What makes the BCIT Alumni Insurance plan special?
Your group advantage
The BCIT Alumni Association uses your group buying power to negotiate exceptional value, offering unique features and benefits you won’t find with other insurance providers.
A trusted provider
As a customer of iA Financial Group Insurance and Financial Services, you can enjoy the peace of mind that comes with sound financial backing, dependable corporate integrity and years of dedicated service.
Portability
Insurance plans through employers can terminate if you change jobs. Alumni insurance stays with you, no matter where life takes you.
Spouse Coverage
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 BCIT Alumni 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 65. This benefit is exclusively for alumni members and is not available to spouses.
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 BCIT Alumni 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.
*Premiums are calculated each year, based on your age at October 1, and will increase as you reach a higher age band.
Term Life Insurance (For those born on or before October 1, 1958).
Your Monthly Premium (per $35,000 of coverage):
Those insured for up to 7 units ($245,000)
Member and/or Spouse
(Born on or before October 1, 1958) |
|---|
| Age as of October 1* | Male | Female |
| | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 61-67*** | $19.00 | $30.90 | $14.25 | $21.40 |
| 68-69*** | No Premium Charge |
| 70 | Coverage Terminates**** |
Those insured for 8 units ($280,000) or more
Member and/or Spouse
(Born on or before October 1, 1958) |
|---|
| Age as of October 1* | Male | Female |
| | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 61-67*** | $17.10 | $27.79 | $12.82 | $19.24 |
| 68-69*** | No Premium Charge |
| 70 | Coverage Terminates**** |
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 October 1, 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 tobacco, nicotine, or cannabis mixed with tobacco in any form whatsoever within the last 12 months and who have provided satisfactory evidence of insurability.
***Premiums shown 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.
| Age (at October 1) | Value of each $35,000 unit |
|---|
| 61 | $31,500 (90% of $35,000) |
| 62 | $28,000 (80% of $35,000) |
| 63 | $24,500 (70% of $35,000) |
| 64 | $21,000 (60% of $35,000) |
| 65 | $17,500 (50% of $35,000) |
| 66 | $14,000 (40% of $35,000) |
| 67 | $ 10,500 (30% of $35,000) |
| 68 | $7,000 (20% of $35,000) |
| 69 | $3,500 (10% of $35,000) |
| 70 | Terminates unless qualifly for Paid-Up Benefit |
****Coverage Terminates unless you qualify for the Paid-Up Benefit. To qualify for the Paid-Up benefit, you must have been continuously insured since your 61st birthday and not have been on Waiver of Premium at any time since age 61; your coverage will continue for life, at the coverage amount in force at the October 1st coincident with or next following your 69th birthday.
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 61, 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.
We are no longer accepting new applications for this product. If you are already insured and require information, please contact customer service at 1.800.266.5667.
1. Will my premiums stay the same?
Please refer to the pricing tab to find out your age band and monthly premium.
2. Can I change amounts of insurance?
Applications for additional coverage are no longer accepted.
Decreases in coverage require your written authorization. These can be submitted to us by mail. Please ensure you have signed and dated your request. You can mail your request to:
Special Markets Solutions
iA Financial Group
400 - 988 Broadway W.
PO Box 5900
Vancouver BC, V6B 5H6
3. 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 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.
4. 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.
5. 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).
6. Can I change my Term Life Insurance to a different policy?
If yours or your spouses Term Life Insurance terminates because either of you are no longer eligible before age 65, you may both 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 Market Solutions
iA Financial Group
400 - 988 Broadway W.
PO Box 5900
Vancouver BC
V6B 5H6
