Term Life Insurance

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 Ontario Member and/or Spouse Term Life Insurance that might be right for your family. 

See the competitive, group rates that apply to CPA Ontario 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

Not only does the CPA Ontario 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 Ontario 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.

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.