Preferred Term Life Insurance

Preferred Term provides coverage for a fixed period of time. It is available with coverage for 10 years, 20 years or 25 years.

The Preferred 25 Year Term plan is available both in level term and decreasing term versions. The insurance coverage of the decreasing term version reduces over the 25 year term period, to cover a 25 year mortgage.

Unlike many other No Medical & Simplified Issue insurance plans, Preferred Term provides immediate coverage with no waiting period.

Preferred 10 and 20 Year Term and Level Preferred 25 Year Term policies are renewable for additional term periods up to age 80 without having to provide evidence of insurability. Preferred Decreasing 25 Year Term is not renewable.

All Level Preferred Term plans are convertible up to age 70, to Preferred permanent insurance plans.

Premium options include annual payments by cheque or credit card and monthly payments by pre-authorized bank debits.

• For level term insurance plans, the coverage amount will never decrease for the life of the policy, whether that is 10 years, 20 years or 25 years.
• The premiums quoted when the policy is issued are guaranteed not to change for the life of the policy.
• Satisfaction guaranteed or your money refunded – all Canada Protection Plan™ policies include a 10 Day Free Look Guarantee that gives you 10 days from the date you receive your policy, to review it and decide if it is right for you. If you decide to return your policy in those 10 days, we will refund your premium, no questions asked.

In addition, all Canada Protection Plan policies may include a number of non-contractual member benefits, offered by Foresters Life Insurance Company, the company which underwrites our policies. These are just a few listed, when you receive your policy, all benefits will be outlined.

• an online document preparation service helps create customizable wills, powers of attorney and healthcare directives *
• a competitive scholarship program to help with the rising cost of post-secondary education
• a renewable higher learning scholarship worth up to $6000 per year for four years for children of deceased members
• a financial grant allows members to create local activities that foster fun family time through unique opportunities
• an easy-to-use learning library offering a diverse range of over 200 online courses that can be accessed anytime, anywhere
• a monthly payment for orphans up to the age of 18 upon the death of both parents

* LawAssure online document preparation service is provided by Epoq, Inc. Epoq is an independent service provider and is not affiliated with Foresters. Not available in Quebec, the Yukon, the Northwest Territories and Nunavut. LawAssure is not a legal service or legal advice and is not a substitute for legal advice or services of a licensed legal advisor. Foresters Financial, their employees and life insurance representatives, do not provide, on Foresters behalf, legal, estate or tax advice.

For an additional premium, depending on your age, you may be eligible to add any of the following additional benefits:

• A term insurance rider that will provide a low cost option to increase your coverage for a temporary period of time. The term rider can be for any period that is shorter than the plan it is attached to.
• Accidental Death Benefit which will pay up to 5 times the basic life insurance death benefit. This benefit will pay the chosen additional amount if the cause of death is accidental (as defined in your policy).
• Child Term Benefit which insures each eligible child for $5,000, $10,000 or $15,000.
• Hospital Cash Benefit which pays a chosen daily benefit upon the hospitalization of the Insured

Term life insurance can be an important part of your financial plan, giving you control over your final expenses or outstanding debts in the event of your untimely passing. Term life insurance is a great option if your coverage needs are temporary (i.e., if you’re looking for protection while your family or dependents are young, or while debts like your mortgage are at their highest). Upon the completion of your defined term period, you can choose to renew your insurance plan, select a new term length, or switch to permanent life insurance coverage.