Overview
Protection under the CPA Select Term Life Plan helps you ensure that your loved ones are taken care of in the event that something happens to you. This coverage is exclusive to members and their spouses.
Life insurance should form the foundation of any solid protection portfolio — and for good reason. Without it, your financial situation can change in a heartbeat.
At the same time, not everyone needs the same level of protection. Also, our needs can change for any number of life or professional reasons, whether you’re:
- getting married or having a baby,
- buying a home or renewing a mortgage,
- starting a business or securing a buy/sell arrangement,
- saving for education costs or providing a parent with support, or
- just looking for a little extra protection.
Cost-effective and exclusive to your membership, the CPA Select Term Life Plan can act as the foundation of a protection portfolio for you and your spouse. Term Life coverage allows you and your spouse to:
- select a coverage that works for you - ranging from $50,000
to $2,000,000 (in $25,000 increments), - apply up to Age 64 and keep your coverage up to Age 85, and
- pay low, group members-only rates.
This coverage includes the following features at no additional cost:
- Waiver of Premium
All premiums will be waived if you suffer a Total Disability before Age 65. If approved, you will not be required to pay any premiums for Member and Spouse Term Life Insurance, following three months of continuous Total Disability for as long as the member’s disability continues.
- Living Benefit
A Living Benefit provides you with a cash advance of up to 50% of your Term Life benefit ($100,000 maximum) in the event of a terminal illness (with 12 months or less to live).
Benefits can be used to cover medical expenses or be spent however you and/or your spouse see fit.
The amount of life insurance coverage you and/or your spouse may need depends on your personal financial circumstances and how much coverage you feel your family may require, should something happen to you or your spouse.
Take a moment to calculate your own needs using the Online Needs Calculator and determine the amount of CPA Select Member and/or Spouse Term Life Insurance that might be right for your family.
See the competitive, group rates that apply to CPA Select Member and Spouse Term Life Insurance.
- Monthly rates shown below are for $25,000 of Term Life coverage
- You and your spouse can apply for coverage amounts that start from $50,000 to $2,000,000 per person
- Premiums increase as you move from one age bracket to the next and are subject to change, rates for Age 65 and over apply to renewals of existing coverage only
- ·Savings for volume purchases begin on coverage of $250,000 or more - see Savings & Credits section below
CPA SELECT MEMBER & SPOUSE TERM LIFE INSURANCE Monthly Premium per $25,000 of Term Life Insurance
| Age** | Male | Female | |
|---|---|---|---|
| 18 to 29 |
$0.83 |
$0.53 |
|
| 30 to 34 |
$1.01 |
$0.68 |
|
| 35 to 39 |
$1.20 |
$0.86 |
|
| 40 to 44 |
$1.80 |
$1.20 |
|
| 45 to 49 |
$3.00 |
$1.88 |
|
| 50 to 54 |
$4.58 |
$3.00 |
|
| 55 to 59 |
$7.43 |
$5.06 |
|
| 60 to 64 |
$11.06 |
$7.50 |
|
| 65 to 69*** |
$14.06 |
$9.38 |
|
| 70 to 74*** |
$28.13 |
$18.75 |
|
| 75 to 79*** |
$69.19 |
$48.75 |
|
| 80 to 84*** |
$118.88 |
$81.38 |
|
| Age 85 |
*Ends* |
| Age** | Male | Female | |
|---|---|---|---|
| 18 to 29 |
$2.34 |
$1.28 |
|
| 30 to 34 |
$2.55 |
$1.70 |
|
| 35 to 39 |
$3.19 |
$2.38 |
|
| 40 to 44 |
$4.93 |
$3.49 |
|
| 45 to 49 |
$7.99 |
$5.02 |
|
| 50 to 54 |
$12.75 |
$7.44 |
|
| 55 to 59 |
$19.55 |
$11.18 |
|
| 60 to 64 |
$29.75 |
$17.34 |
|
| 65 to 69*** |
$49.73 |
$27.63 |
|
| 70 to 74*** |
$80.11 |
$48.88 |
|
| 75 to 79*** |
$134.73 |
$80.75 |
|
| 80 to 84*** |
$198.48 |
$127.50 |
|
| Age 85 |
*Ends* |
FUTURE INSURABILITY OPTION (FIO) † Additional Monthly Premium per $25,000
| Age** | Male | Female | |
|---|---|---|---|
| 18 to 55 | $0.90 | $0.52 | |
| Age 56‡ | *Expires* |
| Age** | Male | Female | |
|---|---|---|---|
| 18 to 55 | $2.00 | $1.20 | |
| Age 56‡ | *Expires* |
*Non-smoker premiums apply to members and spouses who have not used tobacco or tobacco cessation products in the past 12 months.
