Guaranteed Issue Life Insurance


With Guaranteed Issue Life Insurance you can leave behind great memories, and a little extra.

Adequate life insurance is important at every stage of life.

Even once your children are grown, you need to consider funeral expenses, paying off outstanding debts or leaving a legacy for children or grandchildren. Guaranteed Issue Life Insurance is designed for BCTF members aged 50+. No medical exam is required to apply and your acceptance is guaranteed.

Premiums are based on your age at the date your coverage is issued. Rates do not increase as you enter a new age band.

Eligibility

BCTF members and their spouses between the ages of 50 and 85, who are residing in Canada.

What makes the BCTF plan special?

Spouse Coverage
Your spouse is also eligible to apply under your BCTF plan.

Payment of Benefit

Cause of DeathBenefit payable for death occurring during the first 2 years of coverage:Benefit payable for death occurring after 2 years of coverage:
Accidental5 times the amount of Guaranteed Issue Life Insurance in force.5 times the amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.
Non-AccidentalRefund of premiums paid with 5% interest compounded annually.The amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.
SuicideRefund of premiums paid, without interest.The amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.

Features:

Living Benefit
If you're diagnosed with a terminal illness that is expected to cause death within 12 months of your written prognosis, iA Financial Group will pay you an amount equal to 50% of the Guaranteed Issue Life Insurance you have in force, to a maximum of $12,500. Your insurance must have been in force for at least two full years at the time of prognosis.

Guaranteed Acceptance
You do not need to answer any questions regarding your health, or complete a medical examination to apply for Guaranteed Issue Life Insurance. Your acceptance is guaranteed, regardless of your health or profession.

5 times your benefit payment if your death is accidental
If you die from accidental causes, iA Financial Group will pay 5 times your death benefit.

No premium payments once you reach 100.
This means that following your 100th birthday, coverage will continue for life at no cost to you.

If you die, your spouse’s coverage can continue.
Any BCTF Guaranteed Issue Life Insurance your spouse has in force at the time of your death may be continued with no further increases.

Fully portable coverage
After the inital application processs, your coverage is no longer tied to your membership with BCTF and can continue even if your membership with BCTF ends.

Beneficiary

You may name any person as your beneficiary. You may change your beneficiary by written instructions to us at any time, unless 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.

Change in Smoker Status

If you cease smoking within 10 years of the issue date of your coverage, you may apply for non-smoker rates. If your application is approved, non-smoker rates based on your original issue age will apply. To make your application for non-smoker rates, complete and return the Request for Non-Smoker Rates form.

If you cease smoking more than 10 years after the issue date of your coverage, you may not apply for non-smoker rates.

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

Both you and your spouse can apply for coverage to a maximum of 25,000 each. Together, you could have up to $50,000 of protection for your family.

Guaranteed Issue Life Insurance
Your Monthly Premium (per $2,500 of Coverage):

Member and/or Spouse
Issue Age*MaleFemale
 Non-Smoker**SmokerNon-Smoker**Smoker
50 - 51$6.55$9.10$5.25$6.50
52 - 53$7.20$10.05$5.75$7.15
54 - 55$7.95$11.15$6.35$7.85
56 - 57$8.80$12.40$7.05$8.65
58 - 59$9.75$13.85$7.80$9.55
60 - 61$10.90$15.45$8.70$10.60
62 - 63$12.20$17.25$9.70$11.75
64 - 65$13.70$19.30$10.85$13.05
66 - 67$15.45$21.65$12.20$14.55
68 - 69$17.55$24.35$13.75$16.25
70 - 71$20.00$27.40$15.55$18.25
72 - 73$22.90$30.90$17.70$20.55
74 - 75$26.40$35.05$20.30$23.25
76 - 77$30.55$39.90$23.35$26.45
78 - 79$35.70$45.65$27.10$30.35
80 - 81$42.05$52.65$31.70$35.10
82 - 83$49.70$61.00$37.15$40.65
84 - 85$59.90$72.00$43.95$47.50
Rates are subject to provincial sales tax where applicable
 

Important information about your premium rates:

*Issue Age is your age on the date your coverage is issued. Rates do not increase as you enter a new 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.

​1. Am I eligible for Guaranteed Issue Life Insurance?

Members and their spouses are eligible to apply for Guaranteed Issue Life Insurance. Members do not need to be insured in order for a spouse to apply for coverage.

All applicants must be residing in Canada and between the ages of 50 and 85.

Member means a person who, at the time of application, is employed directly by the Policyholder or who is a member of the British Columbia Teachers' Federation and holds active membership, associate membership, or affiliated administrative membership. 

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 relationship with the member for at least 12 consecutive months.

If you are eligible as a member and as a spouse, you will only be considered for insurance as a member.

2. When does my coverage terminate?

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 iA Financial Group;
  • the date the Group Master Policy between BCTF and iA Financial Group terminates;
  • with regard to your spouse’s Guaranteed Issue Life Insurance, the earliest of the above or the end of the month in which they no longer qualify as a “spouse”, unless eligible under the Special Continuation Benefit.

3. Will my premiums stay the same?

Yes. Premium rates for Guaranteed Issue Life Insurance are based on your age at the date the coverage is issued. Rates do not increase as you enter a new age band.

4. Can I change amounts of insurance?

Yes, provided your total coverage is no more than $25,000. To increase coverage, you will need to complete a new application. You can print off the appropriate application in the "Apply Now" section. Premiums for the additional coverage will be calculated according to your age and smoker status at the time the additional coverage is issued.

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

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

Yes, there are certain limitations and exclusions during the first 2 years of coverage depending upon the cause of death. Please refer to the chart below for details.

Cause of Death

Benefit payable for death occurring during the first 2 years of coverage:Benefit payable for death occurring after 2 years of coverage:

Accidental

5 times the amount of Guaranteed Issue Life Insurance in force.

5 times the amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.

Non-Accidental

Refund of premiums paid with 5% interest compounded annually.

The amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.

Suicide

Refund of premiums paid, without interest.

The amount of Guaranteed Issue Life Insurance in force, less any Living Benefit paid.

6. Whom can I name as my beneficiary?

You can name any person as your beneficiary. Plus, you can change your beneficiary by written instruction at any time, unless irrevocably appointed. You are the beneficiary of your spouse’s coverage unless another beneficiary is named. Please note that in Quebec, if you make your spouse your beneficiary that designation is irrevocable, unless you have specified otherwise.

To change your beneficiary designation, download the request form here.

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