The Preferred 20 Year Term policy is renewable every 20 years and can be converted to a permanent life insurance plan at any time. Your premiums will remain the same for each 20-year period. You can renew your policy without any additional medical information for additional 20-year periods. Coverage lasts until you turn 85. You can convert your policy to a permanent life insurance plan before age 65. There are a number of options available with this plan. It can be purchased if you are 18 to 65.
Coverage
Coverage amounts can range from $50,000 to $5,000,000.
Renewable
You can renew your policy without any new medical information, for additional 20-year periods. Coverage lasts until age 85 (so if renewed at age 84 it would renew for 1 year). This benefit is included at no extra cost.
Convertible
Prior to age 65, you can convert your policy, without any new medical questions, to one of a number of permanent life insurance plans. This benefit is included at no extra cost.
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 55.
Child Term Rider
If you purchase the Preferred 20 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.
Premium payments may be made annually, semi-annually, or monthly through automatic banking. The annual policy fee is $75 for the first life, and an additional $50 for each additional life (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.
