ICAO: CA Select - Term Life Insurance

Life insurance should form the foundation of any solid protection portfolio. For good reason. Without it, your financial situation can change in a heartbeat.

At the same time, however, not everyone needs the same level of protection. And, our needs can change for any number of life or professional reasons, such as:

getting married or having a baby
buying a home or renewing a mortgage
starting a business or securing a buy/sell arrangement
saving for education costs or providing a parent with support

The flexible, cost-effective CA Select™ Term Life Plan can act as the foundation of your protection portfolio for you and your Spouse. This Plan can be a key part of your financial security, and a smart way to keep on top of your family’s changing life insurance needs. Use this special online tool (created specifically for CAs) to ensure you have the coverage you need:

Plan Basics

Term Life coverage allows you and your Spouse to:

Select coverage of $50,000 to $2,000,000 in $25,000 increments
Apply up to Age 65 and keep your coverage up to Age 85

Plan Features

This coverage includes the following features at no additional cost:

Premium Waiver During Total Disability

Living Benefit

A Living Benefit provides you with a cash advance of up to 50% of the Term Life benefit (to a maximum of $100,000) in the event of terminal illness. It can be used to cover medical expenses or can be spent in any other way that you or your Spouse see fit.

Savings, Discounts and Credits

Premiums not required to maintain the Plans’ sound financial position are returned to Members, usually in the form of premium credits. And, with Volume Discounts, Preferred Rates and Lower Rates for Non-Smokers, premiums for this coverage are exceptionally low.

Volume Discounts

Enjoy discounts when you purchase Member or Spouse Term Life Insurance of $250,000 or more per person:

10% lower rates if you purchase coverage of $250,000 to $725,000;
15% lower rates if you purchase coverage of $750,000 to $1,225,000;
18% lower rates if you purchase coverage of $1,250,000 to $2 million.

Preferred Rates

Apply for $125,000 or more of new or additional Term Life coverage and, if you enjoy exceptional health, you may qualify for Preferred Rates of 5% to 25% less than the regular rates. Manulife Financial’s underwriters will assess your application automatically and notify you if you qualify.

Lower Rates for Non-Smokers

Qualify for lower non-smoker rates, provided you have not used tobacco or tobacco cessation products in the last 12 months and you meet Manulife Financial’s health standards.

Optional Coverage

Future Insurability Option (FIO)
The Future Insurability Option enables you to ensure that your Term Life coverage will keep up with your changing needs – even if your health deteriorates.

Select the FIO when you apply for Member or Spouse Term Life Insurance between the Ages of 18 and 50 and you can increase your coverage in the future – without providing evidence of health. More

You and your Spouse can exercise your FIO up to 5 times through to Age 55:
on every second policy anniversary following purchase or within 31 days of the following life events: marriage or 2 years in a common-law relationship (Member only), or the birth or adoption of a child.

Choose either $25,000 or $50,000 of FIO and you can increase your coverage by up to $125,000 (5 X $25,000) or $250,000 (5X $50,000) respectively (subject to the Term Life maximum of $2 million).

Determining Your Needs

Use our online calculator to help you determine your need for life insurance. Custom-built in consultation with CAs, it allows you to test your assumptions by accommodating different scenarios.

Plan Rates

See the rates that apply to you.

Eligibility

To apply for Member Term Life Insurance, you must be a Member of one of the Institutes of Chartered Accountants of Ontario, New Brunswick, Prince Edward Island, Newfoundland, Nova Scotia or Bermuda. You must also be resident in Canada or Bermuda.

A Member may apply for Member Term Life Insurance, provided he or she is under Age 65.
A Member may apply for Spouse Term Life Insurance for a Spouse or common-law Spouse, provided the Spouse is also under Age 65.
The Future Insurability Option (FIO) may only be applied for at the time of application for Member or Spouse Term Life Insurance. FIO applicants must be between the Ages of 18 and 50.

Limitations and Exclusions

Any benefits paid to the beneficiaries of Members or Spouses covered under the Term Life Plan are subject to the following limitations and exclusions:

Benefits will not be paid if death results from suicide within the first two years of obtaining new or additional Term Life Insurance. Under these circumstances, any Term Life premiums paid will be refunded.


	The CA Select Insurance Plans sponsored by the Institute of Chartered Accountants of Ontario (The Institute) are underwritten by The Manufacturers Life Insurance Company (Manulife Financial).