Term Life Insurance


The Lakehead Alumni Term Life Insurance plan protects your family's future with affordable and reliable coverage plus many additional features.

Little shoes.

In life, stuff happens.

Most of it good; some, not so good. That’s where the Alumni Association of Lakehead Term Life Insurance plan comes in.

Should you die, this plan ensures your loved ones will be cared for financially. You can have peace of mind, knowing that those who are following in your footsteps will be protected. Comforting, isn’t it?

Eligibility

Alumni Association of Lakehead University members and their spouses under 65 years of age, who are residing in Canada.

 

What makes the Lakehead University Alumni Insurance plan special?

Your group advantage
The Alumni Association of Lakehead University uses your group buying power to negotiate exceptional value, offering unique features and benefits you won’t find with other insurance providers.
 

Portability
Insurance plans through employers can terminate if you change jobs. Alumni insurance stays with you, no matter where life takes you.

 

Spouse Coverage
Your spouse is also eligible to apply under your Alumni plan. Daycare, Education and Retraining benefits are also included in their coverage. It’s even better to have Term Life Insurance, together.

And much more!
Your group plan offers special coverage features including: Occupational retraining for spouses, education benefits for children, and premium waiver for disability.

Group coverage means significantly more value.

Some of the benefits we outline below are not included with other life insurance plans or are only available at extra cost.  We've included the following features in your Lakehead Alumni Group Term Life Insurance at no extra cost to you. These benefits are in addition to your term life benefit:

We will pay for your premiums if you are disabled. 
If you’re less than 65 years of age and become totally disabled due to an accident or sickness, we will waive all Term Life premiums due after 6 months of continuous disability. Your coverage will continue, at no charge to you, throughout the duration of your disability through to age 70. This benefit is exclusively for alumni members and is not available to spouses.

60 Day money back guarantee graphic.
We offer a 60 day money back guarantee. If you are not fully satisfied, you can cancel your coverage and return the Certificate within 60 days of the effective date. You'll receive a full refund of any premiums already paid.

Extra help for your family:

Career retraining for your spouse.
In the event of your death, this plan will pay up to $10,000 for your spouse to receive occupational training should they need to change careers in order to support your family. If your spouse is insured under this plan, you would also qualify for this benefit in the event of their death.

Help with daycare costs.
Should you die while your children are in their daycare years, this plan will reimburse for daycare expenses up to 5% of your Term Life Insurance coverage to a maximum of $5,000 per year, per child for up to 4 consecutive years. These payments are in addition to your term life benefit amount. This benefit is also available to your spouse.

Plans for your child's post-secondary education can continue.
With the Lakehead Alumni Group Term Life Insurance plan, you have the peace of mind knowing that your dreams of higher education for your child won’t be cut short by your premature death. If your child is attending a post-secondary institution at the time of your death, or if they enrol within 365 days of your death, the plan will reimburse their education expenses up to 5% of your Term Life Insurance coverage to a maximum of $5,000 per year, per child, for up to 4 consecutive years. These payments are in addition to your term life benefit amount. This benefit is also available to your spouse.

Additional features:

Your insurance will also help you with expenses during the difficult end-of-life period.
If you’re diagnosed with a terminal illness from which you are not expected to survive beyond 12 months of your written prognosis, iA Financial Group will pay you an amount equal to 50% of the Term Life Insurance you have in effect, to a maximum of $100,000. Your insurance must have been in force for at least two full years at the time of prognosis.

If you change workplaces, employment status or even move away from Canada, your Term Life Insurance will remain in effect.
You’re covered 24 hours a day, anywhere in the world, regardless of a change in your profession, job status, place of employment or residence.

If you should die while you’re away from home...
Lakehead Alumni Term Life Insurance will pay for transportation of your remains to your city of residence, including preparation of the body for transportation, to a maximum of $10,000. This benefit is also available to your spouse.

Consultel ® confidential psychological assistance service
When a death occurs, the financial protection provided by your insurance coverage is essential. But quite often, that is not enough — there is also an emotional component that must be addressed. Your Term Life Insurance coverage includes access to professional counseling to help you or your family cope with the grieving process.

Telephone counseling is available, at no extra cost to your family, as soon as a claim has been filed.

You and your spouse can each apply for coverage to a maximum of $350,000. Together, you could have up to $700,000 of protection for your family!

Term Life Insurance
Your Monthly Premium (per $25,000 of coverage):

Member and/or Spouse
Age as of June 1st* Male Female
  Non-Smoker** Smoker Non-Smoker** Smoker
Under 30 $2.15 $2.95 $1.60 $2.30
30-34 $2.30 $3.25 $1.85 $2.60
35-39 $2.85 $4.50 $2.35 $3.40
40-44 $4.20 $7.45 $3.35 $5.50
45-49 $6.40 $11.40 $4.85 $8.05
50-54 $9.65 $17.10 $7.05 $12.30
55-60 $16.30 $25.65 $12.05 $17.65
61-67*** $16.30 $25.65 $12.05 $17.65
68-69*** No Premium Charge


Rates are subject to provincial sales tax where applicable.

