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Highlights
- Low rates. The large number of alumni insured under this plan makes it possible to offer special premium rates.
- Flexibility. You select the amount of protection that best meets your needs: from $35,000 to $770,000 of term life insurance for yourself and your spouse.
- Preferred Rates for Volume Purchases. We offer a special rate, 10% below our usual premiums, to members who purchase or increase their coverage to $280,000 or more. This preferred rate also applies to Spouse Term Life coverage of $280,000 or more.
- Portable coverage. Unlike coverage you may have through your employer, this insurance moves with you if you change jobs or residence anywhere in the world.
- Living Benefit. If, after two years of coverage, you are diagnosed as terminally ill with a life expectancy of 12 months or less, you may qualify to receive a portion of your term life benefits in advance (up to a maximum of 25% of your coverage or $50,000, whichever is less). An insured is eligible to apply for the Living Benefit provided the coverage has been in effect for two years. This feature of Member & Spouse Term Life is available at no additional charge.
- Convenience. You can choose to pay your premium annually by cheque or credit card (VISA, MasterCard), or monthly by using a pre-authorized collection plan (PAC) - whichever you find more convenient.
For added convenience, apply directly from this site.
Benefits and Premiums
Cost-effective term life insurance can be the foundation of your family’s financial security.
We offer coverage in multiples (units) of $35,000, all the way up to $770,000, so you can choose the amount that best meets your needs. At age 61 the value of 1 unit of insurance reduces by $3,500 per unit per year until age 70 when coverage terminates.
For more information, review the basic rate table or calculate your own coverage cost.
Eligibility
All Alumni of the University are eligible to apply for Member Term Life Insurance.
Spouses of members insured for Term Life Insurance are eligible for Spouse Term Life Insurance (unless they are eligible for Member Term Life).
All applicants must be resident in Canada and less than 61 years of age.
Other Details
Beneficiary
You may elect any person(s), trust or institution including the University as your beneficiary.
If you wish to make a qualified institution the beneficiary of your insurance, please contact Manulife Financial.
Subject to applicable provincial law, your beneficiary, unless irrevocably appointed, may be changed at any time by notifying us in writing.
In Quebec a spouse designated as beneficiary is irrevocable unless otherwise stated.
Conversion
If you cancel your Term Life Insurance you may, within 31 days, apply to convert your insurance to selected individual plans.
You may do this without an additional medical examination or extra health questions to answer. You simply pay the rates that apply to your age at the time of conversion. Contact us for more information.
Limitations and Exclusions
Suicide within 2 years of the effective date of the insured’s coverage, or any increase in coverage, is a risk not covered.
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