CAA Term Life Insurance

The first step is to contact your advisor. If you are not satisfied with the information they provide, you can write to us. For more details, including contact information, please refer to our Complaint Handling and Dispute Resolution Policy.

Everyone has access to the insurance products we offer on our website. You are warmly welcomed to request a quote for any of them that are of interest to you.

Naturally, we provide special benefits for CAA-Quebec members, such as discounts on various insurance premiums as well as preferential rates. Becoming a member to take advantage of these benefits could prove worthwhile for you. Feel free to discuss it with one of our advisors.

• Families, couples and caregivers: to protect your loved ones who depend on you for financial support. 

• Self-employed workers: to offset an employer’s lack of group life insurance. 

• Business owners: to help your business continue. 

• Homeowners: an attractive, flexible alternative to mortgage life insurance. 

• Individuals with debt: to protect their assets in the short term. 

• Semi-retired people: an affordable short-term option for coverage, for instance, until your home is paid off. 

Once term life insurance ends, the policy expires and you will no longer have coverage. If you pass away after your term ends, your beneficiaries will not receive a payout.

However, it’s essential to be aware that you do have options when your term life insurance ends. Depending on the terms of your policy, you may have the opportunity to renew your policy for another term or convert it to a permanent life insurance policy. Renewal or conversion options provide a way to continue your life insurance coverage beyond the initial term, ensuring ongoing protection for your loved ones.

Term life insurance doesn’t hold a cash value, as opposed to whole or universal life insurance. This means that when your coverage expires, you won’t get a refund or a return on your investment.

Think of term life insurance as being similar to car or home insurance; just like you don’t receive a refund on your car insurance if you don’t make a claim, the same principle applies to term life insurance. It’s all about providing you and your family with financial protection and peace of mind.

Many employees have a baseline level of group life insurance coverage through workplace benefits or even through mortgage life insurance. Employer group life insurance coverage is typically between one or two times your annual salary. Depending on if you have kids and your level of financial responsibility, this may or may not be enough to cover your needs.

Term life insurance policies can help round out your employer group coverage to ensure you have a large enough financial safety net. And since employer group insurance coverage ends if you leave the company and can be changed by your employer at any time, a term life insurance policy puts you in the driver’s seat of your own insurance coverage.

Yes, term life insurance can protect against accidental death and various other causes of death. However, there are two important things to know. First, term life insurance typically doesn’t cover suicide in the first two years of the policy (this in an industry standard).

Second, all insurance providers have their own terms and conditions included in their policies. It’s important to read your policy carefully to make sure you know exactly what’s covered to eliminate any misunderstanding about your policy.

The best time to take out term life insurance is when you need it. For most individuals or families, it’s when you have financial dependents or larger financial obligations. For example, you have children, are getting married, or have ongoing mortgage payments.

That being said, the younger you are when you buy term life insurance, the more affordable your rates will be. As we get older, the risk of passing away or getting severe health issues becomes higher, increasing insurance rates.

Most insurance providers in Canada require that you be either a Canadian citizen or resident in order to qualify for term life insurance. However, there are some providers that will approve applications from non-Canadians. If that’s the case, it’s likely that the available coverage options might be a bit more limited. For CAA Term Life Insurance coverage, you must be a Canadian citizen or resident to apply. We also require that applicants sign their policy contract while in Canada and not overseas.

When applying for term life insurance, you might be asked to complete a medical exam. The exam helps to assess your overall health. Insurance compagnies use this information to determine how much your policy will cost and if there might be any risks.

Whether you need a medical exam depends on factors like the insurance company, your age, and how much coverage you’re applying for. If you’re under 40 and overall in good health, it’s often not necessary. With CAA Term Life Insurance, we expect that the majority of applicants will not need additional medical requirements for approval.

Certain conditions apply. The insurer reserves the right to choose the risks it underwrites.