Preferred Life

Designed for applicants in good health who want coverage faster than through traditional underwriting
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Who should consider
Preferred Life?

Preferred Life is an excellent plan designed for applicants in good health who want a fast and simple application process. It is also a great plan to get lifetime protection for coverage amounts up to $1,000,000. If you’re age 70 or under, Preferred Life is no medical for amounts up to $500,000.

How much insurance can I buy?

18-80Whole Life (Cash Value)

$ 99

Per MonthYears Old

  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • Accidental Death Benefit (Optional)
  • Child Term Benefit (Optional)
  • Hospital Cash Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)

18-80T100 (No Cash Value)

$ 99

Per MonthYears Old

  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • Accidental Death Benefit (Optional)
  • Child Term Benefit (Optional)
  • Hospital Cash Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)

What is important to know about Preferred Life?

Unlike many other no medical and simplified issue insurance plans, Preferred Life provides immediate coverage with no waiting period. The coverage provides permanent, lifetime protection with a guaranteed level premium.

There’s also a T100 version available, our lowest cost permanent plan.

What options do I have to pay premiums?

You may elect to pay the same premium for the life of the policy, or you may elect to pay a higher premium for only 20 years. Premium options include annual payments by cheque or credit card and monthly payments by preauthorized bank debits.

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. If you choose to cancel your policy, any cash value will be paid to the policy owner.
  • 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 Preferred Life insurance policy?

Every Preferred Life policy includes:

  • a Terminal Illness Benefit, which pays up to 75% of the death benefit to a maximum of $250,000 to the policy owner upon diagnosis of a terminal illness.
  • a Transportation Benefit, which assists with the cost of transporting the body of the Insured, if he/she dies 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 are just a few listed, when you receive your policy, all benefits will be outlined.

  • an online document preparation service helps create customizable wills, powers of attorney and healthcare directives. *
  • 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

Not available in Quebec, the Territories and Nunavut.

What additional benefits may be added with every Preferred Life Insurance policy?

For an additional premium, depending on your age, you may be eligible to purchase 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 can be for 10 years, 20 years or 25 years.
  • And the 25 year term rider can even decrease over time to cover a declining mortgage balance.
  • 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.
  • Hospital Cash Benefit which pays a chosen daily benefit upon the hospitalization of the Insured.
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Send us an email or call us for a no obligation quote toll-free at 1-877-851-9090