Update on premium holiday for Royal Canadian Mounted Police Group Life Insurance Plans
The purpose of this notice is to inform plan members participating in the Group Life Insurance Plans of premium rate changes effective April 1, 2024.
The Royal Canadian Mounted Police (RCMP) Insurance Advisory Committee (IAC) reviews the financial operation of the Group Life Insurance Plans and previously recommended a premium holiday for the period of October 1, 2022 to December 31, 2023 for the following plans:
- Basic Life
- Optional Life
- Optional Dependent Life
This premium holiday period has been extended until March 31, 2024.
On April 1, 2024 the premium holiday period will end for the Basic Life plan and the monthly premium rate will be reinstated at a reduced rate (6.9% lower than the pre-holiday period premium rate).
The premium holiday period will continue for the Optional Life and Dependent Life plans until March 31, 2025.
At this time there are no changes to the premiums for the Accidental Death and Dismemberment plan and disability insurance.
Please also take a moment to review and update your personal and beneficiary information with the Royal Canadian Mounted Police Group Life Insurance Centre.
Should you have any questions about the Group Life Insurance plans, please contact the Royal Canadian Mounted Police Group Life Insurance Centre at 1‑877‑778‑8084.