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Overview
Our CPSA Term Life Insurance Plan has been carefully designed
to give your family a financial anchor if you should die due to
accident or illness.
- Smoker and non-smoker rates
- Up to $750,000 for members and their spouses
- Coverage available for dependent children
- Living benefits
Some people look at life insurance as a way to leave money to
loved ones. But it's much more than that. It's a way to protect
your loved ones from a financial crisis if you should die prematurely.
Note: You, your spouse and dependent children must
be in good health to obtain this insurance coverage. Depending
upon age and the amount applied for, additional medical information
may be requested. Coverage may be declined or modified.
Eligibility
You can apply for coverage under the CPSA Life Insurance Plan
if:
- you are a CPSA member in good standing, and
- you are under age 65.
Your spouse may apply for coverage under this plan if:
- you are a CPSA member in good standing, and
- your spouse is under age 65.
To be eligible for coverage, your dependent children must be
at least 14 days old and under age 22 (under age 25 if in full-time
attendance at school or if disabled and fully dependent on you
for support).
Amount of Insurance
You can purchase coverage in units of $10,000 up to $750,000
if you are under age 65. Dependent children can be covered under
your plan for coverage in units of $5,000 up to $20,000 (you must
purchase life insurance for yourself before you can cover your
children). Your spouse can also apply for coverage in units of
$10,000 up to $750,000.
What's Covered
You may want to purchase coverage for both you and your spouse
in order to ensure the most comprehensive and effective coverage
for your family.
The Member Plan and Spousal Plan both offer:
| Waiver of
Premium |
If you should become totally disabled for six
consecutive months, your premiums will be waived during your
disability or until age 65, if earlier (subject to evidence
of continuing total disability). |
| Living Benefits |
A payment of 25% of your coverage may be paid
if diagnosed with a disease that will cause death within 12
months of diagnosis. |
| Conversion |
Should you and/or your spouse terminate coverage
under this plan prior to age 66, you and/or they may, within
31 days, convert up to $200,000 of that coverage to a Maritime
Life Individual Life Insurance Policy without having to provide
evidence of good health. Should the Master Policy terminate
under this plan after you and/or your spouse have been insured
for five continuous years, you and/or they may convert such
life insurance to a policy worth up to three times the Yearly
Maximum Pensionable Earnings allowed under CPP/QPP.Note: The
coverage available for conversion will be reduced by any amount
of group life insurance for which you and/or your spouse become
insured within 31 days of terminating coverage under this
plan. |
Termination of Coverage
Coverage under this plan will end on:
- the date the Master Policy is terminated;
- the date coverage lapses due to non-payment of premiums; insurance;
- the first renewal date (March 1) following attainment of age
70; or
- the first renewal (March 1) following the date your CPSA membership
terminates;
whichever is earliest.
Reduction in Coverage
On the first renewal date (March 1) following attainment of age
65, life insurance coverage will be reduced by 50%
Exclusions
For the first two years of coverage, no benefits will be paid
for death resulting from self-inflicted injuries or suicide (while
sane or insane).
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