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The Preferred 10 Year Term policy is inexpensive, renewable and can be converted to a permanent life insurance plan at any time. Your premiums remain the same for the first 10-year period. You can renew your policy without any additional medical information for additional 5-year periods. You can renew your policy to age 85 and convert it to a permanent life insurance plan before age 65. There are a number of options available with this plan. It can be purchased if you are 18 to 75.
STANDARD BENEFITS
Coverage
Coverage amounts can range from $50,000 to $500,000.
Renewable Prior to age 85, you can renew your policy without any new medical information, for additional 5-year periods. This benefit is included at no extra cost.
Convertible Prior to age 65, you can convert your policy, without any new medical questions, to one of a number of permanent life insurance plans. This benefit is included at no extra cost. OPTIONAL FEATURES
Accidental Death Benefit
If you die by accidental means and your payments are up to date, your coverage amount increased by the amount of accidental death benefit you purchase. This option is available for those 18 to 60. Premiums for this option will not increase. This benefit ends when you turn 70.
Disability Waiver
With this benefit, if you become completely and continuously disabled for more than 6 months, your premiums will be paid until you are no longer completely disabled. This benefit ends when you turn 60. This option is available for those 18 to 55.
Child Term Rider
If you purchase the Preferred 10 Year Term plan, you can also purchase $5,000 coverage for children. This option is available for children 30 days old to 18 years old. The benefit ends when the child turns 25, or when you turn 65, whichever occurs first.
PAYMENTS
Premium payments may be made annually, semi-annually, or monthly through automatic banking. The annual policy fee is $70 for the first policy, and an additional $50 for each additional policy (spouse or child). You can pay annually or semi-annually by cheque, or by automatic monthly withdrawals from your bank account..
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The product pricing and details of coverage described on this website, may vary and/or change without notice in the underwriting insurance companies’ discretion and are not guaranteed. Canada Protection Plan Inc. (CPP) is not responsible for any actions, errors or omissions of such underwriting insurance companies. Further, the product pricing and information supplied is not intended as a recommendation as to the suitability of any and all products shown in this website. We strive to maintain the accuracy of all the information provided on this website; but we can not and do not guarantee the validity or accuracy of any of the information provided or displayed. Our insurance carriers include: Unity Life of Canada, Manulife Financial, Reliable Life Insurance Company of Canada, Western Life Assurance Company and TIC Travel Insurance Coordinators Ltd.
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