage$3.40 | Female Smoker Rate per $10,000 of Coverage$4.10 |
| Age55-59 | Male Non-Smoker Rate per $10,000 of Coverage$7.50 | Male Smoker Rate per $10,000 of Coverage$14.30 | Female Non-Smoker Rate per $10,000 of Coverage$5.40 | Female Smoker Rate per $10,000 of Coverage$6.40 |
| Age60-64 | Male Non-Smoker Rate per $10,000 of Coverage$11.00 | Male Smoker Rate per $10,000 of Coverage$19.20 | Female Non-Smoker Rate per $10,000 of Coverage$7.60 | Female Smoker Rate per $10,000 of Coverage$9.20 |
Optional AD&D Insurance
Coverage is $.31 per $10,000 of coverage. For example, your monthly deduction for $50,000 of coverage would be $1.55.
File a Claim
To initiate a claim, contact Team Member Services at (855) 432-6453.