Life Insurance Coverage Offered at Retirement

At retirement or when you reach age 71, whichever is earlier, you may choose and pay for up to five units of Post Retirement Insurance (PRI) depending on the number of units of Optional Life Insurance you had while actively at work.

For example, if you had Basic Life Insurance and three units of Optional Life Insurance while working, you are eligible for four units of PRI when you retire. If you had only Basic Life Insurance, you are eligible for one unit of PRI.

Each unit is equal to $7,000 of insurance before the age of 60, and at age 60 reduces by $1,000 per unit every five years. At age 90, Life Insurance coverage and premiums stop.

In addition, some retiring members may qualify for a Paid-up Life Insurance Policy. HEB Manitoba will advise you at retirement if you qualify.

Canada Life administers and adjudicates the claims for the PRI and Paid-up Life Insurance Policy.

© 2022 HEB Manitoba

 

Disclaimer - This website provides a basic overview of the Healthcare Employees' Pension Plan (HEPP) and the Healthcare Employees' Benefits Plan (HEBP) (collectively the HEB Manitoba Pension and Benefit Plans). Not all employers participate in all Plans. Please check your eligibility for benefits with your employer.

HEB Manitoba is a name notation registered by the Healthcare Employees’ Pension Plan – Manitoba and the Healthcare Employees’ Benefits Plan – Manitoba and under which each of their respective undertakings is carried out.

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