One of the advantages you enjoy as an employee of a LOCO member company is the opportunity to join the LOCO Critical Illness Insurance Program.
Critical illness insurance pays a lump sum benefit directly to you upon diagnosis of a covered condition. The benefit payment is tax-free, and you can spend it any way you wish.
Who can apply?
All regular full-time and part-time employees of a member of the LOCO Business Network, working a minimum of 20 hours per week at full pay and their spouses are eligible to apply.
Dependent children are also eligible to apply provided they are under age 21 (up to 24 if they are enrolled full-time at a post secondary school) and the member also applies for coverage.
When does coverage take effect?
Insurance will take effect on the date your completed application is approved by Industrial Alliance Insurance and Financial Services Inc. and your first month's premium has been paid.
Covered Condition Benefit
The Covered Condition Benefit is a tax-free, lump sum benefit which will be paid if you are diagnosed with one of the 25 covered critical illnesses. This benefit will be paid to you if you survive for 30* days after first being diagnosed with one of the covered illnesses.
*90 days for Paralysis, Loss of Independent Existence or Bacterial Meningitis. 180 days for Multiple Sclerosis or Loss of Speech.
The AdvanceCare Benefit will pay 10% of the total benefit amount for Coronary Angioplasty and several early stage cancers. This benefit is not available to dependent children.
Are there limitations and exclusions I should be aware of?
Yes, there are some important limitations and exclusions for you to be aware of before you apply for coverage:
Critical illness insurance will terminate on the earliest of the following dates:
With respect to spouses, the earlier of the above or the end of the policy year following the date they reach age 75 or they no longer qualify as a “spouse”.
With respect to dependent children, coverage terminates:
What happens to my coverage if I am no longer an eligible employee of this group?
Because this is group insurance, you must be an eligible employee to join the plan, and to maintain coverage for yourself and your family. However, conversion to a separate policy is available to you and your spouse before age 65, within 31 days of ceasing to be eligible. A maximum of $100,000 may be converted.
|Employee and/or Spouse Critical Illness Insurance
Monthly Premium per $25,000
|Age as of May 1st*||Male||Female|
* Premiums are calculated each year, based on your age at May 1 and will increase as you enter a new age band.
** Non-smoker rates apply to individuals who, at the time of application, have not used any form of tobacco (except an average of one cigar a month), including nicotine products, electronic cigarettes, marijuana, hashish, smoking cessation products, betel nuts or leaves, supari, paan, gutka or shisha, within the last 12 months and who have provided satisfactory evidence of insurability.
† For renewal only. Last age to apply is 69.
|Dependent Children Critical Illness Insurance
Monthly Premium for all Eligible Children
|Benefit Amount||Monthly Premium|
Plus taxes where applicable. Rates are subject to annual review.
Apply by Mail
Download and print a paper application.
Applying for Dependent Child Coverage?
Please also complete the Supplemental Questionnaire for Dependent Children Insurance.
Complete all forms and send to:
Special Markets Solutions
iA Financial Group
2165 Broadway W., PO Box 5900
Vancouver, BC V6B 5H6
1 (800) 266-5667 (toll free)
1.888.553.5433 (toll free)
Monday to Friday 6:30 a.m. - 4:30 p.m. Pacific Time
Special Markets Solutions
Industrial Alliance Insurance and Financial Services Inc.
2165 Broadway W, PO Box 5900, Vancouver, BC V6B 5H6