Unforeseen roadblocks can pop up when you least expect it on the road of life. When those roadblocks are accidents or illnesses, it’s good to know you have extra protection as an IBEW Local 353 member. Eligible IBEW Local 353 active members, their spouse, and eligible dependents, have extra protection with life insurance, and accidental death & dismemberment (AD&D) insurance. In the event that you pass away, your insurance helps to ensure the people you care for the most will also be taken care of. You can watch a short video of these important benefits here.
Life insurance is $150,000 for the active member, $40,000 for an active member’s spouse, and $10,000 for a dependent child. The member life insurance is paid to your named beneficiary or your estate if there is no beneficiary designated. The member is the automatic beneficiary for the spousal and dependent life insurance amounts.
Active members, their spouse and any eligible dependent children are also covered by AD&D insurance. AD&D insurance provides a payout if you, your eligible spouse or an eligible dependent die or is injured in an accident and suffers a specific loss. The death benefit is the same amount payable under the life insurance plan for each covered person. Dismemberment losses have specific amounts payable. You can read more details about accidental death insurance here.
These benefits are tax-free and paid in addition to any other insurance you might have. Get the details about these and other benefits in your benefit booklet at myteibas.com or teibas.com.
Remember to keep your beneficiaries up to date with TEIBAS.
Not sure what a beneficiary is? Watch our short video on ‘What is a Beneficiary?’ on our YouTube channel @myteibas.
Active members under age 65 are also covered under a critical illness insurance policy. If you suffer from one of the listed conditions as set out in the policy – such as cancer, heart attack, or stroke, before age 65, critical illness benefits may be payable to you. Review your critical illness insurance booklet for more details here.
Note: The benefits described above are for eligible active IBEW Local 353 members only. Coverage changes once you take your IBEW Local 353 pension.
Questions? We’re here to help! You can email us at members@teibas.com or call us at 416-637-6789 (toll-free 1-800-267-0602) for assistance during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.).