Basic Life and AD&D Insurance
Michaels provides free Basic Life and Accidental Death & Dismemberment (AD&D) Insurance coverage which provides financial protection to your beneficiary in the event of your death.
- Basic Life and AD&D coverage includes one-times your eligible annual earnings up to $150,000, paid for by Michaels.
- The cost of this coverage is free for you – it’s 100% covered by Michaels.
Optional Life and AD&D Insurance
If you want additional financial protection, you may buy Optional Life and AD&D Insurance, up to $250,000, for yourself and/or your spouse. You will pay the full cost of this coverage via monthly payroll deductions. Below are the monthly rates.
Monthly Costs – Optional Life
Note: Optional life insurance coverage terminates at age 70.
| 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 |
|---|---|---|---|---|
| 18-29 | $0.70 | $1.30 | $0.50 | $0.70 |
| 30-34 | $0.80 | $1.40 | $0.60 | $0.80 |
| 35-39 | $0.90 | $1.70 | $0.90 | $1.10 |
| 40-44 | $1.50 | $2.90 | $1.40 | $1.70 |
| 45-49 | $2.50 | $5.40 | $2.20 | $2.70 |
| 50-54 | $4.40 | $9.00 | $3.40 | $4.10 |
| 55-59 | $7.50 | $14.30 | $5.40 | $6.40 |
| 60-64 | $11.00 | $19.20 | $7.60 | $9.20 |
| Âge | Tarif pour un homme non-fumeur par tranche de 10 000 $ de couverture | Tarif pour un homme fumeur par tranche de 10 000 $ de couverture | Tarif pour une femme non-fumeuse par tranche de 10 000 $ de couverture | Taux pour les femmes fumeuses par tranche de 10 000 $ de couverture |
|---|---|---|---|---|
| 18-29 | 0,70 $ | 1,30 $ | 0,50 $ | 0,70 $ |
| 30-34 | 0,80 $ | 1,40 $ | 0,60 $ | 0,80 $ |
| 35-39 | 0,90 $ | 1,70 $ | 0,90 $ | 1,10 $ |
| 40-44 | 1,50 $ | 2,90 $ | 1,40 $ | 1,70 $ |
| 45-49 | 2,50 $ | 5,40 $ | 2,20 $ | 2,70 $ |
| 50-54 | 4,40 $ | 9,00 $ | 3,40 $ | 4,10 $ |
| 55-59 | 7,50 $ | 14,30 $ | 5,40 $ | 6,40 $ |
| 60-64 | 11,00 $ | 19,20 $ | 7,60 $ | 9,20 $ |
Monthly Costs – Optional AD&D
Optional AD&D Insurance coverage is $0.31 per $10,000 of coverage. For example, for $50,000 of coverage, your monthly deduction would be $1.55.
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.
Evidence of Insurability (EOI) Requirement
Canada Life requires Evidence of Insurability (EOI) for Team Members who enrol in Optional Life or Optional AD&D coverage at any time. Follow the link below to learn more and complete the EOI requirement.
Group Policy Numbers
Your Life and AD&D benefits are covered under the following policy numbers:
- Basic Life/AD&D: 180654
- Optional Life/AD&D: 180655
To initiate a claim, contact Team Member Services at 1-(855) 432-6453.
Team Member Services
Team Member Support
HR, Payroll, Benefits & Open Enrollment
Phone: 1-855-432-MIKE (6453), Option 2