Who should consider Deferred Life?

Deferred Life is a simple, permanent insurance solution designed to meet the insurance needs of those with serious health conditions (including a heart condition, cancer or diabetes). Even if you have been previously declined, you may be eligible for this plan. It is generally purchased to cover final expenses by individuals who are not eligible for other plans of insurance.
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HOW MUCH INSURANCE CAN I BUY?

Issue Ages and Amounts

$18-60

years old
  • Minimum Face Amount $10,000
  • Maximum Face Amount $75,000
  • BENEFITS
  • Accidental Death Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)

Issue Ages and Amounts

$61-80

years old
  • Minimum Face Amount $5,000
  • Maximum Face Amount $50,000
  • BENEFITS
  • Accidental Death Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)
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What is important to know about Deferred Life?

Deferred Life is designed to provide lifetime protection to those with serious insurability conditions. The death benefit is limited to a return of premiums plus 3% simple interest if death occurs by other than accidental means in the first two years. The full coverage amount is payable if death occurs after two years or death is accidental.

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. The minimum annual premium offered is $150.00. The minimum monthly premium is $15.00.

What guarantees exist under this plan of insurance?

  • The coverage amount will never decrease for the life of the policy.
  • Premiums are guaranteed not to change for the life of the policy.
  • Policies accumulate guaranteed cash values beginning in the fifth policy year. You can use these cash values to pay premiums for as long as there are sufficient cash values. If you choose to cancel your policy, any remaining cash value will be paid to the policy owner.
  • Satisfaction guaranteed or 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 that 10 days, we will refund your premium, no questions asked.

What additional benefits are included with every Deferred Life insurance policy?

Every Deferred Life policy includes at no additional cost:
  • a Terminal Illness Benefit, which can pay up to 75% of the death benefit to a maximum of $250,000 to the policy owner upon diagnosis of a terminal illness, and
  • a Transportation Benefit, which can assist with the cost of transporting the body of the insured if they die more than 200 kilometers from their principal residence.

In addition, 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 specific complimentary and discounted legal services, such as wills, home ownership and family law

What additional benefits may be added to a Deferred Life insurance policy?

For an additional premium, depending on your age, you may be eligible to purchase an Accidental Death Benefit for 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).