Who should consider Preferred Term?

Preferred Term is an excellent plan for an applicant who is in good health. Coverage amounts of up to $1,000,000 are available. If you’re age 70 or under, Preferred Term is no medical for amounts up to $500,000. It is also an excellent plan for someone who wants to get their term insurance coverage fast.
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HOW MUCH INSURANCE CAN I BUY?

10 year term

$18-70

years old
  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

20 year term

$18-60

years old
  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

25 year term

$18-55

years old
  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • Renewal Period to age 80
  • Convertible to age 70
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

25 decreasing year term

$18-60*

years old
  • Minimum Face Amount $50,000
  • Maximum Face Amount $1,000,000
  • OPTIONAL BENEFITS
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit
  • * The coverage amount decreases over 25 years to 50% of the initial face amount. Not renewable or convertible.
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What is important to know about Preferred Term?

Preferred Term provides coverage for a fixed period of time. It is available with coverage for 10 years, 20 years or 25 years.

The Preferred 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.

Unlike many other No Medical & Simplified Issue insurance plans, Preferred Term provides immediate coverage with no waiting period.

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

All Level Preferred Term plans are convertible up to age 70, to Preferred permanent insurance plans.

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 Preferred Term policy?

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 complimentary and discounted to certain legal services, such as wills, home ownership and family law

What additional benefits may be added to a Preferred 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 $5,000, $10,000 or $15,000.
  • Hospital Cash Benefit which pays a chosen daily benefit upon the hospitalization of the Insured