Life and AD&D Insurance
Planning for retirement is an important part of your financial wellbeing. Samuel’s Defined Life Insurance and AD&D can be a part of your plan to provide financial support for those that depend on you should you pass away. Samuel Son & Co. also offers the opportunity to enroll in increased coverage amounts to best match your personal needs.
Policy Details
Basic Life and AD&D Policy
Amount: 1.5X Annual Base Earnings.
Maximum: $500,000.
Reduced by 50% at age 65.
Reduced another 50% at age 70 (75% total reduction).
Optional Coverage
Increase Life Insurance, AD&D, or add Spousal Life Insurance.*
- Amount: $10,000 increments
Maximum: $350,000
* Subject to approval by insurer.
Premiums
100% of Basic Life Insurance and Basic AD&D Insurance premiums are paid for be Samuel Son & Co.
Employees enrolled in optional coverage are responsible for paying 100% of applicable premiums. This will be processed through payroll deductions.
Some benefits are taxable (all taxable in Quebec) – At the beginning of every year, you’ll get a T4/RL-1 for the insurance premiums the company has paid on your behalf – in the previous calendar year – for basic life insurance and basic AD&D.