Industrial Alliance Pacific - CGA

Members and their spouses are eligible to apply for Term Life Insurance. Members do not have to be insured in order for a spouse to apply for coverage.

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 their 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.

Benefit Amounts

Members and Spouses can each apply for coverage in units of $25,000 to a maximum of 80 units or $2,000,000.

Commencing on the November 1^st coincident with or immediately following an insured person's 66^th birthday, the amount of insurance reduces by 10% on each November 1^st, up to and including the November 1^st coincident with or immediately following the insured person's 74^th birthday (i.e. insurance reduces by 10% of your original amount of insurance each year for nine years). Though your insurance decreases annually, the premium charge remains the same for the first seven years. The reduced amount of insurance remaining on the November 1^st coincident with or immediately following an insured person's 73^rd and 74^th birthday is without premium charge.

Premium Rates

Premiums are calculated each year based on the insured's age at November 1^st, and will increase as the insured reaches a higher age band.

Term Life Insurance Annual Premium Rate Per $25,000 Unit For Amounts of Insurance to $100,000
	SMOKER		NON-SMOKER*
Age at November 1^st	Male	Female	Male	Female
Under 31	$25.90	$19.27	$20.35	$14.00
31 - 35	31.47	24.54	22.26	17.54
36 - 40	42.60	29.81	25.90	21.09
41 - 45	64.84	47.35	37.03	29.81
46 - 50	98.14	70.17	53.73	40.37
51 - 55	148.23	103.52	83.37	57.89
56 - 60	212.99	122.79	129.61	78.98
**61 - 72	296.36	175.52	166.74	114.07
**73 - 74	N/A	N/A	N/A	N/A
75	COVERAGE TERMINATES***

Special Discounted Term Life Premium Rates Annual premium rate per $25,000 For Amounts of Insurance over $100,000
	SMOKER		NON-SMOKER*
Age at November 1^st	Male	Female	Male	Female
Under 31	$23.34	$17.37	$18.33	$12.61
31 - 35	28.35	22.09	19.98	15.79
36 - 40	38.31	26.85	23.34	18.92
41 - 45	58.28	42.60	33.30	26.85
46 - 50	88.36	63.18	48.34	36.29
51 - 55	133.35	93.15	74.98	52.10
56 - 60	191.64	110.52	116.66	71.03
**61 - 72	266.72	157.97	150.05	102.58
**73 - 74	N/A	N/A	N/A	N/A
75	COVERAGE TERMINATES***

Plus provincial taxes where applicable.

The premiums for ages 65 to 72 are for renewal of existing coverage only.

*Non-Smoker rates apply to individuals who, at the time of application, have not used any tobacco, marijuana or nicotine products within the last 12 months and who have provided satisfactory evidence of insurability. Being a non-smoker and maintaining a healthy lifestyle not only benefits your physical and mental health, it can also save you money. In fact, you can save up to 44% on premiums paid by individuals who do smoke.

**The value of each unit of insurance reduces on the November 1^st coincident with or following your 66^th birthday by 10% every year.

*** Coverage terminates at age 75 unless eligible for the Paid Up Benefit.

Waiver of Premium
If you are under age 65 and become totally disabled due to an accident or sickness, all premiums due for Term Life Insurance for you and your family will be waived after three months of continuous disability. Your Term Life Insurance coverage continues at no charge to you throughout the duration of your disability, up to age 75.

Dismemberment Benefit
If you suffer the loss of one leg, foot, arm, hand, hearing in one ear, or the entire sight of one eye as a result of a sickness or injury within 365 days after the date of the accident or commencement of a sickness, IAP will pay 20% of the death benefit, up to $20,000. If the injury or sickness results in loss of life within 365 days of dismemberment, the amount of the death benefit will be reduced by the amount paid under the Dismemberment Benefit.

Living Benefit
If you are diagnosed with a terminal illness by a medical specialist and are expected to live less than 12 months, you can apply to receive 50% of your Term Life Benefit, up to $100,000. Your coverage must have been in force for at least two years at the time of diagnosis.

Paid Up Benefit
If you and/or your Spouse have been continuously insured since your respective 63^rd birthday, retain your CGA status in good standing and are not on Waiver of Premium, then the amount of insurance in force on the November 1^st coincident with or immediately following your respective 74^th birthday will continue for life* at no cost to you.

Conversion Privilege
If your own or your Spouse’s Term Life Insurance terminates because you are no longer eligible on or before age 65, you may convert up to $200,000 of it to selected individual plans within 31 days of the termination date. This may be done without further evidence of health at smoker rates applicable to your age at the time of conversion.

Special Continuation Provision
If you terminate active membership with CGA-Canada, but retain retired membership status in good standing, your current amount of Term Life Insurance in force, plus any Spousal or Dependent Children Term Life Insurance in force, may be continued with no future increase in the amount of coverage as long as premiums continue to be paid as per contract provisions.

Retired membership status applies to those individuals who have satisfied the retired member requirements of their province or territory.

If the insured Member dies, an insured Spouse may continue his/her Term Life Insurance that is in force at the time of the Member’s death. This coverage may be kept in force with no future increases up to the November 1^st coincident with or immediately following the Spouse’s 75^th birthday. At this time, the Spouse may be eligible for the Paid Up Benefit.

Fully Portable Coverage
This insurance may be continued no matter where you may move, provided you maintain eligibility and the premiums are paid as they fall due. Applications for additional coverage can be accepted only from eligible individuals residing in Canada.

Money Back Guarantee
Once your application is received and approved, you will be sent a Certificate of Insurance. You will have 60 days to review it to ensure that it meets your needs. Should you choose not to accept the insurance you can cancel your coverage and return the Certificate within 60 days of the effective date. You will receive a full refund of any premiums already paid.

Beneficiary
You may name any person or institution as your beneficiary. You may change your beneficiary, unless irrevocably appointed, by written instructions to IAP at any time. Please note that in Quebec, your Spouse designated as beneficiary will be irrevocable unless you state otherwise. The Member is presumed to be the beneficiary of any Spousal coverage unless another beneficiary is named. The Member is always the beneficiary of the Dependent Children Term Life benefit.

Termination of Coverage
As long as you pay your premium when it is due, insurance will continue until the earliest of:

Limitations & Exclusions
For Term Life Insurance, benefits are not payable for suicide occurring within two years of the effective date of your insurance coverage or its latest reinstatement.