Life insurance provides a lump-sum payment to beneficiaries upon the death of the insured.

Considerations when choosing Optional Life Insurance (OLIF)

When deciding how much OLIF you and your family may need, consider

  • Whether you have a spouse or dependents and the number. If you have few or no dependents, you may not require as much coverage.
  • The age of your dependents. You may require more coverage to cover future expenses such as child care and post-secondary education if you have young dependents.
  • The amount of money that your survivor will need to meet their financial obligations such as expenses for funeral, mortgage and debt payments.
  • Whether you have a mortgage or other significant debts. Even if you do not have dependents, you may want to buy optional life insurance to cover significant debts in the event of your death.
  • Spousal income. If your spouse has an income, consider what proportion of it you would need to replace in the event of their death.

If you need help to decide whether you need optional life insurance, contact your financial advisor. We may also assist with general information.


If you are an OPC Member or Associate (Class 4, 5) in an eligible board, you may purchase optional life insurance for yourself in the range of $25,000 to $200,000. If you purchase coverage for yourself, you may also purchase spousal life insurance within the same range. The cost of coverage is based on age and smoking status. See rate schedule.

You may also purchase coverage for dependent children provided you have coverage for yourself. Dependent life insurance ranges from $5,000 to $20,000.

Termination of coverage

Your insurance coverage terminates on the earliest of

  • the date you are no longer an employee
  • the date that you stop being actively at work unless this is due to retirement
  • the date the employer terminates the coverage
  • the date you enter the armed forces of any country on a full-time basis
  • the date this Policy or your insurance classification terminates
  • the date you reach 70, when you retire or are deceased.

The coverage for your spouse and/or dependent children ends on the earliest of

  • the date your spouse and/or child ceases to be an eligible dependent or
  • the date written notification is received to cease coverage or
  • when you no longer pay the required premiums or
  • the date your insurance coverage terminates.

Coverage after retirement

Your optional life insurance terminates at age 70. If you retire before age 70, you can maintain the coverage provided you become an Associate.

You can only maintain the coverage you had prior to retirement; you will not be eligible to apply for or to increase coverage. You will also have the option of converting the life insurance policy to an individual policy.

Conversion of Life Insurance

If you or your or spouse's life insurance coverage is terminated or reduced, you may be eligible to continue all or part of the coverage by converting to an individual policy within 31 days after your coverage is terminated or reduced.

If you are interested in converting your coverage, please contact OPC Benefits for information and the necessary forms. Only life and spousal life insurance can be converted.