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Supplementary Death Benefit

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Canadian Veterans Forum :: CF Pension - Health Care Plans - Supplementary Death Benefit

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Supplementary Death Benefit Empty Supplementary Death Benefit

Post by Slider Sun 05 Aug 2018, 12:12 pm



Information about the Supplementary Death Benefit (SDB) plan which is a form of term reducing life insurance. This plan is specific to the following audiences:

  • Regular Force members who enrolled before March 1, 2007

  • Regular Force members who enrolled on or after March 1, 2007

  • Members of the Reserve Force on Class "C" service

  • Survivor/child(ren)s who contribute to the Supplementary Death Benefit (SDB) plan






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Supplementary Death Benefit Empty Re: Supplementary Death Benefit

Post by Mountaineer Mon 27 May 2024, 4:54 pm



Public service Supplementary Death Benefit receives long-awaited update

May 27, 2024



For several years, the Association has lobbied and strongly urged the government to allow those who qualify for the Supplementary Death Benefit the option to name more than a single beneficiary. Our members have frequently contacted us to discuss much-needed updates to the benefit that would allow them more flexibility when choosing their beneficiaries. The Supplementary Death Benefit represents a lump sum that can be equal to twice a member’s annual salary. Starting at age 66, the coverage decreases by 10 per cent per year to a minimum of $10,000.

Finally, as of June 1, former and current public servants entitled to the Supplementary Death Benefit will be able to name up to five beneficiaries, including minors. This is a victory for our Association and welcome news for our members.

At this time, this change hasn’t been carried over to the Canadian Armed Forces Supplementary Death Benefit. The Association is actively seeking clarification and expects the federal government to follow suit with the Canadian Armed Forces Supplementary Death Benefit promptly.

Federal Retirees will continue to closely monitor this issue and keep members informed of further developments. Keep an eye on our newsfeed, follow us on social media or check your inbox for our e-newsletters for the latest updates.

To learn more about this change to the public service Supplementary Death Benefit, refer to the information notice from the government of Canada.



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Canadian Veterans Forum :: CF Pension - Health Care Plans - Supplementary Death Benefit

 
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