**“Age” means Age attained as of the policy anniversary (June 1). Coverage ends at Age 85.
***Rates over Age 64 apply to renewals of existing coverage only.
† All limitations and exclusions that apply to Term Life coverage will also apply to the FIO.
‡ You can exercise FIO up to and including Age 55. Option expires at Age 56.
Please note: The premium rates shown in the chart above are standard rates. Based on your or your spouse’s medical history, Manulife may decline coverage, or adjust the premium charged for coverage.
Not only does the CPA Select Term Life Plan offer some of the most competitive rates in the market-place, but you can save even more with:
- Volume Savings
Buying higher coverage amounts may cost less than you think.
Enjoy savings when you purchase Member or Spouse Term Life Insurance of $250,000 or more per person:
- 10% lower rates for coverage of $250,000 to $725,000
- 15% lower rates for coverage of $750,000 to $1,225,000
- 18% lower rates for coverage of $1,250,000 to $2 million
Note: Volume savings are applied to individual coverage purchases and are not applicable to combined Member and Spouse Term Life coverage.
- Preferred Rates
If you enjoy exceptionally good health and you apply for $250,000 or more in new or additional Term Life coverage, you may qualify for Preferred Rates of up to 27% less than standard rates.
- Manulife’s underwriters will automatically assess your application and notify you if you qualify.
- Requests to re-evaluate Preferred Rate status can be made at a later date.
- Lower Rates for Non-Smokers
Qualify for lower non-smoker rates, provided you have not used tobacco or tobacco cessation products in the last 12 months.
- Premium Credits
Premiums not required to maintain the Plans’ sound financial position may be returned to eligible members, usually in the form of premium credits.
- The decision to provide premium credits is made during the annual financial review of the Plans.
- Although a valued feature, premium credits are never a guaranteed benefit of the Plans.
The CPA Select Term Life Plan offers optional coverage to ensure your coverage keeps up with your changing needs – regardless of future health issues:
Future Insurability Option (FIO)
Select the FIO when you initially apply for Member or Spouse Term Life Insurance before Age 51, and you can increase your coverage in the future – without providing evidence of good health.
You and your spouse can exercise your FIO up to five (5) times through to Age 55:
- on every second policy anniversary (June 1) following purchase, or
- within 31 days of the following life events:
- Legal marriage or 2 years in a common-law relationship (member only).
- The birth or adoption of a child.
Choose either the $25,000 or $50,000 option, so you can increase your coverage by up to $125,000 (5 X $25,000) or $250,000 (5 X $50,000), respectively (subject to the Term Life maximum of $2 million per person).
Option expires at Age 56. See rates above in the Plan Rates section.
To qualify for the Member and/or Spouse Term Life Insurance, you must be:
- a member (or the spouse/common-law partner of a member) of one of the participating bodies:
- Chartered Professional Accountants of New Brunswick
- Chartered Professional Accountants of Newfoundland and Labrador
- Chartered Professional Accountants of Nova Scotia
- Chartered Professional Accountants of Ontario
- Chartered Professional Accountants of Prince Edward Island
- Chartered Professional Accountants of Bermuda;
- under Age 65; and
- a resident of Canada or Bermuda.
To qualify for the Future Insurability Option (FIO), you must:
- add the FIO when you initially apply for Member or Spouse Term Life Insurance, and
- apply before Age 51.
To maintain Member or Spouse Term Life Insurance, you must remain a member of one of the participating bodies.
Benefits will not be paid if death results from suicide within the first two years of obtaining new or additional Term Life Insurance. Under these circumstances, any Term Life premiums paid will be refunded.
Additional conditions, limitations and exclusions may apply. Review your certificate for complete details.