Joint and Survivor coverage – 5% premium savings
Choose Joint and Survivor coverage for you and your spouse and you will enjoy a special premium rate that is 5% less than the rate for individual coverage.
You must each choose the same amount of coverage, available in units of $2,500 (a minimum of 2 to a maximum of 8 units).
Under Joint and Survivor coverage, when the first death occurs, the beneficiary will receive the face amount of your policy. The surviving spouse can keep their coverage.
The premium for the surviving spouse will be reduced to his or her individual premium rate at the date of enrollment, less 5%.
Living Benefit – cash benefit for the terminally ill
After two years of continuous coverage under the plan, you may be eligible for Living Benefit coverage.
If you’re diagnosed as terminally ill with 12 months or less to live, you may apply for a cash advance of a portion of your death benefit (up to 50%) to use however you wish.
This benefit is available as long as premiums continue to be paid and coverage remains in force. The balance of the benefit will be paid to the beneficiary upon the death of the insured.
Accidental death – up to 5 times the benefit amount (up to $100,000)*
If accidental death occurs before age 85, your beneficiary may qualify for a benefit of five times the face amount of your policy.
If accidental death occurs at age 85 or later, your beneficiary will receive the face amount of your policy.
*Note: Limitations, exclusions and restrictions may apply.
When the death benefit is not paid in full
If your death is due to a pre-existing condition, the death benefit will be equal to the premiums you have paid, plus 10% interest compounded annually.
If your death is due to suicide, the death benefit will be equal to the premiums you have paid, without interest. If non-accidental death occurs after the first two policy years, the face amount of your policy is paid less any Living Benefit paid.
Premium savings – up to 40% as a non-smoker
Your premium is based on gender, age and smoking status at the time of enrollment.
If you have not smoked cigarettes in the 12 months immediately prior to the date of enrollment, you will enjoy the non-smoker premium rate.