Flexible Term Plan
What is Term Assurance?
Term Assurance is the simplest form of life insurance available. You choose the level of cover you need and the length of time you need it. At the end of that period, the cover ceases. All your contributions go towards protection, which means that there is no surrender value on a term assurance plan. This keeps the cost to a minimum. The contributions to your plan are specified at the outset of your policy, so you know from the start the cost of your protection.
What is the Canada Life Flexible Term Plan?
The Canada Life Flexible Term Plan provides Life and/or Specified Illness Cover with the options of adding Indexation, Hospital Cash and/or Personal Accident Benefit.
With the Flexible Term Plan, you can choose a Single or Dual Life plan and your cover can be "Standalone" Life or Specified Illness Cover, "Accelerated" Life and Specified Illness Cover or "Double Payout" Life and Specified Illness Cover. Under a dual life plan, a claim on one life does not affect the cover on the other life.
Options
"Standalone" Life Cover
The simplest form of Life Cover available. If you die within the term of the policy, Canada Life will pay out the sum assured.
"Standalone" Specified Illness Cover
From time to time, it makes sense to check if your Life Cover is sufficient to meet your needs. For those who have sufficient Life Cover, or for those who have no need for it, the Flexible Term Plan offers "Standalone" Specified Illness Cover.
"Accelerated" Life and Specified Illness Cover
The Accelerated Plan provides Life and Specified Illness Cover. After a Specified Illness claim, your Life Cover is reduced by the amount of the claim. The policy will cease in the event that a Specified Illness claim reduces your Life Cover to zero. In the event that you die before a Specified Illness claim, the death benefit will be paid provided this occurs within the term of the policy, and the policy will cease. This plan is a relatively inexpensive way to provide Life and Specified Illness Cover.
"Double Payout" Life and Specified Illness Cover
This plan contains Life and Specified Illness Cover and the key advantage here is that the Life Cover sum assured is independent and unaffected by a Specified Illness claim. This means that your level of cover is guaranteed not to reduce after a Specified Illness claim.
For more information please see the Flexible Term Plan Factsheet
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