Proposed Portaplan Changes
Portaplan is a voluntary term life insurance plan offered by the Saskatchewan Teachers’ Federation since 1970. Many educators and their family members have found Portaplan a vital part of their planning for financial security. Historically, insurance coverage has been provided with the payment of premiums up to age 90, and coverage over 90 without further premium payments.
In mid-January policyholders were notified that beginning July 1, 2019 the waiver of premiums for those who have reached 90 is being discontinued. Premiums will be applied in the future and are expected to rise approximately 32%. Those who are currently 85 years of age will be shielded from the proposed changes.
Your Chapter Executive is deeply concerned about what is being proposed and we have contacted Portaplan and the STF to reconsider. Initially, policyholders were given till March 15 to decide if they wish to continue coverage under the new terms. This ‘election date’ has now been moved to April 15.
Because of demographic changes in the past 50 years, people are living longer and the proportion of our population reaching 90 and beyond is increasing. This is placing pressure on insurance plans such as Portaplan. However, we believe that the proposed changes are a disincentive to people in the upper age brackets who have been members, in many cases for decades.
We have asked Portaplan to ensure that those who are currently 75 years of age and over are shielded from the proposed changes so that they will not face the dramatic premium increases and the loss of the premium waiver at age 90.
We have also asked for some clarity around protecting the integrity of the Plan so that if financial difficulties continue, premiums will not be increased nor the value of insurance benefits slashed so that older members will simply drop coverage because they are seen as liabilities.
The next meeting of the Pension and Benefit Board of Directors of Portaplan is March 28th and issues raised by Regina Chapter will be on the agenda. We encourage individuals who are concerned to contact Portaplan as well. Every voice is important. Please copy the STS and the STF.
The address for Portaplan is:
2317 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
The address for the STF is:
2317 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
The address for the STS is:
2311 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
If you are able to, we would encourage you to let the Regina Chapter Executive know that you have voiced your concern by going to www.stsregina.com and use the Contact Us feature. The STS Provincial Executive meets this week and the Portaplan changes will be a topic of discussion. We hope to update Regina Chapter members in the future as we have more information.
Portaplan is a voluntary term life insurance plan offered by the Saskatchewan Teachers’ Federation since 1970. Many educators and their family members have found Portaplan a vital part of their planning for financial security. Historically, insurance coverage has been provided with the payment of premiums up to age 90, and coverage over 90 without further premium payments.
In mid-January policyholders were notified that beginning July 1, 2019 the waiver of premiums for those who have reached 90 is being discontinued. Premiums will be applied in the future and are expected to rise approximately 32%. Those who are currently 85 years of age will be shielded from the proposed changes.
Your Chapter Executive is deeply concerned about what is being proposed and we have contacted Portaplan and the STF to reconsider. Initially, policyholders were given till March 15 to decide if they wish to continue coverage under the new terms. This ‘election date’ has now been moved to April 15.
Because of demographic changes in the past 50 years, people are living longer and the proportion of our population reaching 90 and beyond is increasing. This is placing pressure on insurance plans such as Portaplan. However, we believe that the proposed changes are a disincentive to people in the upper age brackets who have been members, in many cases for decades.
We have asked Portaplan to ensure that those who are currently 75 years of age and over are shielded from the proposed changes so that they will not face the dramatic premium increases and the loss of the premium waiver at age 90.
We have also asked for some clarity around protecting the integrity of the Plan so that if financial difficulties continue, premiums will not be increased nor the value of insurance benefits slashed so that older members will simply drop coverage because they are seen as liabilities.
The next meeting of the Pension and Benefit Board of Directors of Portaplan is March 28th and issues raised by Regina Chapter will be on the agenda. We encourage individuals who are concerned to contact Portaplan as well. Every voice is important. Please copy the STS and the STF.
The address for Portaplan is:
2317 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
The address for the STF is:
2317 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
The address for the STS is:
2311 Arlington Avenue
Saskatoon, Sask. S7J 2H8
Email: [email protected]
If you are able to, we would encourage you to let the Regina Chapter Executive know that you have voiced your concern by going to www.stsregina.com and use the Contact Us feature. The STS Provincial Executive meets this week and the Portaplan changes will be a topic of discussion. We hope to update Regina Chapter members in the future as we have more information.