Term 100 Life Insurance

You are on: Benefits

Get life-long, dependable coverage.

You can use our Term 100 life insurance plan to help ensure that your surviving spouse and dependent children have access to the funds they need to maintain their quality of life should you pass away. Your policy can also help your heirs pay the capital gains tax on assets you leave them—for example, a cottage or vacation home.

Benefits of a Term 100 policy include:

• You receive insurance coverage for life.
• You can apply for a coverage amount that meets your needs.
• Your beneficiary or estate receives the death benefit tax-free⁽¹⁾.
• Your premiums are guaranteed to remain unchanged as long as your policy is in effect.
• Should you become terminally ill, you can request a compassionate advance of 50% of your policy’s death benefit, to a maximum of $50,000⁽²⁾.

How much life insurance do you need?

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: Optional Benefits

Optional Coverage for Even More Protection

You may purchase this additional coverage for your Term 100 life insurance policy:

• Joint First-to-Die Option: This option lets you insure up to two family members. It provides a death benefit payable on the first death, at which point coverage terminates. Within 60 days of the first death, the survivor can apply for a new policy without evidence of insurability, as long as he or she does so prior to the policy anniversary nearest his or her 70^th birthday. This option also provides an additional benefit equal to the base policy sum if the second insured person dies within 60 days of the first death.
• Joint Last-to-Die Option: This option lets you insure up to two family members. It provides a death benefit that is payable on the last death, at which point coverage terminates. Joint-last-to-die coverage is often ideal when you are purchasing life insurance for estate planning purposes.
• Term 10 or Term 20 Rider: Add a single-life or joint-life rider to provide additional coverage for yourself (the insured), or to insure an additional person, such as your spouse.
• Children's Term Rider: You may apply for term insurance coverage for your natural or legally adopted children. Any child born or legally adopted after the rider is issued is automatically covered from the age of 14 days. Coverage under this rider expires 31 days past the policy anniversary nearest the child's 25^th birthday, unless the child converts to a permanent life insurance policy after his or her 20^th birthday, but no later than the coverage expiry date. Premiums won’t increase when additional children are insured.
• Accidental Death Benefit Rider: You may purchase coverage for accidental death, which pays an additional death benefit if you die as a direct result of an accident.
• Total Disability Waiver of Premium Benefit Rider: If you become and remain totally disabled for six consecutive months, we will waive premium payments and policy fees while you are considered to be totally disabled.
• Payor Death and Disability Waiver of Premium Benefit Rider: If you are not paying your own insurance premiums and the person who pays the premiums on the policy becomes and remains totally disabled for six consecutive months, we will waive premium payments and policy fees while the payor is considered to be totally disabled. We will also waive the premium starting with the first premium due after the date the payor dies.

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

You are on: Eligibility

Eligibility Requirements

You are eligible to apply for Term 100 life insurance if you are:

• Between the ages of 18 and 85, and
• A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Note: To apply, you will most likely need to complete a medical exam and answer several health questions.

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 to your beneficiaries or your estate.

Summary of Exclusions⁽³⁾

Your coverage is subject to the following exclusions:

• During the first two years of coverage, if death is due to suicide, then no benefit is payable.
• During the application process, if we are given incorrect or incomplete information regarding age, gender, health, lifestyle or smoking habits, we reserve the right to deny or adjust your benefit.
• Other exclusions may apply depending on optional benefits chosen.

You are on: Premiums

About Your Premiums

Your premium will depend on your age, gender, health, family history, smoking habits, the benefit coverage amount, and any additional options you choose.

If you are approved for coverage, 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 for Life

Your premiums are guaranteed to stay the same for life. As long as you continue to pay your premiums, your payments will continue at these rates, up to the policy anniversary nearest your 100th birthday. After you reach age 100, you will no longer pay premiums; however your coverage will continue until your death.

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.