Common use of Life and long Clause in Contracts

Life and long. term disability insurance plans a) the date of the end of the participant’s disability period; b) the date on which the participant turns 65. However, if the disability begins at age 62 or later, the premiums for participant’s basic life insurance, participant’s optional life insurance (maximum: $100,000), participant’s basic and optional AD&D coverage and spouse’s and dependent children’s life insurance may continue to be waived beyond age 65, subject to a maximum period of 36 months, but not beyond the date on which the participant turns 71. In all cases, the maximum duration for the waiver of premiums for participant’s basic and optional AD&D insurance is 36 months and may not exceed the date on which the participant turns 71. However, when a disability is recognized under the Act respecting industrial accidents and occupational diseases, the waiver continues to apply for participant’s basic life insurance, participant’s optional life insurance (maximum: $100,000) and spouse’s and dependent children’s life insurance, for as long as the participant is entitled to full income replacement benefits under the aforementioned act.