50+ Life Insurance

You are on: Benefits

Receive permanent coverage for life.

50+ permanent life insurance is ideal for funding final arrangements such as funeral costs, helping to reduce or eliminate this financial burden on your loved ones. The plan includes a death benefit, an accidental death benefit, a living benefit and a cash value component.

Benefits of a 50+ life insurance policy include:

• You can apply for death benefit coverage of up to $19,600. However, for the first two years of your policy, the benefit is limited to 150% of the premium paid to the date of your death.
• You receive additional coverage against accidental death, which pays triple the life insurance amount.
• You receive insurance coverage for life; however, your premium payments will end once you reach age 85.
• If you are diagnosed with a terminal illness and have six months or less to live, your policy will pay a living benefit—you will receive a percentage of the death benefit while you are still alive.
• Your premiums will never increase, as long as your policy remains in effect.
• You can surrender your policy for the cash value stated on it.
• Your beneficiary or estate receives the death benefit tax-free⁽¹⁾.
• If you are not satisfied with your coverage, you may cancel your policy within 30 days from the date we mailed it to you and we will return any premiums you have paid.

The information above is intended as a summary only. Please see a sample policy for complete details on terms and conditions, including benefits and exclusions.

You are on: Eligibility

Eligibility Requirements

You are eligible to apply for 50+ permanent life insurance if you are:

• Between the ages of 50 and 75, and
• A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Note: Your acceptance is guaranteed—you are not required to take a medical exam or answer any health questions to apply.

Ending Your Coverage

Your coverage ends on the earlier of:

• The date of your death
• The date you request to cancel your life insurance in writing
• The date you stop paying your insurance premiums (you have a 30-day grace period after payment is due)

Please contact us or see a sample policy for complete details.

You are on: What's Covered

Covered Conditions

If you die during the time period when coverage is in effect, your policy can provide a tax-free⁽¹⁾ death benefit for the amount of coverage that you purchased—up to $19,600—to your beneficiaries or your estate. In the first and second year of coverage, the death benefit is 150% of the premium paid to the date of your death.

If you are diagnosed with a terminal illness after two years of the policy being in force, a living benefit may be paid to you.

In the case of accidental death, an additional life benefit amount may be paid.

Summary of Exclusions⁽²⁾

Your coverage is subject to the following exclusions:

• During the first two years of coverage, if death is due to suicide, then no death benefit is payable.

We will not pay the Accidental Death benefit if the person who is insured dies as a result of:

• Committing suicide
• Committing or attempting to commit a criminal act
• Operating a motor vehicle while his or her blood alcohol level is more than the legal limit when the accident occurs
• An illness or disease
• Taking a drug not as it is prescribed
• Flying in any airplane, helicopter, or any other aircraft while he or she is a pilot or member of a crew

You are on: Premiums

About Your Premiums

Your premium will depend on your age, gender and the benefit coverage amount for which you qualify.

Your policy will contain a premium schedule that will show all premiums payable. Your coverage begins on approval and once payment is received. (Please contact us or see a sample policy for complete details.)

Your Premiums Stay the Same

Your premiums are guaranteed to stay the same until you turn age 85, at which point you no longer have to pay any premiums. As long as you continue to pay your premiums when required, your premiums will stay the same.

Paying Your Premiums

You may pay for your policy on a monthly or annual basis.

• If you are paying by monthly pre-authorized debit, we will automatically debit your account when you are approved for coverage.
• If you select to pay on an annual basis, we will send out an invoice for the annual premium.