CAA term life insurance

Once your term life insurance ends, the policy expires and you won't have coverage anymore. It's important to know that if something happens to you after your term ends, your beneficiaries won't receive a payout.

But there are options when your term life insurance ends. Depending on your policy terms, you could renew for another term or convert it to a permanent life insurance policy. These options allow you to continue your life insurance coverage beyond the initial term, ensuring ongoing protection for your loved ones.

With term life insurance, your coverage comes to an end when the chosen term expires. For example, if you're 32 and have a 30-year term policy, your coverage will end when you turn 62.

CAA Term Life Insurance offers flexible term lengths from 10 to 30 years, providing coverage until you're 85 years of age. Whether you need a shorter term or a longer one, you can find the best fit for your needs. The maximum age to apply with the shortest term is 75.

Unlike whole or universal life insurance, term life insurance does not accumulate cash value. When your coverage expires, you won't receive a refund or any return on your investment. Think of term life insurance as similar to car or home insurance; you don't get a refund on your car insurance if you don't make a claim, and the same principle applies to term life insurance.

Many employees have a basic level of group life insurance coverage through workplace benefits. Typically, employer group life insurance coverage ranges between one to two times your annual salary. Depending on your financial responsibilities and whether you have children, this coverage may or may not be sufficient to meet your needs.

To ensure you have a robust financial safety net, term life insurance can complement your employer group coverage. Unlike employer group insurance, which terminates when you leave the company and can be modified by your employer, term life insurance gives you control over your insurance coverage.

Term life insurance can provide a financial payout to your chosen beneficiaries. It's a popular choice for covering your loved ones and those who depend on you financially, such as your spouse, children or elderly parents.

If you pass away within the specified term, your beneficiaries receive a lump-sum payout, subject to the policy's terms. This payout, also known as the death benefit, acts as a safety net during a challenging time. It can help with various needs like replacing lost income, covering childcare expenses, settling the mortgage and addressing other necessities.

Yes. Term life insurance is designed to provide protection against accidental death as well as various other causes. However, there are a couple of important points to keep in mind.

Firstly, it's worth noting that term life insurance typically doesn't cover suicide within the first two years of the policy (this is a standard practice in the industry). Secondly, each insurance provider has their own Terms and Conditions outlined in their policies. It's always a good idea to carefully read your policy to ensure you have a clear understanding of what's covered and what is not.

The best time to consider term life insurance is when you have financial dependents or larger financial obligations. Perhaps you've started a family, you're getting married or have a mortgage.

It's worth noting that the earlier you purchase term life insurance, the more affordable your rates will be. As we age, the risk of facing severe health issues or passing away increases, which in turn, affects insurance rates.

With CAA Term Life Insurance, a majority of applicants won't need a medical exam. However, if you do require one, it's advisable to complete it at a younger age.

Never miss a payment by securely setting up pre-authorized monthly payments for your policy. Premiums can be paid using Visa debit, Visa, Mastercard, Amex or Diner’s Club credit cards.

In Canada, most insurance providers typically require applicants to be Canadian citizens or residents to qualify for term life insurance. However, there are a few providers that may consider applications from non-Canadians. In such cases, the available coverage options might be somewhat more limited. For CAA Term Life Insurance coverage, applicants must be Canadian citizens or residents and must sign their contract while in Canada rather than overseas.

When you apply for term life insurance, you may need to undergo a medical exam to assess your overall health. Based on this information, insurers can determine the cost of your policy and identify any potential risks. It's all part of getting you the best coverage possible.

Determining whether a medical exam is required depends on factors such as your insurance company, age and desired coverage. If you're under 40 and generally healthy, it’s often unnecessary. With CAA Term Life insurance, it’s anticipated that the majority of applicants will have no additional medical requirements for approval.

For term life insurance policies purchased after December 31st, 2023, you can contact service@caa.securiancanada.ca or call 1-866-714-9007 (Monday to Friday 8:30 a.m. to 8 p.m. EST) to speak to an advisor and start your claim.

For one-year or five-year term life insurance policies purchased prior to January 1st, 2024, you can contact memberservice@securiancanada.ca or call 1-844-894-0380 (Monday to Friday 8:30 a.m. to 8 p.m. EST) to speak to an advisor and start your claim.

For all other life insurance policies purchased prior to January 1st, 2024, you can contact am_caa@manulife.com (for English service), am_caa@manuvie.com (for French service) or call 1-877-261-8222 to speak to an advisor and start your claim.