PREFERRED 5 YEAR TERM

Overview

The Preferred 5 Year Term policy is renewable every 5 years and can be converted to a permanent life insurance plan at any time. Your premium payments will never increase for each 5-year period. You can renew your policy without any additional medical information for additional 5-year periods until you turn 80. You can convert this policy to a permanent life insurance plan before you turn 70. There are a number of options available with this plan. It can be purchased if you are 18 to 70.

Standard Benefits

Coverage
Coverage amounts can range from $50,000 to $5,000,000.

Renewable
Prior to age 80, this plan may be renewed, without medical evidence, for additional 5-year periods.

Convertible
Prior to age 70, this plan may be converted, without any new medical questions, to one of a number of permanent life insurance plans. This benefit is included at no extra cost.

Optional Features

Accidental Death Benefit
If you die by accidental means and your payments are up to date, your coverage amount is doubled. For example, if your initial coverage amount is $100,000 and you die in an accident, your beneficiary will receive a total of $200,000. This option is available for those 18 to 60. Premiums for this option will not increase. This benefit ends when you turn 70.

Disability Waiver
With this benefit, if you become completely and continuously disabled for more than 6 months, your premiums will be paid until you are no longer completely disabled. This benefit ends when you turn 65. This option is available for those 18 to 60.

Child Term Rider
If you purchase the Preferred 5 Year Term plan, you can also purchase $10,000 to $20,000 in coverage for your children. This option is available for children 0 to 16 years old. The benefit ends when the child turns 25, or when you turn 65, whichever occurs first. When this benefit does expire, the child may convert the coverage to a term or permanent life insurance plan worth up to 5 times the Child Term rider amount.

Payments

Premium payments may be made annually, semi-annually, or monthly through automatic banking. The annual policy fee is $75 for the first policy, and an additional $50 for each additional policy (spouse or child). If you apply for more than one policy on your life, you are only charged one policy fee. You can pay annually or semi-annually by cheque, or by automatic monthly withdrawals from your bank account.