Life Insurance

There are three components available under bClear benefits for group life insurance in British Columbia, Canada. Basic Life Insurance and Dependent Life Insurance are essential to offer employees a complete benefit package. Additional Insurance can also be purchased through the Optional Life Insurance component. We offer flexible and innovative solutions to best meet your needs.

We are able to offer cost effective and very competitive Life Insurance rates through our advantage of having a large member base. Rates for this feature are based on specific employee demographics such as age, gender, job classification and income. To be able to provide a quote, we would need to be provided with this information, as well as, a copy of any previous contract or billing.

Basic Life Insurance

The death of a family member that contributes to family expenses will have a large economic effect on remaining family members. Life insurance helps employees and their families to make financial plans in the event of a loss of life. Here are some of the common features of our plan:

  • Rates for group life insurance can be based on the plan paying out either a flat amount or a multiple of salary.
  • A certain amount of coverage can be converted to an individual life insurance policy (regardless of health condition) if an employee's employment with a bClear benefits company terminates.
  • Coverage terminates at the age of 70 or retirement.

Dependent Life Insurance

While Basic Life Insurance covers the loss of employees, Dependent Life Insurance covers the loss of a spouse or child. This insurance helps to ease the financial burden during a difficult and stressful time.

There are two levels of coverage available:

1. $10,000 for spouse and $5,000 for each child
2. $5,000 for spouse and $2,500 for each child

    Optional Life Insurance

    This is an optional insurance coverage that allows employees to purchase additional life insurance through payroll deductions to best meet their individual needs. Through our group buying power, we are able to offer rates that are considerably less than if an employee were to purchase insurance on their own.

    Here are some of the common features:

    • Coverage can be purchased for the employee and/or spouse.
    • Coverage is available in units of $50,000 up to a maximum of $250,000.
    • There is no minimum participation requirement, which means that not everyone is required to participate. Individual employees decide if they would like to participate.
    • Coverage terminates at the age of 65 or retirement.