Life insurance should form the foundation of any solid protection portfolio — and for good reason. Without it, your financial situation can change in a heartbeat.
At the same time, not everyone needs the same level of protection. And, our needs can change for any number of life or professional reasons, whether you’re:
The flexible, cost-effective CPA Select Term Life Plan can act as the foundation of a 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 CPAs) to ensure you have the coverage you need:
- 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, or
- just looking for a little extra protection.
Term Life coverage allows you and your spouse to:
This coverage includes the following features at no additional cost:
- select coverage of $50,000 to $2,000,000 in $25,000 increments, and
- apply up to Age 65 and keep your coverage up to Age 85.
|Premiums not required to maintain the Plans’ sound financial position are returned to members, usually in the form of premium credits. And, with Rate Reductions for Volume Purchases, Preferred Rates and Lower Rates for Non-Smokers, premiums for this coverage are exceptionally low.|
Rate Reductions for Volume Purchases
Enjoy savings 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, and
- 18% lower rates if you purchase coverage of $1,250,000 to $2 million.
|Future Insurability Option (FIO)|
The Future Insurability Option ensures that your Term Life coverage will keep up with your changing needs – even if your health deteriorates.
Select the FIO when you initially apply for Member or Spouse Term Life Insurance before age 51 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 (5 X $50,000) respectively (subject to the Term Life maximum of $2 million).
Use our online calculator to help assess your life insurance needs. Custom-built in consultation with members, it allows you to test your assumptions by accommodating different scenarios.
See the rates that apply to you.
- To apply for Member Term Life Insurance, you must be a member of one of the following participating bodies:
- Chartered Professional Accountants of New Brunswick
- Chartered Professional Accountants of Newfoundland and Labrador
- Institute of Chartered Accountants of Nova Scotia
- Chartered Professional Accountants of Ontario
- Chartered Professional Accountants of Prince Edward Island
- Chartered Professional Accountants of 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, and
- the Future Insurability Option (FIO) is only available when you initially apply for Member or Spouse Term Life Insurance. FIO applicants must be between the Ages of 18 and 51.
|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.|