Basic Employee Life Insurance for You

SLB provides you with two times your eligible compensation in coverage at no cost to you. If you need more, you can purchase more, and at a lower cost than what you would pay for privately. Those preferred rates are available if you also want to purchase coverage for your spouse/partner or children too.

Basic Life Insurance for Your Spouse/Partner

SLB Flex provides you with basic spouse/partner life insurance equal to $10,000. There is no EOI required for your spouse/partner’s basic life insurance coverage.

Basic Life Insurance for Your Child(ren)

SLB Flex provides you with basic child life insurance of $5,000. You do not have to make any choices, and this benefit is fully paid by SLB. The price for basic child life insurance is based on a flat rate per $5,000 of coverage, regardless of how many children you have.

Since SLB pays for the Basic Life Insurance coverage, it’s considered a taxable benefit and will appear on your T-4.

Optional Life Insurance for You and Your Spouse/Partner

You can purchase up to $500,000 of optional life insurance for you and/or your spouse/partner in multiples of $25,000. This coverage will be in addition to your basic employee life insurance coverage. If you choose to purchase or increase your optional life insurance, you must provide evidence of your good health to Sun Life. When you enroll, you will be prompted to complete an Evidence of Insurability Form, which you’ll need to send to Sun Life within 90 days of the day you enroll. Once you are approved, your payroll deductions will begin, and you will be covered for the new insurance amount.

Prices

The price of optional employee life insurance is based on your age, sex and smoker status as of January 1 each year per $1,000 of coverage. You do not receive flex dollars for this benefit, and you pay the entire cost through payroll deductions.

Optional Life Insurance for Your Child(ren)

You can purchase up to $25,000 of optional child life insurance in multiples of $5,000. This coverage will be in addition to your basic child life insurance coverage. You may change your coverage amount in the future.

Details About Optional Child Life Insurance

The option you choose will cover all of your eligible dependent children, whether or not they are registered on the My Benefits Portal website as dependents. The cost is the same for one or more children. You are automatically the beneficiary of this coverage. Evidence of insurability may be required for optional child life insurance.

Basic Employee AD&D Insurance

You automatically receive basic AD&D insurance equal to two times eligible compensation. You do not have to make any choices under the basic employee AD&D insurance benefit, and SLB pays the entire cost of this benefit. SLB pays the cost of your basic employee AD&D insurance, and it is considered a taxable benefit by the Canada Revenue Agency. You will pay tax on the premiums paid by SLB.

Optional AD&D Insurance for You and Your Spouse/Partner

You can purchase up to $500,000 of optional employee AD&D insurance in multiples of $25,000. This coverage will be in addition to your basic employee AD&D insurance coverage. You may choose any level of AD&D insurance at any enrollment. Evidence of Insurability is not required.

Spouse/Partner AD&D Insurance

You can purchase up to $500,000 of optional spouse/partner AD&D insurance in multiples of $25,000.

Child AD&D Insurance

You can purchase up to $25,000 of optional child AD&D insurance in multiples of $5,000.

The actual benefit will be based on the option you choose, the nature of the loss and the chart of eligible losses.

If you or a family member were to be diagnosed with a critical illness, your only focus should be treatment and recovery –not financial concerns. Yet there are many expenses that go along with managing a critical illness. That’s why SLB Flex includes optional critical illness coverage for you and your family. Critical illness coverage provides you with a tax-free, lump sum payment that you can use for anything you choose.
 

Optional Critical Illness Insurance for You and Your Spouse/Partner

Critical Illness is available for you and your spouse/partner in units of $10,000, starting at $20,000 to a maximum of $250,000. New employees may select up to $50,000 in coverage without providing evidence of insurability (EOI). Any future increases to your coverage, regardless of the amount, will also require EOI. Premiums are based on your gender, age and smoking status.

Optional Critical Illness Insurance for Your Child(ren)

You can also purchase $5,000 in critical illness coverage for your child(ren). This coverage goes into effect 90 days after the beginning of the year in which coverage begins. You pay for this coverage through payroll deduction and you must provide evidence of insurability.

SLB provides all employees with additional accident coverage when travelling for business. Your coverage is equal to 4.5 times your eligible compensation to a maximum of $1 million. Spouses/Partner are covered at $50,000 if SLB has requested them to travel with the employee.

If you are unable to perform all of your regular job duties, the STD plan provides you with 100% of your base salary for the first 6 months (26 weeks) of your disability and 80% of your base salary for the remaining period to a maximum of 12 months (27 to 52 weeks). This includes Cameron Group field direct employees who receive base pay and overtime. Legacy SLB field direct employees who receive a larger portion of their compensation as variable pay receive 130% of their base pay for the first 6 months (26 weeks) of disability and 110% of base salary for the remaining period to a maximum of 12 months (27 to 52 weeks). STD is self-insured by SLB and employees are not required to pay premiums for this benefit.

Employee Status	Onset of STD to 26 weeks (max. 6 months)	27 weeks to 52 weeks (max. 12 months)
Non-Field Direct Employees (including all Cameron)	100% of Base Salary	80% of Base Salary
SLB Field Direct Employees (Operators, Field Specialists, etc.)	130% of Base Salary	110% of Base Salary

The long-term disability (LTD) plan works with your short-term disability (STD) plan to provide income protection if you are ill or suffer a non-work-related injury and are unable to perform all of your regular job duties beyond 52 weeks. You pay the premiums associated with your LTD benefits. This ensures that any disability benefit you may receive will be tax free. See the table below for Your Long-Term Disability Plan* details.

 

Coverage	Option 1	Option 2	Option 3
Formula (based on eligible compensation)	45% of first $5.5K, 32% of remainder	55% of first $4K, 42% of remainder	65% of first $2K, 53% of next $5K, 45% of remainder
Indexing (COLA) (up to 3%)	No	No	Yes
Maximum benefit	$15,000 per month
Benefits payable to	Age 65, retirement, recovery, or death (earliest of)

*Your LTD option is locked in and an Evidence of Insurability (EOI) form is required for LTD increases during Annual Enrollment.

For employees with more than one year of service, eligible compensation is defined as the greater of the last full year of admissible compensation at Annual Enrollment, or this year’s base salary. For employees with less than one year of service, your eligible compensation is your base salary only. Admissible compensation includes base pay, overtime, bonuses, commissions and geographical coefficients.