New Benefits Rates effective May 1, 2024

Wednesday, May 1, 2024

New Benefits Rates effective May 1, 2024

What is happening?

On May 1st of each year, the University of Waterloo’s extended health, dental, life insurance, and long-term disability (LTD) benefits are typically subject to a contract renewal. Where applicable, new rates are applied, and employee deductions processed.

How are new rates calculated?

The budget rates for extended health and dental benefits are established annually based on our expected claims for the upcoming year, plus taxes and GreenShield's charges for administration.

The premium rates for Life and LTD are established each year based on Sun Life Financial’s requirements for providing this insurance in accordance with agreements in place.

  • Based on poor claims experience over the last few years, we have developed a significant deficit within the University Life Insurance Plan (ULIP). As such, a 10% increase to the Basic and Additional Basic Life insurance premium rates is anticipated annually commencing May 1, 2025; however, the increase for this year has been moderated at 5% due to the competitive bidding process that was conducted in 2023 which reconfirmed Sun Life Financial as the insurer of this benefit.
  • With the change from Canada Life to Sun Life Financial as the LTD insurer effective May 1, 2022, our initial premium rates were guaranteed for a 24-month period which expires April 30, 2024. The increase for this year was capped at 15% through an agreement reached through the competitive bidding process in 2021 and the revised premium rates effective May 1, 2024, will be guaranteed for another 24 months, expiring April 30, 2026.

What will the new benefits rates be?

The table below reflects the rates effective May 1st, 2024.


Monthly Rates

Change from Last Year

Cost Sharing

Extended health

  • $78.95 single
  • $251.90 family
  • (includes tax)

Increase of 9.8%

100% university paid (shared if part-time)


  • $62.25 single
  • $187.34 family
  • (includes tax)

Increase of 13.2%

100% university paid (shared if part-time)

Life Insurance – 1 to 3 x earnings

  • $0.146 per $1,000 of coverage ***
  • (excludes tax)

Increase of 5%

1 x earnings is paid by the university, 2 and 3 x earnings is 66.7% paid by the university

Long-term disability (LTD)

  • 1.167% of earnings**
  • (excludes tax)

Increase of 15%

100% employee paid

*the Year’s Maximum Pensionable Earnings (YMPE) for 2024 is $68,500

**the maximum insured salary effective May 1, 2024, is $192,454 (no change from the limit established effective May 1, 2023)

***Optional Life insurance (spousal coverage and up to an additional 3 x earnings for employee coverage) rates remain unchanged for the upcoming year

Note: participation in the University’s benefits program is mandatory for all eligible employees.

Questions?  Please visit the Human Resources website to understand more about your benefits arrangements. For questions regarding these rates, please contact Human Resources at