A life insurance policy is packed with benefits that can enhance your everyday life. Upon reviewing your policy guidelines, you may discover there are member benefits included in your life insurance coverage. You could be eligible for exciting and exclusive benefits, which are non-contractual in nature.
Canada Protection Plan’s No Medical & Simplified Issue life insurance is underwritten by Foresters Life Insurance Company and therefore provides a set of member benefits for Canadians as well as non-residents with a work or study permit. With our shared vision for community building, the benefits are catered towards individuals pursuing higher education, along with members affected by significant personal hardships. These benefits provide additional value and peace of mind when purchasing a policy. All (and most are complimentary) benefits are designed to improve the lives and well-being of members. To help you learn more about each member benefit, we prepared a comprehensive guide with the highlights and the eligibility requirements.
For post-secondary students, the costs of pursuing higher learning can be relatively high. Canada Protection Plan and Foresters Life Insurance Company understand the fundamental value of education. This benefit offers tuition scholarships for eligible members. As a recipient of their annual scholarships, you may receive a maximum of $8000 over the course of four years, which will be used to cover your substantial university expenses.
Up to 250 renewable scholarships are offered each year for members meeting the eligibility criteria. Recipients will require a grade minimum of 70% and at least 40 hours of community service. The applications will remain open until the February 27, 2020 deadline.
At an adolescent age, the loss of a family member will have a significant impact on personal upbringing and development. Depending on each family’s situation, when purchasing a life insurance policy with Canada Protection Plan there is a scholarship offered for those who have lost their parents. The scholarship ensures that the children of deceased parents are looked after, especially as it pertains to their education.
Each scholarship falls in the range of $1500 to $6000 per year, but the amount may vary depending on individual circumstances. These scholarships can be renewed each year to cover post-secondary tuition and living expenses.
Canada Protection Plan is fully committed to providing reliable and affordable life insurance to ensure loved ones can be financially secure. When purchasing a policy, you may be eligible as a member to enjoy Foresters Life Insurance Company’s benefits. They are dedicated to assisting the children of deceased family members. One of the potential benefits includes a monthly payment for those who have lost both parents. The compensation is supplied to the legal guardian of the orphan at no cost.
The amount of these payments may extend up to $900 per month and per child. The monthly payments will remain in place until the respective child turns eighteen years of age.
Emergencies can happen at any time in our lives, even when we are not prepared to handle them financially. This benefit can assist with emergency grants if you are eligible (and have an in-force certificate with a minimum face value of $10,000). This short-term, temporary grant is offered to members affected by a significant personal hardship or a large-scale emergency disaster.
The grant is a one-time payment per emergency and per household. Depending on the severity of your circumstances, you may also be eligible to apply for accidental death and dismemberment insurance.
Also known as Legal Link, this member benefit provides affordable discounts for a variety of legal services. Members may be able to connect with a vast network of legal services in relation to home ownership, wills, and specialties of family law
If you need assistance with managing your everyday budget, this benefit offers an expert financial helpline as one of the complimentary member benefits. You can talk on the phone with professional accredited counsellors, who will do their best to advise you on day-to-day monetary issues. These financial consultations are sensible, personalized, and fully confidential.
Are you eligible for life insurance member benefits?
In order to receive these benefits, the prospective members must meet certain eligibility criteria. You should have a certificate or annuity with Foresters Life Insurance Company, which you can obtain via Canada Protection Plan. The in-force certificate should have a minimum face value of $10,000. If you are under an annuity, it should have a minimum cash value of $10,000, or a minimum contribution of $1,000 that was paid in the last year.
For each specific benefit, there may be an additional set of prerequisites that need to be fulfilled. All members are advised to consult the eligibility requirements before applying for the benefits. Once qualified, you will receive the benefits as determined by the terms of agreement. These benefits may be subject to change or cancellation without notice.
Is your family eligible for life insurance member benefits?
The primary insureds and annuitants under an in-force certificate are eligible for the benefits, along with their immediate family members. Immediate family members are defined as spouses and children that receive member benefits. This also extends to children under the care of legal guardians with eligible memberships.
Junior family members are eligible to receive most benefits, except for the specific benefits that require adult accompaniment for community or member involvement events. Benefits cannot extend to individuals outside the immediate family, such as siblings or distant relatives. An exception is made with the competitive scholarships, which can be offered to the grandchildren of eligible members.