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, means a graduate of
the University of Victoria or an alumni member as defined 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 $35,000 up to a maximum of $805,000. That is a combined maximum of
$1,610,000 protection for you and your Spouse.
The value of each unit of insurance reduces by 10% every year on the
October 1st coincident with or following the insured's 61st birthday.
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Premium Rates |
Premiums are calculated each year based on the insured's
age at October 1st, and will increase as the insured reaches a higher
age band.
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Term Life Insurance
Monthly Premium Rate per $35,000 Unit
Those applying for up to 7 units ($245,000)
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MALE
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FEMALE
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Age at
October 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 |
$3.55 |
$2.60 |
$2.85 |
$1.90 |
| 30
- 34 |
4.30 |
2.85 |
3.35 |
2.40 |
| 35
- 39 |
5.70 |
3.55 |
4.30 |
2.85 |
| 40
- 44 |
9.30 |
5.00 |
6.90 |
4.05 |
| 45
- 49 |
14.05 |
7.60 |
10.45 |
5.95 |
| 50
- 54 |
20.70 |
11.40 |
15.20 |
8.10 |
| 55
- 60 |
30.90 |
19.00 |
21.40 |
14.25 |
| 61
- 67** |
30.90 |
19.00 |
21.40 |
14.25 |
| 68
- 69** |
No Premium Charge
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Term Life Insurance
Monthly Premium Rate per $35,000 Unit
Those applying for 8 units ($280,000) or more
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MALE
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FEMALE
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Age at
October 1st
|
Smoker
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Non-Smoker* |
Smoker
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Non-Smoker*
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| Under
30 |
$3.20 |
$2.34 |
$2.57 |
$1.71 |
| 30
- 34 |
3.87 |
2.57 |
3.02 |
2.16 |
| 35
- 39 |
5.13 |
3.20 |
3.87 |
2.57 |
| 40
- 44 |
8.37 |
4.50 |
6.21 |
3.65 |
| 45
- 49 |
12.65 |
6.84 |
9.41 |
5.36 |
| 50
- 54 |
18.63 |
10.26 |
13.68 |
7.29 |
| 55
- 60 |
27.81 |
17.10 |
19.26 |
12.83 |
| 61
- 67** |
27.81 |
17.10 |
19.26 |
12.83 |
| 68
- 69** |
No
Premium Charge |
*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
insurability.
The premiums shown for ages 65 to 69 are for renewal
of existing coverage only.
**The value of each unit of insurance reduces on the
October 1st coincident with or following your 61st birthday by 10% every
year.
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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 70. If your Spouse becomes totally disabled, premiums must continue to be submitted in order for the insurance to remain in force.
Insurance Continuation Benefit
If you and/or your Spouse have been insured continuously since your respective
60th birthdays, the amount of Term Life Insurance in force on your respective
70th birthdays will continue for life at no cost to you, provided you are not in receipt of the Waiver of Premium benefit on your 70th birthday.
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.
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
25% of your Term Life Benefit, up to $50,000. Your coverage must have
been in force for at least two years at the time of diagnosis.
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.
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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 they are 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 70, unless you are eligible for the Insurance Continuation Benefit;
- 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 70, unless they are eligible for the Insurance Continuation Benefit, 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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