Life and AD&D coverage are important to those who depend on you for financial security. Income protection benefits provide financial assistance in your absence.

Basic Life and AD&D Insurance

Michaels provides free Basic Life Insurance and Accidental Death & Dismemberment (AD&D) of one times your eligible annual earnings, up to $150,000, paid by Michaels for all eligible full-time Team Members.

Note: Basic Life Insurance and AD&D coverage terminates when you turn age 70.

Optional Life and AD&D Insurance

If you are a full-time Team Member and want additional financial protection, you may buy optional life and AD&D insurance, up to $250,000, for yourself and/or your spouse. You pay the full cost of this coverage if you elect it.

If you are a new hire, you can elect optional life coverage up to $30,000 without answering any health questions. Coverage amounts more than $30,000 and all spousal optional life amounts require proof of good health, and you will need to complete a Statement of Health. Coverage will not be effective until your Statement of Health is approved by Sun Life Financial.

Note: Optional life insurance coverage terminates at age 65.

Disability insurance is important to those who depend on you for financial security.

If you are an eligible full-time Team Member, Michaels offers disability insurance to replace part of your income if you are unable to work for an extended period of time.

Short-Term Disability (STD)

The STD plan provides income protection if you cannot work due to an illness or non-work-related injury. Michaels provides this benefit at no cost to all eligible full-time Team Members.

Team Members that have completed 90 days of service and are working the required 32-hour average and are enrolled in the plan can file a claim with these STD claim forms: English | French

Percent of Earnings Replaced

66.67% of weekly earnings

Maximum Weekly Benefit

$1,000

How Long Benefits Are Paid

Up to 17 weeks

Waiting Period

7 consecutive days

Vice Presidents and Above: Vice Presidents and above who become disabled are covered by the Executive Short-Term Disability Policy. Click here for more details.

Long-Term Disability (LTD)

If you are eligible for Extended Health, LTD coverage is mandatory. After your STD benefits end, you may be eligible to receive LTD benefits.

Percent of Earnings Replaced

60% of base monthly earnings

Maximum Monthly Benefit

$10,000

How Long Benefits Are Paid

Until you reach age 65 or are no longer disabled

Waiting Period

17 consecutive weeks

You can purchase Critical Illness coverage for yourself, your spouse and your children.

Critical Illness Insurance helps provide financial assistance if you are diagnosed with a covered disease. You’ll receive a lump-sum payment that can be used for anything you need — even if it’s not related to your illness.

Covered conditions are:

  • Alzheimer’s disease
  • Aortic surgery
  • Benign brain tumour
  • Blindness
  • Cancer
  • Coma
  • Coronary artery bypass surgery
  • Deafness
  • Heart attack
  • Kidney failure
  • Severe burns
  • Loss of independent existence
  • Loss of speech
  • Major organ failure on waiting list
  • Stroke
  • Major organ transplant
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson’s disease

Your children are covered for the conditions above and:

  • Cerebral palsy
  • Down syndrome
  • Congenital heart disease
  • Muscular dystrophy
  • Cystic fibrosis
  • Type 1 diabetes

Coverage Tier Benefit
You/Your Spouse $10,000–$20,000 (in $10,000 increments, with a 2-unit or $20,000 minimum) up to $200,000 maximum
Your Child(ren) $5,000–$20,000 (in $5,000 increments up to $20,000 maximum)

Note: If you are newly eligible to enrol, you can elect coverage up to $30,000 without answering any health questions. Otherwise, you are required to show proof of good health.