Snapshot of Coverage →
CORE LIFE INSURANCE →
OPTIONAL LIFE INSURANCE →
CONVERTING TO AN INDIVIDUAL POLICY →
Life Insurance coverages offer income protection for you and your family
As long as you meet the eligibility requirements, here's a snapshot of the Life Insurance coverages available to you and your eligible family members through the Flexible Benefits Program.
- Core Life Insurance. The Company automatically provides you with this Core coverage at no cost to you.
- Optional Life Insurance. You can purchase this Optional coverage for yourself, your spouse, and/or your dependent child(ren).
- One carrier, Sun Life. Both Core and Optional Life Insurance coverages are offered through Sun Life. Check out the Coverage tile on MyBenefits Online to review/confirm your current Core Life Insurance and any Optional Life Insurance coverage(s) (if applicable) in effect.
- Tax considerations. When deciding whether to elect Optional Life Insurance coverage for yourself and/or your eligible dependents, consider the following:
- Core Life Insurance coverage is a taxable benefit. Therefore, you pay tax on the cost that the Company pays for this coverage.
- You can use Flex Credits to purchase Optional Life Insurance coverages, or you can decide to pay with payroll deductions (even if you have Flex Credits to spend). By paying via payroll deductions, you’ll avoid having to pay taxes on any Optional Life Insurance benefit received. This payment option is available because you already pay income tax on Flex Credits.
You designate your beneficiaries for Core and Optional Life Insurance coverages on MyBenefits Online.
CONTACT INFO & APPS
Sun Life (Core Life Insurance and Optional Life Insurance)
- The Mondelēz Canada Benefits Centre: 1-800-641-1500 (Option 1 – Benefits; Option 1 – Health & Welfare Benefits)
- Representatives are available Monday through Friday, 8:30 a.m. to 5:00 p.m. (Eastern Time), and will route you to the appropriate Sun Life resource
CORE LIFE INSURANCE COVERAGE (NO COST TO YOU)
You automatically receive Core Life Insurance coverage equal to one times your annual base salary (up to $500,000). Coverage is rounded to the next $1,000.
Your annual base salary is defined as your annual base pay, excluding overtime and commissions. If your base salary changes during the plan year (January 1 to December 31), your Core Life Insurance coverage will automatically be adjusted. You can confirm your current coverage in effect at any time during the year under the Coverage tile on MyBenefits Online.
Looking for more details?
The Sun Life booklet contains more detailed coverage information. It’s posted under the Resource Library on MyBenefits Online.
OPTIONAL LIFE INSURANCE COVERAGES
In addition to Core Life Insurance coverage, you can purchase additional protection for yourself and your family.
- Optional Life Insurance coverage for you. Coverage for you, in units of $25,000 (up to $500,000).
- Optional Life Insurance coverage for your spouse. Additional coverage amounts are available for your spouse, in units of $25,000 (up to $250,000).
- Optional Life Insurance coverage for your child(ren). Additional coverage is available for each child, $10,000 per child.
- Evidence of good health is required. If you’re a new hire, or you’re electing Optional Life Insurance coverages during Annual Enrolment, evidence of good health is required for:
- Yourself
- Your spouse
- Your child(ren)—evidence of good health isn’t required if you’re electing coverage for your child(ren) as a new hire and you do so within the 31-day enrolment window
- Cost: The cost of Optional Life Insurance coverage for you and your spouse is dependent on each of your ages (depending on who’s being covered). The cost for a child is based on a fixed rate. When you’re first eligible and each year during Annual Enrolment, the Coverage tile on MyBenefits Online includes the Optional coverages available and each option’s cost. If you’re currently enrolled for Optional Life Insurance coverages, this same area of MyBenefits Online includes the option(s) you’ve elected as well as your current cost(s).
CONVERTING TO AN INDIVIDUAL POLICY
If you retire or leave Mondelēz Canada and your Life Insurance coverages terminate, you may be eligible to convert your and/or your spouse’s coverage to an individual life insurance policy without having to submit evidence of good health.
As long as you (or your covered spouse) are younger than age 70, the maximum amount of coverage you can convert is $200,000. Be sure to submit your completed conversion request form to the carrier within 31 days of your retirement or termination. Contact the Mondelēz Canada Benefits Centre at 1-800-641-1500 (Option 1 - Benefits; Option 1 - Health & Welfare Benefits) to obtain a conversion form and for any assistance on the conversion process.
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