Who should consider Deferred Elite Term?

Deferred Elite Term is Canada Protection Plan’s solution for many hard-to-insure Canadians. This plan is suited for people with less serious health conditions or for those who were previously declined for insurance. The application process is no medical and coverage up to $350,000 is available.
white arrow

HOW MUCH INSURANCE CAN I BUY?

10 year term

$18-70

years old
  • Minimum Face Amount $25,000
  • Maximum Face Amount $350,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit

20 year term

$18-60

years old
  • Minimum Face Amount $25,000
  • Maximum Face Amount $350,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit

25 year term

$18-55

years old
  • Minimum Face Amount $25,000
  • Maximum Face Amount $350,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit

25 decreasing year term

$18-60*

years old
  • Minimum Face Amount $25,000
  • Maximum Face Amount $350,000
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit
  • * The coverage amount decreases over 25 years to 50% of the initial face amount. Not renewable or convertible.
grey arrow

What is important to know about Deferred Elite Term?

Deferred Elite Term provides insurance protection for a coverage period of 10 years, 20 years, or 25 years. The full coverage amount is payable for all Deferred Elite Term plans, if death occurs after two years or if death is accidental. If death occurs in the second year and is due to non-accidental means, 50% of the coverage amount is payable. If death occurs in the first year and is due to non-accidental means, then the death benefit is limited to a return of premiums paid plus 3% simple interest.

The Deferred Elite 25 year Term plan is available both in level term and decreasing term versions. The insurance coverage of the decreasing term version reduces over the 25 year term period, to cover a 25 year mortgage.

Deferred Elite 10 and 20 Year Term and Level Deferred Elite 25 Year Term policies are renewable for additional term periods up to age 80 without having to provide evidence of insurability. Decreasing Deferred Elite 25 Year Term is not renewable.

All Level Deferred Elite Term plans are convertible up to age 70, to Deferred Elite permanent insurance plans. The application process is no medical and coverage up to $350,000 is available.

What options do I have to pay premiums?

Premium options include annual payments by cheque or credit card and monthly payments by pre-authorized bank debits.

What guarantees exist under this plan of insurance?

  • For level term insurance plans, the coverage amount will never decrease for the life of the policy, whether that is 10 years, 20 years or 25 years.
  • The premiums quoted when the policy is issued are guaranteed not to change for the life of the policy.
  • Satisfaction guaranteed or your money refunded – all Canada Protection Plan™ policies include a 10 Day Free Look Guarantee that gives you 10 days from the date you receive your policy, to review it and decide if it is right for you. If you decide to return your policy in those 10 days, we will refund your premium, no questions asked.

What additional NO COST benefits are included with every Deferred Elite Term policy?

All Canada Protection Plan policies may include a number of non-contractual member benefits, offered by Foresters Life Insurance Company, the company which underwrites our policies. These benefits may include:
  • competitive scholarships for tuition for higher learning worth up to $8000
  • a renewable higher learning scholarship worth up to $6000 per year for four years for children of deceased members
  • emergency grants to provide short term, temporary financial assistance to members affected by significant personal hardship, disaster or large scale emergency
  • a monthly payment for orphans up to the age of 18 upon the death of both parents
  • money management assistance to provide confidential financial help by accredited counselors
  • legal link, which gives you access to complimentary and discounted to certain legal services, such as wills, home ownership and family law

What additional optional benefits may be added to a Deferred Elite Term policy?

For an additional premium, depending on your age, you may be eligible to add any of the following additional benefits:
  • A term insurance rider that will provide a low cost option to increase your coverage for a temporary period of time. The term rider can be for any period that is shorter than the plan it is attached to.
  • Accidental Death Benefit which will pay up to 5 times the basic life insurance death benefit. This benefit will pay the chosen additional amount if the cause of death is accidental (as defined in your policy).
  • Child Term Benefit which insures each eligible child for $5000, $10,000 or $15,000.