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Eligibility
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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
60 years of age.
Member, as defined under the plan, includes employees, graduates, faculty members and full-time students of the University of Saskatchewan.
Employee means a person who is employed in an administrative capacity by the Alumni Association.
Spouse means the legal or common-law spouse of an eligible Member. Legal spouse means a person who is legally married and cohabiting with the Member and with whom there is no formal or informal agreement of separation. Common-law spouse means a person who has been cohabiting in a marriage-like relationshiop with the Member for at least 12 consecutive months.
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Benefit Amounts
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Members and Spouses can each apply for coverage in units
of $27,000 up to a maximum of $810,000. That is a combined maximum of
$1,620,000 protection for you and your Spouse.
The value of each unit of insurance reduces on the March
1st coincident with or following the insured's 60th birthday as shown
on the schedule below:
| Age |
Value of each unit |
| 60 - 64 |
$16,200 (60% of $27,000)
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| 65 - 69 |
$10,800 (40% of $27,000)
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| 70 - 74 |
$5,400 (20% of $27,000)
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| 75 - 84 |
$2,700 (10% of $27,000)
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Premium Rates |
Premiums are calculated each year based on the insured's
age at March 1st, and will increase as the insured reaches a higher
age band.
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Term Life Insurance
Monthly Premium Rate per $27,000 Unit
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MALE
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FEMALE
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Age at
March 1st
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Smoker
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Non-Smoker*
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Smoker
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Non-Smoker*
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| Under 30 |
$2.65 |
$2.05 |
$2.20 |
$1.45 |
| 30 - 34 |
2.75 |
2.20 |
2.50 |
1.85 |
| 35 - 39 |
4.05 |
2.70 |
3.30 |
2.25 |
| 40 - 44 |
7.05 |
3.85 |
5.25 |
2.85 |
| 45 - 49 |
10.90 |
5.90 |
7.10 |
4.20 |
| 50 - 54 |
16.00 |
10.40 |
12.10 |
6.05 |
| 55 - 59 |
22.30 |
14.70 |
16.55 |
10.30 |
| 60 - 64** |
22.30 |
14.70 |
16.55 |
10.30 |
| 65 - 69** |
22.30 |
14.70 |
16.55 |
10.30 |
| 70 - 84** |
22.30 |
14.70 |
16.55 |
10.30 |
*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.
**The premiums shown for ages 60 to 84 are for
renewal of existing coverage only.
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Additional Benefits |
Waiver of Premium (for insured Members only)
If you are under age 65 and become totally disabled due to an accident
or sickness, all premiums due after 6 months of continuous disability
will be waived. Your coverage continues at no charge to you throughout
the duration of your disability, up to age 85. If your Spouse becomes totally disabled, premiums must continue to be submitted in order for the insurance to remain in force.
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 any accident or commencement of a sickness,
IAP will pay you 20% of your death benefit, up to $20,000. If your injury
or sickness results in loss of life within 365 days of dismemberment,
the amount of your death benefit will be reduced by the amount paid under
the Dismemberment Benefit.
Conversion Privilege (for insured Members only)
If your Term Life Insurance terminates because you are no longer eligible
before age 65, you may convert up to $200,000 of it to selected
individual plans within 31 days. This may be done without further evidence
of health at smoker rates applicable to your age at the time of conversion.
Open Window Conversion (for insured Members only)
On your 45th, 50th, 55th, or 60th birthday you are eligible to convert
all or part of your Member Term Life Insurance, to a maximum of $100,000 to
an individual policy. You must notify IAP in writing within 120 days
of the date you first become eligible.
Special Continuation Benefit (for insured Spouses only)
If you die, the current amount of Term Life Insurance in force for your insured Spouse may be continued, with no further increases. This coverage will terminate at the end of the policy year in which your Spouse attains age 85.
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General Information
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Fully Portable Coverage
If you are an alumni member, coverage goes with you regardless of a change
in your profession, job status, place of employment or residence - 24 hours
a day, anywhere in the world - as long as you continue to pay your premiums.
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 by written instructions at any time, unless irrevocably appointed. Note that in Quebec, your spouse designated as beneficiary
will be irrevocable unless otherwise stated. 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 Term Life
benefit.
Termination of Coverage
Your coverage terminates on the earliest of the following dates:
- the end of the month in which your written request to cancel your insurance is received by IAP;
- the end of the month in which you are no longer eligible;
- the due date of any unpaid premiums;
- the date the Group Master Policy between your Alumni Association
and IAP terminates;
- the end of the policy year following the date you reach age 85;
- with regard to your Spouse's Term Life Insurance, the earliest of the above, or the end of the policy year following the date they reach age 85, or the end of the month in which they no longer qualify as a "Spouse".
Limitations & Exclusions
For Term Life Insurance, the only exclusion is suicide
occurring within two years of the effective date of your insurance.
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