Financial Protection When You Need It Most
Protect yourself and your loved ones with insurance solutions through SLB.
Insurances
When the unexpected occurs, you have insurance options through SLB to protect yourself and your family financially.
These options include basic life insurance, basic AD&D insurance and business travel accident, which are provided automatically by SLB at no cost to you. Note that these insurances are considered taxable benefits by the Canada Revenue Agency. This means you will pay tax on the premiums paid by SLB, but the benefits you receive are not taxed.
In addition to the coverages automatically provided to you by SLB, you also have the option to buy additional life, AD&D, and critical
illness coverages during your initial enrollment or Annual Enrollment windows.
Looking for more details, review the following:
Click on the sections below for more information.
Basic Life Insurance
Basic Employee Life Insurance for You
SLB provides you with two times your eligible compensation in coverage at no cost to you. If you need more, you can purchase more, and at a lower cost than what you would pay for privately. Those preferred rates are available if you also want to purchase coverage for your spouse/partner or children too.
Basic Life Insurance for Your Spouse/Partner
SLB Flex provides you with basic spouse/partner life insurance equal to $10,000. There is no EOI required for your spouse/partner’s basic life insurance coverage.
Basic Life Insurance for Your Child(ren)
SLB Flex provides you with basic child life insurance of $5,000. You do not have to make any choices, and this benefit is fully paid by SLB. The price for basic child life insurance is based on a flat rate per $5,000 of coverage, regardless of how many children you have.
Since SLB pays for the Basic Life Insurance coverage, it’s considered a taxable benefit and will appear on your T-4.
Optional Life Insurance
Optional Life Insurance for You and Your Spouse/Partner
You can purchase up to $500,000 of optional life insurance for you and/or your spouse/partner in multiples of $25,000. This coverage will be in addition to your basic employee life insurance coverage. If you choose to purchase or increase your optional life insurance, you must provide evidence of your good health to Sun Life. When you enroll, you will be prompted to complete an Evidence of Insurability Form, which you’ll need to send to Sun Life within 90 days of the day you enroll. Once you are approved, your payroll deductions will begin, and you will be covered for the new insurance amount.
Prices
The price of optional employee life insurance is based on your age, sex and smoker status as of January 1 each year per $1,000 of coverage. You do not receive flex dollars for this benefit, and you pay the entire cost through payroll deductions.
Optional Life Insurance for Your Child(ren)
You can purchase up to $25,000 of optional child life insurance in multiples of $5,000. This coverage will be in addition to your basic child life insurance coverage. You may change your coverage amount in the future.
Details About Optional Child Life Insurance
The option you choose will cover all of your eligible dependent children, whether or not they are registered on the My Benefits Portal website as dependents. The cost is the same for one or more children. You are automatically the beneficiary of this coverage. Evidence of insurability may be required for optional child life insurance.
Basic and Optional Accidental Death and Dismemberment AD&D Insurance
Basic Employee AD&D Insurance
You automatically receive basic AD&D insurance equal to two times eligible compensation. You do not have to make any choices under the basic employee AD&D insurance benefit, and SLB pays the entire cost of this benefit. SLB pays the cost of your basic employee AD&D insurance, and it is considered a taxable benefit by the Canada Revenue Agency. You will pay tax on the premiums paid by SLB.
Optional AD&D Insurance for You and Your Spouse/Partner
You can purchase up to $500,000 of optional employee AD&D insurance in multiples of $25,000. This coverage will be in addition to your basic employee AD&D insurance coverage. You may choose any level of AD&D insurance at any enrollment. Evidence of Insurability is not required.
Spouse/Partner AD&D Insurance
You can purchase up to $500,000 of optional spouse/partner AD&D insurance in multiples of $25,000.
Child AD&D Insurance
You can purchase up to $25,000 of optional child AD&D insurance in multiples of $5,000.
The actual benefit will be based on the option you choose, the nature of the loss and the chart of eligible losses.
Optional Critical Illness Insurance
If you or a family member were to be diagnosed with a critical illness, your only focus should be treatment and recovery –not financial concerns. Yet there are many expenses that go along with managing a critical illness. That’s why SLB Flex includes optional critical illness coverage for you and your family. Critical illness coverage provides you with a tax-free, lump sum payment that you can use for anything you choose. Please refer to the SLB Extended Health Wellness Benefits Policy for full details on optional critical illness coverage.
Optional Critical Illness Insurance for You and Your Spouse/Partner
Critical Illness is available for you and your spouse/partner in units of $10,000, starting at $20,000 to a maximum of $500,000. New employees may select up to $50,000 in coverage without providing evidence of insurability (EOI). Any future increases to your coverage, regardless of the amount, will also require EOI. Premiums are based on your gender, age and smoking status.
Optional Critical Illness Insurance for Your Child(ren)
Critical Illness is available for your child(ren) in units of $5,000, starting at $5,000 to a maximum of $10,000. You may select up to $5,000 in coverage without providing evidence of insurability (EOI). For $10,000 of coverage, you must provide evidence of insurability. Premiums for this coverage will be deducted through payroll deduction.
Business Travel Insurance
SLB provides all employees with additional accident coverage when travelling for business. Your coverage is equal to 4.5 times your eligible compensation to a maximum of $1 million. Spouses/Partner are covered at $50,000 if SLB has requested them to travel with the employee.
Your Eligible Compensation
For employees with more than one year of service, eligible compensation is defined as the greater of the last full year of admissible compensation at Annual Enrollment, or this year’s base salary. For employees with less than one year of service, your eligible compensation is your base salary only. Admissible compensation includes base pay, overtime, bonuses, commissions and geographical coefficients.
