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Life insurance is one of the most important things you can do to protect your loved ones. But there comes a time when purchasing it becomes more difficult, due to advancing age or medical history. At CAA, we believe neither should be a barrier to protecting your family. So, we created a plan that gives you coverage with no medical exam at the time of application.
CAA Guaranteed Issue Life Insurance is one of the simplest types of coverage money can buy. It can help you leave $5,000 to $25,000 of tax-free cash for your loved ones to pay off debt, help cover a child’s education, help your spouse live a more comfortable life, pay for your final arrangements and more.
Because you’re a CAA Member, your initial coverage would increase by 2 per cent every year – at no extra cost to you for up to 25 years.1 That means if you purchased $25,000 in coverage, you would receive an additional $12,500 for free after 25 years!
- Coverage options from $5,000 to $25,000
- Tax-free, lump-sum benefit paid to your beneficiaries
- Your approval is guaranteed with no medical exams or questions at the time of application
- Your rates are locked in and will never increase
- If you pass away in the first 2 years and the cause of death is not accidental, suicide or a pre-existing condition, your beneficiaries will receive a benefit equal to the amount of insurance
- Accidental Death Benefit, which gives you an additional 4 times the amount of your coverage if you die accidentally before age 85
- Living Benefit Cash Advance if you become terminally ill2
- Health Service Navigator® to help inform your health care choices,3 including world-class opinion services
No benefit is payable under the Guaranteed Issue Life Insurance Plan in the case of suicide within two years of the effective date of the coverage. We will instead return all premiums paid, without interest. If death during the first two years of coverage is due to a pre-existing condition,* the benefit payable will be equal to all premiums paid plus 10 per cent interest compounded annually. A pre-existing condition is any disease or physical condition, whether diagnosed or not, for which symptoms occurred or medical treatment was sought, recommended, required or obtained from or by a physician (medical treatment including any medical advice, consultation, care, diagnosis, treatment or service provided by a physician), or for which drugs were prescribed by a physician or taken by an insured person, during the 24-month period immediately preceding the effective date of coverage. Please refer to the Death Benefit section in the sample policy for full details.
The Accidental Death Benefit is payable for an accidental death due to a bodily injury occurring before age 85. The bodily injury must be caused by external, violent and purely accidental means, and it must be independent of all other causes. The accidental death must occur within 365 days of the bodily injury. Accidental death does not include death which is caused directly or indirectly by one or more of the following causes: sickness, illness or bodily or mental infirmity or disease of any kind; suicide or self-inflicted injury; declared or undeclared war or any act of war, riot or insurrection, or service in the armed forces; any event directly or indirectly related to the ingestion of alcohol by you where the concentration of alcohol in your blood exceeds 80 milligrams of alcohol in 100 milliliters of blood; voluntary ingestion of poison, toxic substances or non-toxic substances or drugs, sedatives or narcotics (whether illicit or prescribed) in such quantity that they become toxic, or voluntary inhalation of a gas; from or while committing or attempting to commit a criminal offence, or committing or provoking an assault; medical or surgical treatment or complications arising therefrom, except when required as a direct result of an accidental bodily injury; participating in a contest of speed, scuba diving, skydiving, parachuting, hang gliding or bungee jumping, or a flight accident except when travelling as a passenger on a commercially licensed airline. Please refer to the Accidental Death Risks Not Covered section in the sample policy for full details.
This is not a contract. Actual terms and conditions are detailed in the policy issued by Manulife upon final application approval. It contains important details concerning exclusions, conditions and limitations. It is important that you read your insurance policy when you get it to understand exactly what you are covered for.
See the sample policy for detailed information on benefits, limitations and exclusions. View Guaranteed Issue Life Insurance policy (PDF).
Health Service Navigator® is offered through The Manufacturers Life Insurance Company (Manulife).
Canadian residents aged 40-75 are eligible.
| Age5 | Male | Female |
|---|---|---|
| 40 - 41 | $5.61 | $4.21 |
| 42 - 43 | $6.03 | $4.53 |
| 44 - 45 | $6.48 | $4.87 |
| 46 - 47 | $6.98 | $5.26 |
| 48 - 49 | $7.51 | $5.68 |
| 50 - 51 | $8.16 | $6.17 |
| 52 - 53 | $9.01 | $6.80 |
| 54 - 55 | $9.94 | $7.50 |
| 56 - 57 | $11.16 | $8.44 |
| 58 - 59 | $12.56 | $9.54 |
| 60 - 61 | $14.15 | $10.82 |
| 62 - 63 | $15.95 | $12.36 |
| 64 - 65 | $17.99 | $14.12 |
| 66 - 67 | $20.36 | $16.08 |
| 68 - 69 | $23.06 | $18.30 |
| 70 - 71 | $26.11 | $20.81 |
| 72 - 73 | $29.52 | $23.64 |
| 74 - 75 | $33.38 | $26.86 |
Premiums quoted are subject to sales tax (if applicable).
