Each year, prior to the September 1 renewal of our group benefits policy, we assess the financial performance of the plan (LTD, optional life, accidental death & dismemberment). This year, we initiated a request for proposals (RFP) process to secure competitive rates for the plan. Canada Life, our current insurer, and the Ontario Teachers Insurance Plan (OTIP) were the two companies selected to participate in the RFP. Following discussions with both parties and careful consideration of their proposals, we opted to switch our insurer to OTIP starting September 1, 2024.

 OTIP has extensive expertise and capabilities providing LTD benefits tailored to the community of educators and currently provides LTD coverage to approximately 140,000 members. Committed to meeting educators’ unique needs, OTIP develops and sustains education-focused solutions for its members.

 Long-Term Disability (LTD)
We are particularly pleased to inform you that, following the transition to OTIP, there will be no increase to the existing LTD premiums and rates, guaranteed for a minimum of three years.  Accordingly, the current premiums and rates will remain unchanged up to August 31, 2027. Furthermore, the transition will provide access to various services and supports that were either unavailable through Canada Life or were offered at additional costs. 
Optional Term Life Insurance

There will also be no increase to the premiums and rates for optional life (OLIF) (Member, spouse, child) and accidental death & dismemberment (AD&D) insurance, guaranteed for a minimum of two years.  Additionally, while maintaining the current rates, we successfully negotiated an expansion of coverage bands for OLIF.  Members are now eligible to apply for amounts up to $300,000, an increase from $200,000, and an increase in child life insurance to $30,000, from $20,000.  For details on the new coverage amounts and associated costs, refer to the rate schedule.
 Age-Band Increases
Optional/Spousal Term Life Insurance

While the overall OLIF premiums and rates will remain unchanged, an exception applies if you have optional/spousal term life insurance and you and/or your spouse have moved into or are moving into a new age-band between September 1, 2023, and August 31, 2024.  In such cases, an increase will take effect from September 1. To determine your applicable age-band and new rates, see the rate schedule.

Child Life Insurance

If you have optional child life insurance, ensure that your dependents are still eligible for coverage. Dependents are covered up to age 21, and up to age 25 if they are full-time students. Dependent children can be covered on a permanent basis due to incapacity for a continuous period before age 21, or while a full-time student and before age 25.
 Your Benefits Profile
You can access your benefits profile by logging on to our website, clicking on My Profile in the upper right corner of the page, then proceeding to Benefits Profile.

Should you wish to make changes to your coverage or beneficiaries, email opcbenefits@principals.ca.

For additional information, see the Q and A.