No matter what stage of life you’re in, life insurance can be an important part of your financial plan. Term life insurance can be an excellent choice for people looking for affordable, straightforward life insurance protection.
Who is Term Life insurance for?
Term Life insurance is often an ideal choice for families, young adults as well as small business owners who need straightforward, immediate coverage. It provides a simple and affordable way to help protect your loved ones from the burden of financial obligations if you are no longer there to support them.
Call us at 1-800-387-0649 to ask about additional coverage up to $750,000. There is a 30-day risk-free trial period3 and the option to cancel your coverage at any time.
Certificate of insurance
Don’t delay. Get coverage for as little as $2.88/month.*
Complete product details
Benefits from term life insurance are tax-free1 and can be used to:
Alumni members and their spouses are eligible to apply
If you or your spouse are between the ages of 18 and 64 and reside in Canada, you are eligible to apply. The amount of coverage you select will be paid tax-free in a lump sum to the beneficiary you select.
Choose from coverage amounts of $50,000 to $250,000
With a full range of coverage amounts to choose from, you can select the benefit amount to suit your needs perfectly whether you’re buying insurance for the first time, or topping up existing coverage.
No medical exam normally required to apply
Simply answer a few basic medical questions when you apply and in most cases you’ll qualify for coverage without any medical exam.
There is a substantial discount if you have not used tobacco products or nicotine substitutes within the past 12 months.
Coverage is guaranteed to age 754
As long as the master policy is in force and you pay your premiums when due, your coverage cannot be cancelled by Canada Life, regardless of changes in your health or occupation.
Limitations and Exclusions
The Certificate of Insurance sets out the full terms and conditions of coverage, including all exclusions that apply. For example, no benefit will be paid in the event of suicide within the first two years of the effective date of coverage. See the sample Certificate of Insurance. Opens in a new window
The Alumni Term Life Insurance Plan is group insurance underwritten by The Canada Life Assurance Company. Complete details of coverage, including any limitations or exclusions that may apply, are set out in the Certificate of Insurance Opens in a new window provided on enrollment. Please read it carefully and keep it in a safe place.
*Plus applicable taxes. Based on the rate for a female non-smoker between the ages of 18 to 25. Premium amounts will vary according to level of coverage amount, age, gender and smoking categories chosen.
**Most applicants will be approved without a medical examination. Some exceptions may apply.
1Benefits are paid tax-free if a beneficiary is designated. If the benefit is paid to the estate, then probate fees may be payable.
2Vital Living benefit – Must be diagnosed with a life expectancy of 12 months or less, can claim 50% up to a maximum of $50,000.
3Once you receive your Certificate of Insurance, you’ll have a full 30 days to review it to be sure you are completely satisfied. If not, sign and return it to Canada Life and any premium paid will be promptly credited.
4Coverage reduces by 10% of the original amount per year starting at age 66. Coverage terminates at age 75.
™Canada Life and design are trademarks of The Canada Life Assurance Company.
Hours of operation:
Monday to Friday, 8 a.m. to 6 p.m. ET
© The Canada Life Assurance Company 2017 - 2018