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Issue ages (age nearest) | |
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Premium | Fixed for the first term |
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Renewal | After the first term, the policy is renewed and the premium increases every 10 years |
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End of coverage | - Individual coverage: at age of 85
- Joint First-to-Die: at age of 85 of the oldest insured person
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Insurance amounts | - Minimum: $25,000
- Maximum: $20,000,000
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Rate bands | - $25,000 à $49,999
- $50,000 à $99,999
- $100,000 à $249,999
- $250,000 à $499,999
- $500,000 à $999,999
- $1,000,000 à $4,999,999
- $5,000,000 and more
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Coverage options | - Individual
- Joint First-to-Die (2 to 5 insured)
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Underwriting risk classes | | Non-smoker | Smoker |
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| P1 (non-smoker – preferred rate) | R1 (smoker – preferred rate) | | P2 (non-smoker – preferred rate) | R2 (smoker – standard rate) | | P3 (non-smoker – standard rate) | - |
Please refer to the Life - underwriting requirements on you secure web site for more details. |
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Preferred rates | People in classes P1, P2 and R1 who satisfy the following criteria can be eligible for preferred rates:
- People age 51 or older whose insurance amount is $250,000 or more
- People ages 18–50 whose insurance amount is $1,000,001 or more
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Annual policy fees | - Basic coverage: $40/year
- Additional coverage(s): $20/per year, per coverage
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Multi-Coverage Discount | Policyowners can benefit from the Multi-Coverage Discount if they take out 2 or more eligible insurance coverages on the same policy.
See which products are eligible for the
Multi-Coverage Discount. See which products are eligible for the Multi-Coverage Discount on your secure web site. |
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Payment frequency | - Annual
- Monthly, by pre-authorized payments (0.09 x total annual premium)
The total annual premium refers to the total policy premium including any additional coverages and applicable policy fee. |
Flexible options | |
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Conversion option | Policyowners can convert this product into an eligible permanent product at any time until they turn 70 (based on their issue age), without having to provide new evidence of insurability. For joint coverage, the conversion can take place at any time until the oldest insured turns 70.
Product eligible for conversion |
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Exchange option | This option allows the insureds to exchange the coverage they have for an eligible term life insurance coverage (T15, T20, T25 or T30) during the first 5 years of the policy, without having to provide new evidence of insurability. The insured person must be age 60 or younger (based on their issue age) at the time of the exchange and be eligible for the new product.
This option is available for individual and joint first-to-die coverage and can be exercised only once for the duration of the coverage.
If the coverage results from the previous exercise of an exchange option, then this option is not available.
A partial amount can be exchanged while respecting the minimum insurance amount for the products. The initial policy will keep the insurance amount that wasn't exchanged. The exchange option for this portion of the insurance can be exercised later, if needed. |
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Insurability options | For joint coverage, the insureds can exercise the insurability option while all of them are living or upon the first death of one of the insureds.
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The insurability option while living allows the insured to split the joint coverage into individual permanent coverages up until the oldest insured turns 65. When exercising this option, the policyowner must decide, for each insured, whether to exercise the insurability option or whether to terminate their coverage. The available insurance amount corresponds to the current insurance amount divided by the number of insured persons.
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The insurability option upon the first death allows surviving insureds under the age of 65 to obtain individual permanent coverage within 90 days after the death of one of the insureds. The available insurance amount corresponds to the total current insurance amount at the time of death.
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Association option | This option allows an insured to exchange individual coverage for joint last-to-die permanent coverage until they turn 70 by adding another insured. Evidence of insurability is required for new insureds who don't already have a life insurance policy that provides an association option and was issued by Desjardins Insurance.
- If the new insured already has coverage that provide an association option and was issued by Desjardins Insurance:
- No evidence of insurability is required
- The sum insured available corresponds to the lowest insurance amount that is held by the insureds
- If the new insured doesn't already have coverage from us:
- They must provide evidence of insurability
- The available insurance amount corresponds to the insurance amount that is held by the current insured
If the coverage results from the previous exercise of an association option, then this option is not available.
A partial amount lower than the total insurance amount can be used, as long as the insurance minimum for the current product is met. The initial policy will keep the insurance amount that wasn’t used. The association option of this part of the coverage can be used later, if required. |
