Permanent Life Insurance

Are you looking for financial stability and security for your loved ones in the event of a premature death? If you are, then Permanent Life Insurance is right for you.

 

	Eligibility
	Benefits and Premiums
	Premium Rates
	Product Features
	General Information
	Contact Information/How to Apply

 

Eligibility

Both Members and their spouses can apply for Permanent Life Insurance. The following eligibility requirements are only taken into account at the time you apply for insurance. They are not an on-going requirement to maintain your coverage in force.

All applicants must be resident in Canada and less than 65 years of age.

Member, as defined under the plan, includes either a Certified General Accountant in good standing with your Provincial/Territorial Association or CGA-Canada (excluding associate, honorary and retired CGAs); a registered student of the CGA program; or a full-time employee or a partner of a provincial or national CGA office or firm.

Spouse means the legal spouse of a Member, providing there is no separation in effect, or an individual who has been residing in a marriage-like relationship with the Member for a period of at least 12 consecutive months.

Benefits and Premiums

Insurance for CGA Members is available in amounts ranging from $25,000 to a maximum of $500,000. Spouses can also be insured for a maximum of $500,000. The amount of your insurance coverage remains level for life, unless you request a decrease in coverage.

Premiums are based on your age, gender and smoking status. Age for the calculation of premiums means your age closest to your policy effective date. An annual policy fee will be added to the premium. The fee is $60 per year for single coverage and $90 for joint first or second-to-die coverage.

Premium Rates

 

Non-Smoker Rates For Single Coverage Annual Per $1,000 Benefit
	Males		Females		WP			Males		Females		WP
Age	$25,000 - $99,999	$100,000- $500,000	$25,000 - $99,999	$100,000- $500,000	(M/F)		Age	$25,000 - $99,999	$100,000- $500,000	$25,000 - $99,999	$100,000- $500,000	(M/F)
16	$3.80	$3.08	$3.04	$2.34	$0.10		41	$8.94	$8.14	$7.35	$6.65	$0.14
17	3.88	3.15	3.14	2.43	0.10		42	9.37	8.61	7.68	6.97	0.16
18	4.01	3.33	3.25	2.54	0.10		43	9.82	9.09	8.03	7.31	0.19
19	4.07	3.40	3.32	2.63	0.10		44	10.30	9.59	8.39	7.67	0.21
20	4.11	3.44	3.38	2.70	0.10		45	10.80	10.11	8.78	8.04	0.24
21	4.17	3.48	3.44	2.77	0.10		46	11.34	10.66	9.19	8.44	0.28
22	4.24	3.54	3.52	2.85	0.10		47	11.91	11.25	9.63	8.87	0.32
23	4.34	3.63	3.62	2.95	0.10		48	12.52	11.87	10.10	9.33	0.36
24	4.45	3.75	3.73	3.07	0.10		49	13.18	12.52	10.60	9.82	0.4
25	4.59	3.89	3.85	3.19	0.10		50	13.88	13.20	11.15	10.35	0.46
26	4.74	4.05	3.99	3.33	0.10		51	14.64	13.94	11.74	10.93	0.51
27	4.91	4.22	4.13	3.48	0.10		52	15.45	14.74	12.37	11.55	0.57
28	5.09	4.26	4.21	3.60	0.10		53	16.32	15.61	13.05	12.22	0.63
29	5.28	4.35	4.29	3.73	0.10		54	17.26	16.53	13.79	12.94	0.69
30	5.48	4.47	4.36	3.90	0.10		55	18.26	17.50	14.58	13.71	0.74
31	5.70	4.64	4.44	4.11	0.10		56	19.32	18.55	15.43	14.53
32	5.94	4.84	4.52	4.33	0.10		57	20.45	19.67	16.34	15.41
33	6.19	5.09	4.85	4.53	0.10		58	21.65	20.85	17.31	16.35
34	6.47	5.39	5.18	4.75	0.10		59	22.92	22.09	18.33	17.34
35	6.76	5.72	5.50	4.98	0.10		60	24.26	23.41	19.43	18.41
36	7.08	6.08	5.83	5.22	0.10		61	25.69	24.82	20.59	19.54
37	7.41	6.45	6.16	5.48	0.10		62	27.20	26.33	21.83	20.76
38	7.76	6.84	6.44	5.75	0.10		63	28.81	27.95	23.15	22.07
39	8.14	7.25	6.73	6.04	0.11		64	30.53	29.66	24.57	23.47
40	8.53	7.69	7.03	6.33	0.12

Notes:

1.	To calculate the total annual premium, add $60 policy fee to the annual premium.
2.	To calculate the monthly premium, multiply the total annual premium by 0.09.
3.	If applying for WP (Waiver of Premium) add the WP rate to the Life rate to determine the total rate per $1,000. WP rates are the same for males and females.
4.	Non-Smoker rates apply to people who, at the time of application, have not smoked cigarettes, cigars, cigarillos, pipe, marijuana, or used snuff, chewing tobacco or nicotine products (patch, gum etc.) within the last 12 months and who have provided satisfactory evidence of insurability.

