Term Life Insurance for CARP Members
CARP members: Take steps now to help safeguard your family’s financial future. Due to a lack of cash value, term insurance can offer the most coverage for a given amount of money. Benefits may be used to pay off mortgages, debts or loans, final expenses, living expenses, childcare or education expenses.
- Coverage to $150,000: To age 70, coverage ranges from $50,000 to $150,000 in increments of $25,000. Choose the amount that suits your needs and budget.
- Apply Today: Premiums are based on your sex, smoking status and age at the time of application. Apply before your next birthday for lower premiums.
- When approved, premiums won’t change for 10 years.
- Your insurance coverage is guaranteed renewable every 10 years up to age 85.
- Before age 70, if desired, you can convert your term plan to a permanent life insurance policy – without the need for additional medical information.
Term Life Insurance for CARP Members is the affordable insurance solution that fits your life and helps protect your loved ones – today, and for years to come.
Make an Informed Decision
As CARP’s recommended insurance provider, we have a responsibility to help you make an informed buying decision. No matter which insurance product you require, or provider you choose, our best advice is to educate yourself before you buy. That’s why we offer information that will help you review programs “apples-to-apples”.
Term Life Insurance
Make sure you have proper – and enough – coverage
To determine of you should obtain life insurance coverage, ask yourself:
- With your contribution to the yearly budget, how would your family get by if you died?
- Would you like to put money aside for a child’s education?
- Would your final expenses or outstanding debts be a burden for your family?
- Could life insurance help with business succession plans or be used for a donation to charity?
OK, you’ve established the need. Now it’s time to shop. Regardless of the plan you choose, rates are based on coverage selected, gender, smoking status and age at the time of application. Note some plans have age restrictions.
BEFORE YOU BUY - Which plan type is right for you?
- (1) PERMANENT: while not ideal for short term needs, universal life and whole life plans hold cash values, offer premium stability and protection for life.
- (2) TERM: typically offers the most coverage for the money due to a lack of cash value. Term life has set rates for length of the term – i.e. five or 10 years, or to age 100, and is ideal for short term needs and renewable. Be aware though that premiums will increase upon renewal.
- (3) GUARANTEED ISSUE: while available coverage may be less than other plans, acceptance is guaranteed – subject to receipt of first premium – with no health exam or questions at time of application.
- (4) ABOUT TO LOSE YOUR GROUP PLAN: If a new policy is too costly, there are plans that’ll help you retain coverage when your employer-sponsored plan is about to end.
GREAT RESOURCE: To help you decide how much coverage you may need, the Canadian Life and Health Insurance Association has published a comprehensive guide to life insurance, which includes a simplified financial needs analysis worksheet. Read the Canadian Life and Health Insurance Association’s “Guide to Life Insurance” online at: www.clhia.ca
A FINAL WORD: The McLennan Group urges you to be certain the program selected is right for your needs. Always read the fine print and ask questions before you buy, because insurance without proper coverage is like having no insurance at all. Remember, your protection is our priority.
Attention Residents of Quebec:
To learn coverage options, plan details, or to make your purchase, please call toll-free: 1.855.460.3631
Insurance policies underwritten by The Manufacturers Life Insurance Company
The Term Life Insurance Plan for CARP Members is underwritten by The Manufacturers Life Insurance Company (Manulife), P.O. Box 670, Stn Waterloo, Waterloo, ON N2J 4B8. Manulife and the Block Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under licence. Product may not be available in all provinces. Terms, conditions and exclusions apply; see policy for details. Life and Health Plans offered by The McLennan Group Life Insurance Inc. Auto & Home Program offered by The McLennan Group Insurance Inc.