TERM LIFE INSURANCE
Benefits and Premiums
Maximum Coverage |
|
| Members | $2,000,000 |
| Spouses | $2,000,000 |
Monthly Premium per Unit of $10,000
Non-Smoker |
Smoker |
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Age at April 1 |
Male |
Female |
Male |
Female |
| Under 31 | $ .38 |
$ .30 |
$ .86 |
$ .43 |
| 31 - 35 | .43 |
.32 |
.97 |
.49 |
| 36 - 40 | .50 |
.36 |
1.16 |
.64 |
| 41 - 45 | .75 |
.52 |
1.92 |
1.20 |
| 46 - 50 | 1.18 |
.83 |
3.00 |
1.73 |
| 51 - 55 | 1.80 |
1.33 |
4.88 |
2.93 |
| 56 - 60 | 2.85 |
2.10 |
7.88 |
4.50 |
| 61 - 65 | 4.43 |
3.06 |
11.32 |
6.45 |
| 66 - 69 | 7.13 |
5.25 |
17.40 |
9.90 |
| 70 | 12.60 |
9.33 |
30.97 |
18.10 |
| 71 | Coverage Terminates |
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* On April 1 coincident with or immediately following attainment of age 66, term life benefits will reduce by 50%. Insurance automatically terminates on April 1 coincident with or immediately following age 71. The amount reduced is not eligible for conversion to an individual plan.
Non-Smoker Rates apply to people who have not used tobacco products in the last twelve months.
Eligibility
Members of the Institutes of Chartered Accountants of British Columbia, Alberta, Saskatchewan, Manitoba, Yukon and Northwest Territories and CASB students are eligible to apply for the coverage. All applicants must be resident in Canada or United States and less than 65 years of age.
Beneficiary
You may elect any person(s) or organization(s) as your beneficiary.
Conversion
If your insurance terminates and you are under age 65, you may convert up to $300,000 to selected individual term plans by applying to the insurer within 31 days of the termination date. Evidence of insurability is not required.
Limitations and Exclusions
Suicide within two years of the effective date of the insurance is a risk not covered.
Term Life For Spouses
Spouses may select units of $10,000 to a maximum benefit of $2,000,000 at the same low premium rates as members and students.
"Spouse" includes a person who is publicly represented by a member as their spouse, and with whom they have been cohabiting for at least one year.
DEPENDENT CHILD COVERAGE
One annual premium of $20 covers all your eligible children for $10,000 each of term life insurance and accidental death & dismemberment. Accidental loss schedule (except Critical Illness), limitations and exclusions are the same as for members.
Eligible children are unmarried, over 14 days and under 22 years of age, or in full-time attendance at school or university if they are between the ages of 22 and 25. If Child Coverage is selected, newborn children are automatically insured on becoming 15 days of age.
The insured member is the beneficiary unless CAIPW receives a written notice naming a different beneficiary.