 

Smoker Rates For Single Coverage Annual Per $1,000 Benefit
	Males		Females		WP			Males		Females		WP
Age	$25,000 - $99,999	$100,000- $500,000	$25,000 - $99,999	$100,000- $500,000	(M/F)		Age	$25,000 - $99,999	$100,000- $500,000	$25,000 - $99,999	$100,000- $500,000	(M/F)
16	$4.70	$3.94	$3.82	$2.96	$0.12		41	$12.23	$11.32	$9.83	$8.98	$0.18
17	4.91	4.05	3.91	3.07	0.12		42	12.88	11.95	10.31	9.45	0.21
18	5.16	4.16	4.00	3.19	0.12		43	13.57	12.63	10.83	9.95	0.25
19	5.28	4.27	4.11	3.30	0.12		44	14.30	13.34	11.40	10.48	0.28
20	5.35	4.38	4.23	3.41	0.12		45	15.08	14.11	11.98	11.04	0.33
21	5.43	4.51	4.36	3.53	0.12		46	15.90	14.91	12.61	11.63	0.37
22	5.53	4.65	4.51	3.66	0.12		47	16.77	15.77	13.27	12.25	0.43
23	5.67	4.81	4.64	3.81	0.12		48	17.69	16.67	13.95	12.91	0.49
24	5.84	4.99	4.77	3.97	0.12		49	18.67	17.63	14.67	13.61	0.56
25	6.04	5.19	4.91	4.16	0.12		50	19.71	18.64	15.42	14.35	0.63
26	6.26	5.41	5.04	4.35	0.12		51	20.80	19.70	16.23	15.13	0.71
27	6.51	5.65	5.17	4.56	0.12		52	21.96	20.82	17.09	15.96	0.79
28	6.77	5.86	5.28	4.73	0.12		53	23.18	22.00	18.00	16.84	0.88
29	7.02	6.10	5.36	4.92	0.12		54	24.46	23.24	18.96	17.77	0.96
30	7.28	6.37	5.46	5.14	0.12		55	25.80	24.55	19.97	18.76	1.02
31	7.53	6.68	5.60	5.38	0.12		56	27.21	25.92	21.05	19.80
32	7.79	7.01	5.83	5.65	0.12		57	28.68	27.36	22.18	20.90
33	8.24	7.38	6.16	5.94	0.12		58	30.22	28.86	23.37	22.06
34	8.68	7.77	6.58	6.26	0.12		59	31.82	30.43	24.62	23.27
35	9.13	8.20	7.04	6.60	0.12		60	33.50	32.07	25.95	24.55
36	9.57	8.66	7.52	6.96	0.12		61	35.25	33.76	27.32	25.88
37	10.02	9.15	7.99	7.35	0.12		62	37.09	35.52	28.76	27.27
38	10.52	9.64	8.44	7.72	0.12		63	39.01	37.35	30.28	28.72
39	11.05	10.16	8.90	8.12	0.14		64	41.03	39.24	31.87	30.25
40	11.62	10.72	9.36	8.53	0.16

Note:

1.	To calculate the total annual premium, add $60 policy fee to the annual premium.
2.	To calculate the monthly premium, multiply the total annual premium by 0.09.
3.	If applying for WP (Waiver of Premium) add the WP rate to the Life rate to determine the total rate per $1,000. WP rates are the same for both males and females.

 

For Joint First-to-Die and Joint Second-to-Die Premium Rates please refer to the two links to PDF files below and follow the instructions provided:

Product Features

Guaranteed Premiums
Premiums are guaranteed and will remain level for 20 years at which time your policy becomes paid up. This means that after 20 years, you are no longer required to pay premiums and your coverage continues for life.

Guaranteed Face Amount for Life
The amount of your insurance coverage remains level for life, unless you request a decrease in coverage. This benefit can guarantee you up to $500,000 in coverage for life.

Guaranteed Cash Surrender Value
After your policy has been in force for 20 years, you receive the guarantee of a cash value equal to 20 times the annual premium, less the policy fee. The cash value may be used as a loan if you require funds. If the policy is cancelled, the cash value less any loans is paid to you.

Coverage Options
There are three coverage options for Permanent Life Insurance:

1.	Single coverage: one individual is insured. The death benefit is paid upon the death of the insured at which time coverage terminates.
2.	Joint first-to-die: two individuals are insured. The death benefit is paid upon the death of the first individual to die. After the benefit has been paid, the policy is cancelled.
3.	Joint second-to-die: two individuals are insured. The death benefit is paid upon the death of the second individual to die. After the benefit has been paid, the policy is cancelled.

Optional Disability Waiver of Premium
Members and Spouses may select to add a disability waiver of premium benefit to the policy. You can apply for the waiver benefit from age 16 though 55. If you purchase the benefit and become totally disabled for 6 consecutive months, all premiums will be waived for the duration of the disability. Premiums for the waiver benefit are level and payable for 20 years, or to age 60, whichever comes first.

General Information

Portable Coverage
Once insured, your policy may be continued no matter where you work or live, provided the premiums are paid as they fall due. Applications for additional coverage can be accepted only from insureds residing in Canada.

Beneficiary
You may elect a beneficiary of your choice on the application form. You may also change your beneficiary at any time (where permitted by law), by providing written notice to the Insurer.

Termination
As long as you pay your premiums when due, coverage will continue for life until you either request cancellation or your death occurs. Upon death, the benefit of this policy will be paid to your beneficiary.

Limitations & Exclusions
The only exclusion for Permanent Life Insurance is suicide within the first two policy years or within the first two years following reinstatement of coverage.