Important information about your premium rates:

*Premiums are calculated each year, based on your age at June 1st, and will increase as you reach a higher age band.

**Non-smoker rates apply to individuals who, at the time of application, have not used any form of tobacco (except an average of one cigar a month), including nicotine products, electronic cigarettes, marijuana, hashish, smoking cessation products, betel nuts or leaves, supari, paan, gutka or shisha, within the last 12 months and who have provided satisfactory evidence of insurability.

***The oldest age at which you can apply is 64. The premiums for ages 65 to 69 are for renewal of existing coverage only. The value of each unit of insurance reduces on the June 1st coincident with or following your 61st birthday by 10% every year.

Why the drop in value at age 61?

One of the benefits of purchasing Term Life Insurance is that it offers a cost-effective option to people seeking life insurance coverage when they are younger. However, this also means that rates increase with age. By decreasing the unit value for those older than 60, rather than increasing the premium rate, we can offer a reasonably priced product for a smaller amount of coverage. The reduction schedule was designed to provide an affordable solution for those who don’t need as much coverage once their children are grown and their mortgage is paid off.

1. Am I eligible for Term Life Insurance?

If you’re a Lakehead University Alumni Association member, both you and your spouse are eligible to apply for Term Life Insurance. Even if you choose not to apply, your spouse is still eligible.

You must also be residing in Canada, and less than 65 years of age.

Spouse means the legal spouse of a member, providing there is no separation in effect, or an individual who has been residing in a marriage-like relationship with the member for a period of at least 12 consecutive months.

Your spouse must also be residing in Canada, and less than 65 years of age.

2. When does my coverage terminate?

On the earliest of the following dates: 

  • the June 1st following the date you reach age 70;
  • the end of the month in which your written request to cancel your insurance is received;
  • the end of the month in which you are no longer eligible;
  • the date the Group Master Policy between the Alumni Association of Lakehead University and iA Financial Group terminates;
  • 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, or the end of the month in which they no longer qualify as a "spouse".

3. Will my premiums stay the same?

Premiums are calculated based on your age and applicable rate at the beginning of each June. As the rates are in 5-year age bands, premiums will increase as you reach a higher age band.

The value of each unit of insurance reduces on the June 1st coincident with or following your 61st birthday by 10% every year.

Please refer to the pricing tab to find out your age band and monthly premium.

4. Why does the unit value of my coverage start decreasing at age 61?

One of the benefits of purchasing Term Life Insurance is that it offers a cost-effective option to people seeking life insurance coverage when they are younger. However, this also means that rates increase with age. By decreasing the unit value for those older than 60, rather than increasing the premium rate, we can offer a reasonably priced product for a smaller amount of coverage. The reduction schedule was designed to provide an affordable solution for those who don’t need as much coverage once their children are grown and their mortgage is paid off.

5. Can I change amounts of insurance?

Yes. To increase coverage, you will need to complete a new application. You may either print off the appropriate application in the Apply Now section, or apply online for additional coverage.

Decreases in coverage require your written authorization. These can be submitted to us by mail or fax. Please ensure you have signed and dated your request. You can mail your request to:

Special Markets Solutions
iA Financial Group
2165 Broadway W.
PO Box 5900
Vancouver BC, V6B 5H6

Or fax your request toll-free to: 1.888.553.5433

6. Are there any limitations or exclusions I should be aware of?

The only exclusion is suicide occurring within two years of the effective date of your insurance.

Also, please be aware that if you are entitled to the Daycare, Education, Repatriation, Retraining or Rehabilitation Benefits for Term Life Insurance or AD&D Insurance under this policy or any other policy issued by iA Financial Group, the company’s total liability will be limited to the lesser of the actual expense incurred and the maximum benefit provided.

7. Whom can I name as my beneficiary?

You can name any person as your beneficiary. You are your spouse's beneficiary unless your spouse names a different beneficiary. You may change your beneficiary by written instruction at any time unless irrevocably appointed. Please note that in Quebec, if you make your spouse your beneficiary that designation is irrevocable, unless you have specified otherwise.

8. Where can I find out more information?

For more information please see our Customer Service page.

You can also speak to a Client Service Specialist by email at solutions@ia.ca, or call our toll-free number at 1 (800) 266-5667 (6:30am to 4:30pm Pacific Time). 

9. Can I change my Term Life Insurance to a different policy?

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. Send your notification to:

Special Markets Solutions
Industrial Alliance Insurance and Financial Services Inc.
2165 Broadway W.
PO Box 5900
Vancouver BC, V6B 5H6

Or you can fax your request toll-free to: 1.888.553.5433

 

Questions? We're here to help.
Call 1 (800) 266-5667 or email solutions@ia.ca