Payment of Premiums
Premiums are due when your initial application of insurance is approved and on subsequent renewal dates. If payment is not received when due, your insurance coverage will be terminated.
If you are an active STF member, you can view your most recent Premium Notice by logging in to MySTF.
Premiums can be paid by one of the following methods:
Your premiums may be withdrawn directly from your bank account on either a monthly or annual basis. To implement this method, complete a Pre-Authorized Debit (PAD) Agreement, attach a void cheque or details from your financial institution and return it to Portaplan. Your account must be with a financial institution located in Canada and it must be in Canadian funds.
Payment can be made using Visa or Mastercard. Contact Portaplan by phone to process your payment. The total amount owing must be paid.
Pay the total annual premium by a cheque made payable to Portaplan. Please include your policy number on your cheque or attach the remittance slip provided at the bottom of your Premium Notice. (A remittance slip was provided if this payment option was previously selected).
The term of coverage for Portaplan is one year, after which time coverage can be renewed for another term at the premium rates in effect on the renewal date.
You will be invoiced annually for the amount of your renewal premiums. To avoid termination of insurance, premiums must be paid within 30 days of the renewal date.
Change in Your Smoking Status
You must notify Portaplan if there is a change in your smoking status by submitting a Declaration of Smoking Status form. Failure to do so could result in a claim being denied by the insurer, Manulife Financial.
To change your smoking status from smoker to non-smoker, you must not have smoked (cigarettes, cigars, pipes, e-cigarettes, etc.), used smoking cessation aids, or used any form of tobacco within the last 12 months.
If you have declared yourself as a non-smoker, and you subsequently use tobacco in any of the forms stated above, at any time, you must notify Portaplan of a change to your smoking status.
The applicable adjustment will be made to your premiums effective the first day of the month following receipt of your Declaration of Smoking Status form.
The Portaplan fund must meet specific annual reserve requirements, which are affected by both internal and external factors. In years when there are funds available after reserve requirements have been met, the STF Pension and Benefits Board of Directors may approve a policyholder premium rebate for the next policy year.
The Premium Rebate, if any, is applied as a credit towards the next year’s term life insurance premiums. It is shown separately on the annual Premium Notice.
If You Become Disabled
If you have Portaplan insurance and you become totally disabled prior to age 60 and the disability lasts for at least six consecutive months, you may be eligible to have your Portaplan premiums waived. Satisfactory evidence of total disability must be provided. To obtain the required forms, please contact Portaplan.
Total Disability is defined as bodily incapacity preventing you from engaging in any occupation for which you are or may reasonably become qualified.
If you are approved for a premium waiver, the premiums will be waived for as long as your total disability continues or until the date your insurance would normally cease.
All insurance benefits are frozen at the level of coverage in effect at the date the Plan begins to pay your premiums. Coverage decreases in accordance with the Schedule of Benefits in effect at the time the waiver of premiums commenced.