The main purpose of life insurance is to help loved ones replace your financial contribution to the household in case of your death.
Certain life events trigger the need for life insurance. These are the times when financial needs and means change. The income you provide for your family during these periods of change will need to be replaced if something happened to you.
The image of young, carefree singles with no responsibilities is just that - an image. You might want to leave money behind for:
Far from days when you had no dependents, you now have a spouse who counts on you. You might want to leave money behind for:
The arrival of children triggers the need for more long-term financial planning. You might want to leave money behind for:
Now is the time to prepare for self-sufficiency, as retirement usually means losing your group life insurance at work. You might want to leave money behind for:
Term Life can be a smarter option to mortgage insurance
You and your spouse can each enjoy up to $1.5 million in coverage.
Coverage to age 85
Qualifying for life insurance may become difficult as you get older. Engineers Canada-sponsored Term Life coverage continues to age 85 so you can keep renewing your insurance without any additional medical tests required. This means you can stay covered long into your retirement years - regardless of how your health may change.
Up to 50% cash advance
If you are diagnosed as terminally ill with less than 12 months to live, you can apply to receive a cash advance of up to 50% of your Term Life Insurance amount (to a maximum of $200,000). This is called a Living Benefit. It is automatically added at no extra cost to Term Life plans that have been in effect for two years.
Your coverage continues at no charge to you if you become totally disabled for 3 continuous months before age 65.
Not tied to your employer
Even if you're already covered at work, keep in mind that most employer plans end when you leave. Engineers Term Life is not tied to your employer so you stay protected even if you change jobs, retire or move to anywhere in the world (as long as you remain a member of your professional association).
Optional coverage beyond age 85
By adding a few extra cents a month to your Term Life premiums today, you can stay protected past age 85 without paying any more premiums. It's called the Insurance Continuation Benefit. It replaces your Term Life coverage when it ends at age 85 and provides $2,500 to $150,000 of premium-free permanent life insurance for the rest of your life.
Suicide within 2 years of the effective date of coverage or reinstatement, or the date of any increase in coverage, is not covered. In that event, Manulife will pay the beneficiary an amount equal to the premiums paid for this coverage.
You and your spouse can apply for coverage amounts starting from $25,000 (1 unit) to $1,500,000 (60 units) per person.
Save with the following volume discounts:
Term Life Insurance
Monthly premiums* per unit ($25,000)
|18 to 30||0.97||0.72||2.07||1.27|
|31 to 35||1.12||0.87||2.42||1.52|
|36 to 40||1.55||1.15||3.20||2.20|
|41 to 45||2.42||1.52||4.92||3.52|
|46 to 50||4.03||2.78||7.78||5.13|
|51 to 55||6.16||4.31||12.96||7.26|
|56 to 60||8.38||5.78||19.38||11.63|
|61 to 65||11.20||7.35||28.60||16.95|
|66 to 70||16.00||10.40||40.80||24.00|
|714 to 75||39.60||26.20||96.00||59.80|
|76 to 80||98.00||63.80||191.80||124.00|
|81 to 84||186.60||122.20||316.00||213.20|
|85||Term Life coverage ends|
You and your spouse can also add the Insurance Continuation Benefit (ICB) to each unit of Term Life coverage to receive $2,500 per unit of premium-free permanent life insurance beginning at age 85.
For example, if you buy one unit of Term Life coverage ($25,000) and the equivalent one unit of ICB ($2,500), you will pay the corresponding premiums for both these coverages until age 85. On your 85th birthday, two things will happen:
|1.||your Term Life coverage ends and you stop paying Term Life premiums, and|
|2.||your Insurance Continuation Benefit begins but you stop paying ICB premiums - you will be covered for the one unit of ICB you bought for the rest of your life!|
Note that while Term Life premiums increase as you move from one age bracket to the next, ICB premiums remain the same until age 85, at which point you stop paying premiums.
See the ICB rates that apply to you below:
Insurance Continuation Benefit (ICB)
Monthly premiums per unit ($2,500)
|Age when you get covered||Your premium until age 853|
|18 to 30||0.10|
|31 to 35||0.16|
|36 to 40||0.24|
|41 to 45||0.36|
|46 to 50||0.56|
|51 to 55||0.89|
|56 to 60||1.44|
|61 to 65||2.41|
|66 to 70||4.33|
|714 to 75||8.50|
|76 to 80||0|
|81 to 84||0|
*Premiums are subject to change without notice. Term Life premiums increase as you enter a new age bracket.
1 "Non-Smoker" premiums apply to Members and Spouses who have not smoked cigarettes in the last 12 months. Once insured, you must notify Manulife of any change in your smoking status.
2 "Age" means age attained as of the policy anniversary date (April 1). Please note that premiums increase as you reach certain ages, as shown in the table of Term Life Insurance monthly premiums.
3 These ICB rates do not increase with age.
4 Starting at age 71, premiums shown are available to individuals currently insured who buy additional insurance or renew coverage.
You must be a Canadian resident and under 71 years of age to apply, or up to 75 years of age if already insured under this plan. You must also fall under one of the following:
You may apply for Term Life Insurance for your spouse if you are also applying for it or are already insured under this plan.
You must apply for and maintain at least one unit of the Premium-free permanent life insurance starting at age 85 for the rest of your life. for yourself to apply for or maintain the Insurance Continuation Benefit for your spouse.
In all cases, you will be contacted, and a professional advisor will review your application to ensure proper completion.After the application:
Once the application has been completed, a medical professional from a third party paramedical service may call you to arrange a home visit at your convenience. The insurance company may also contact your doctor to request medical records.
Throughout this process, Garrett Agencies will be communicating with you to keep you up to date on progress and may request additional information from you.
Once the insurance company has received and reviewed all the information required, they will issue an offer for insurance which you may choose to either accept or decline.
To apply for Term Life Insurance, please choose one of the following options:
Do I have to maintain my membership in my provincial or territorial engineering licensing association to stay covered?
Ongoing membership is a requirement to be covered under either Term Life Plan. Ongoing membership is not a requirement under the Insurance Continuation Benefit.
What happens to my spouse's coverage if I die?
Under the Term Life Plan, if you die your insured spouse will be given the option to continue his or her coverage under the Plan.
Will my Term Life premiums increase with age?
Based on the current rate structure, premiums do increase with age every five years, specifically at ages 31, 36, 41, 46, 51 and so on.
Can I convert my Term Life coverage to an individual policy?
If you cancel your Term Life insurance, you may, within 31 days, apply to convert your insurance to selected individual plans without an additional medical examination or extra health questions to answer. You simply pay the rates for the individual plan that applies to your age at the time of conversion. Contact us for more information