Retired member insurance
Retired member insurance
Before you retire, you have important decisions to make about your coverage.
This page gives a brief summary of your insurance. For more information, download our group insurance guidebook.
Insurance decisions before retirement (5:41)
If you’re getting ready to retire, you have some decisions to make about your group insurance. This video walks you through the steps you need to take.
Life insurance
Life insurance provides a tax-free payment to your beneficiary when you pass away. Your beneficiary can be a person, multiple people, or an organization, such as your favourite charity.
Your life insurance continues into retirement as long as:
- You had coverage when you retired, and
- You start your pension right away
After you retire, you can’t change your life insurance class or dependent insurance units. You must make these changes before you retire.
CSSB administers your insurance in retirement. We deduct premiums from your monthly pension.
Important: After a life event such as marriage, separation or divorce, or the birth or adoption of a child, make sure to review and update your beneficiaries. This ensures your money goes to the right person or people. Contact CSSB for the form.
Insurance reductions as you age
In retirement, insurance reduces as you age. CSSB will give you a personalized schedule to show how it reduces.
| Age | % of member insurance |
|---|---|
| Under 55 | 100% |
| 55 to 59 | 75% |
| 60 to 64 | 60% |
| 65 to 69 | 40% |
| 70 to 72 | 15% |
| 73 and over | Coverage reduces to $8,000 and no more premiums are required |
You can reduce your coverage to $8,000 and stop paying premiums at any time. To do so, fill out the form to reduce retirement insurance and send it to CSSB. This also happens automatically when you turn 73.
AD&D insurance
AD&D provides insurance to your beneficiary if you die or are seriously injured in an accident.
Because your employer funds this plan, your AD&D coverage ends when you retire. You can’t convert it to a private plan. If you want AD&D insurance in retirement, you’ll need to explore private options.
Dependent insurance
Dependent insurance provides you with a tax-free payment if your spouse or a child in your care dies before you.
When you retire, your coverage will reduce. You can cancel your dependent insurance after you retire but you can’t reapply later.
| Number of units | 1 | 2 | 3 | 4 |
|---|---|---|---|---|
| Spouse | $8,750 | $17,500 | $26,250 | $35,000 |
| Each child | $1,750 | $3,500 | $5,250 | $7,000 |
| Biweekly premium | $3.48 | $6.96 | $10.44 | $13.92 |
Dependent insurance for your spouse ends when they turn 70. Dependent insurance for your children ends when they turn 22 (with some exceptions).
Disability: waive premium payments
If you’re on long term disability (LTD) benefits, you can continue your insurance without paying premiums. To qualify, you must meet the rules set by Canada Life. Contact CSSB for more information.
Convert your insurance
When you retire, you can convert your insurance to a private plan. This allows you to continue your insurance coverage with no need to provide medical information.
You can convert the difference between the insurance coverage you had before retirement and the reduced amount you get after retirement. You must apply within 60 days of retiring.
Example: A member with $100,000 of life insurance coverage decides to retire at 55. Their coverage reduces to $75,000. They can convert the $25,000 difference into a private policy.
Conversion may be a good option if your health has changed or you might not qualify for insurance if you have to provide medical information. However, private rates can be significantly more expensive than what you paid under the group plan.
To learn more, contact Canada Life at 1.888.252.1847 or stay_covered@canadalife.com.
Death: who to contact
When you die, your insurance beneficiaries are entitled to a death benefit.
If you’re retired when you die, your beneficiary or estate representative should contact CSSB. Complete the Death Reporting Form and send it by:
Email: askus@cssb.mb.ca
Fax: 204.945.0237
Mail: CSSB, 1200-444 St Mary Avenue, Winnipeg, MB R3C 3T1
If one of your dependents passes away, contact CSSB.
Frequently
asked
questions
Contact
When you’re retired, CSSB administers your insurance. Contact CSSB to make changes.
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Retired member insurance
Before you retire, you have important decisions to make about your coverage.
This page gives a brief summary of your insurance. For more information, download our group insurance guidebook.
Insurance decisions before retirement (5:41)
If you’re getting ready to retire, you have some decisions to make about your group insurance. This video walks you through the steps you need to take.
Life insurance
Life insurance provides a tax-free payment to your beneficiary when you pass away. Your beneficiary can be a person, multiple people, or an organization, such as your favourite charity.
Your life insurance continues into retirement as long as:
- You had coverage when you retired, and
- You start your pension right away
After you retire, you can’t change your life insurance class or dependent insurance units. You must make these changes before you retire.
CSSB administers your insurance in retirement. We deduct premiums from your monthly pension.
Important: After a life event such as marriage, separation or divorce, or the birth or adoption of a child, make sure to review and update your beneficiaries. This ensures your money goes to the right person or people. Contact CSSB for the form.
Insurance reductions as you age
In retirement, insurance reduces as you age. CSSB will give you a personalized schedule to show how it reduces.
| Age | % of member insurance |
|---|---|
| Under 55 | 100% |
| 55 to 59 | 75% |
| 60 to 64 | 60% |
| 65 to 69 | 40% |
| 70 to 72 | 15% |
| 73 and over | Coverage reduces to $8,000 and no more premiums are required |
You can reduce your coverage to $8,000 and stop paying premiums at any time. To do so, fill out the form to reduce retirement insurance and send it to CSSB. This also happens automatically when you turn 73.
AD&D insurance
AD&D provides insurance to your beneficiary if you die or are seriously injured in an accident.
Because your employer funds this plan, your AD&D coverage ends when you retire. You can’t convert it to a private plan. If you want AD&D insurance in retirement, you’ll need to explore private options.
Dependent insurance
Dependent insurance provides you with a tax-free payment if your spouse or a child in your care dies before you.
When you retire, your coverage will reduce. You can cancel your dependent insurance after you retire but you can’t reapply later.
| Number of units | 1 | 2 | 3 | 4 |
|---|---|---|---|---|
| Spouse | $8,750 | $17,500 | $26,250 | $35,000 |
| Each child | $1,750 | $3,500 | $5,250 | $7,000 |
| Biweekly premium | $3.48 | $6.96 | $10.44 | $13.92 |
Dependent insurance for your spouse ends when they turn 70. Dependent insurance for your children ends when they turn 22 (with some exceptions).
Disability: waive premium payments
If you’re on long term disability (LTD) benefits, you can continue your insurance without paying premiums. To qualify, you must meet the rules set by Canada Life. Contact CSSB for more information.
Convert your insurance
When you retire, you can convert your insurance to a private plan. This allows you to continue your insurance coverage with no need to provide medical information.
You can convert the difference between the insurance coverage you had before retirement and the reduced amount you get after retirement. You must apply within 60 days of retiring.
Example: A member with $100,000 of life insurance coverage decides to retire at 55. Their coverage reduces to $75,000. They can convert the $25,000 difference into a private policy.
Conversion may be a good option if your health has changed or you might not qualify for insurance if you have to provide medical information. However, private rates can be significantly more expensive than what you paid under the group plan.
To learn more, contact Canada Life at 1.888.252.1847 or stay_covered@canadalife.com.
Death: who to contact
When you die, your insurance beneficiaries are entitled to a death benefit.
If you’re retired when you die, your beneficiary or estate representative should contact CSSB. Complete the Death Reporting Form and send it by:
Email: askus@cssb.mb.ca
Fax: 204.945.0237
Mail: CSSB, 1200-444 St Mary Avenue, Winnipeg, MB R3C 3T1
If one of your dependents passes away, contact CSSB.
Frequently
asked
questions
Contact
When you’re retired, CSSB administers your insurance. Contact CSSB to make changes.