Please note that plan rates are not guaranteed and are subject to change at any time if you are not insured. Once insured, rates are guaranteed to remain the same throughout the duration of your term.
Rates are subject to change upon renewal.
4 Non-Smokers are those who have not used any form of tobacco or tobacco cessation products in the past 12 months.
5 Age means the age attained by the applicant (Member or Spouse) as of the first Premium Due Date.
| Age5 | Male | Female |
|---|---|---|
| 40 - 41 | $8.51 | $6.47 |
| 42 - 43 | $9.29 | $6.99 |
| 44 - 45 | $10.15 | $7.56 |
| 46 - 47 | $11.06 | $8.13 |
| 48 - 49 | $12.04 | $8.74 |
| 50 - 51 | $13.21 | $9.46 |
| 52 - 53 | $14.67 | $10.38 |
| 54 - 55 | $16.31 | $11.39 |
| 56 - 57 | $18.25 | $12.65 |
| 58 - 59 | $20.46 | $14.09 |
| 60 - 61 | $22.89 | $15.69 |
| 62 - 63 | $25.54 | $17.49 |
| 64 - 65 | $28.49 | $19.49 |
| 66 - 67 | $31.60 | $21.81 |
| 68 - 69 | $35.01 | $24.43 |
| 70 - 71 | $38.55 | $27.29 |
| 72 - 73 | $41.95 | $30.32 |
| 74 - 75 | $45.65 | $33.69 |
Premiums quoted are subject to sales tax (if applicable).
Please note that plan rates are not guaranteed and are subject to change at any time if you are not insured. Once insured, rates are guaranteed to remain the same throughout the duration of your term.
Rates are subject to change upon renewal.
5 Age means the age attained by the applicant (Member or Spouse) as of the first Premium Due Date.
If, for any reason, you change your mind within 30 days, simply request a refund. Any premiums you paid will be promptly refunded.6
Simply apply and protect. Ready?
The purpose of life insurance is to help protect your loved ones should the unthinkable happen. The money from your life insurance could be used to take care of your loved ones living expenses, mortgage payments, outstanding debts and credit card payments, childcare and education expenses, funeral costs, or any other expenses. The money could also be left as a gift to a loved one and/or favourite charity or be used to protect the value of your estate and/or business.
As your lifestyle changes, so do your life insurance needs. Major life events like getting married, purchasing a home, having a child or buying a business can all increase your need for life insurance, making it important that you review your current life insurance coverage each year to ensure it's enough to meet your needs.
The amount of life insurance that's right for you depends on your unique personal and financial situation, including whether you have a spouse and/or children, your existing assets, your liabilities, etc.
There are four main reasons why our Term Life Insurance is a smart alternative to mortgage life insurance:
Mortgage life insurance typically pays the death benefit to the lender who holds your mortgage(s). Our Term Life Insurance will pay the death benefit directly to your beneficiary, giving them more control over how that money is spent.
With mortgage life insurance, your coverage decreases as your mortgage decreases. With our Term Life Insurance, your coverage amount stays the same.
With mortgage life insurance, you have to re-apply every time you change lending institutions or buy a new home. With our Term Life Insurance, your insurance is automatically renewed – with no medical questions asked at the time of renewal – unless you want to increase your coverage. You can cancel your plan any time you wish.
Depending on your age and health, the premiums for mortgage insurance can also be much higher than for Term Life protection by CAA.
Take action
Need Assistance?
Speak to a friendly and knowledgeable advisor.
Call 1-866-923-4084
Monday to Friday, from
8 a.m. to 8 p.m. ET
or email am_info@manulife.ca.
* A pre-existing condition is classified as any disease or physical condition, whether diagnosed or not, for which symptoms occurred or medical treatment was sought, recommended, required or obtained from or by a physician (medical treatment including any medical advice, consultation, care, diagnosis, treatment or service provided by a physician), or for which drugs were prescribed by a physician or taken by an insured person, during the 24-month period immediately preceding the effective date of coverage.
1 CAA 2% Membership Benefit increases the initial coverage amount by 2% annually (non-compounding) for up to 25 years with no increase in premium. Ongoing coverage and CAA membership must be maintained for the increase to be considered in-force at the time of claim.
2 The policy must be in-force for 2 years, limited to 50% of the death benefit and you must have a prognosis of death within 12 months.
3 The insurer cannot guarantee the availability of this benefit indefinitely.
4 Non-smokers are those who have not used any form of tobacco or tobacco cessation products in the past 12 months.
5 Age means the age attained by the applicant (Member or Spouse) as of the first Premium Due Date.
6 The insured may, within thirty (30) days after receiving this policy, return it to the address below for cancellation. The policy will be considered never to have come into effect and any premium paid up to the end of the 30-day examination period will be refunded, less any claims paid. Where claims paid exceed premiums, the difference must be repaid to the insurer immediately. This right of cancellation expires thirty (30) days after the policy is received by the insured and does not apply to any reissued, substituted or consolidated policy continuing coverage that commenced under a previously issued policy. The rights of any beneficiary under the policy are subject to this right of cancellation.