Term Life Insurance Plan
Term insurance is popular for a good reason: it typically offers the greatest coverage for the lowest cost, allowing you to buy more coverage than you could otherwise afford on a limited budget.
It is also a smarter option to mortgage insurance – Term Life lets you choose your own beneficiary, does not reduce your coverage as you pay off your mortgage, and lets you keep your coverage even if you switch banks at renewal time.
TIP: Even if you’re already covered at work, keep in mind that most employer plans end when you change jobs. Engineers Term Life is not tied to your employer so you stay covered even if you change jobs or move to anywhere in the world (as long as you remain a member of your professional association).
|Extended coverage you can rely on all the way to age 85!|
|With increases in the average life expectancy, many engineers are discovering the need to extend their financial protection later in life. But health issues may make it difficult to obtain affordable life insurance at a later age. To meet that need, the Engineers Canada-sponsored Term Life Plan now offers extended protection. This Plan is guaranteed renewable, regardless of your health, for the full amount of your coverage right up until your 85th birthday!|
|Volume savings make coverage more affordable.|
|We offer coverage of up to $1,500,000 for you and for your eligible spouse. Choose the amount that best meets your needs. If you choose coverage of $500,000 or more per person you save 5% off the total premium. If you choose coverage of $1,000,000 or more you save 10%!|
|Unique features make this coverage more valuable:|
|Enjoy optional premium-free coverage beyond age 85|
|For just pennies more a month, add the Insurance Continuation benefit to the Member and Spouse Term Life coverage you buy. Then, at age 85 when your Term Life coverage ends, Insurance Continuation coverage will replace it with up to $150,000 in life insurance, premium-free for the rest of your life. Here's how it works: more...|
At age 85 the Insurance Continuation Option replaces your Term Life coverage with premium-free permanent life insurance of up to $2,500 for each unit of Insurance Continuation Option you have.
You can cancel the Insurance Continuation Option at any time. However, once cancelled, it cannot be reinstated. You must apply for and maintain at least one unit of the Insurance Continuation Option for yourself to apply for or maintain the Insurance Continuation Option for your Spouse.
|All applicants must be resident in Canada and under 71 years of age, or up to 75 years of age if already insured under this coverage. The following individuals are eligible to apply: more...|
- Members of the 12 provincial and territorial engineering licensing associations/ordre, including members in training. Also, student engineers who are members of a student section (in those associations where a student section exists) and who are within 24 months of expected graduation from a program accredited by the Canadian Engineering Accreditation Board.
- Members of the 10 provincial associations of technicians and technologists.
- Members of l'Ordre des Géologues du Québec.
- Members of the Association of Professional Geoscientists of Nova Scotia.
- Members of the Association of Professional Geoscientists of Ontario.
- Members of l’Ordre des architectes du Québec.
- Members of the Manitoba Association of Architects.
- Members of the Newfoundland Association of Architects.
- Members of the Architects' Association of New Brunswick.
- Members of the Nova Scotia Association of Architects.
- Members of the Ontario Society of Professional Engineers.
- Members of the Architects Association of Prince Edward Island.
- Permanent full-time employees of the eligible associations, as defined above, or of Engineers Canada.
- Limited licensees.
Members and employees participating in the Term Life plan are eligible to apply for Term Life coverage for their Spouse, and for the Insurance Continuation Option for themselves and for their Spouse. Members must apply for and maintain at least one unit of the Insurance Continuation Option for themselves to apply for or maintain the Insurance Continuation Option for their Spouse. The cohabitation period for a common-law spouse is 1 year.
|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. Please see the Certificate of Insurance for other limitations that may apply.