The insured is covered for the length of the term when it comes to deferred term life insurance. However, should death occur within the first two policy years, the death benefit payment is limited to a return-of-premium plus interest.
The following is a snapshot of the difference between the two carriers:
Canada Protection Plan's Deferred Term Policies
- They offer Deferred Term 10, Deferred Term 20, and Deferred Term 100 plans.
- The death benefit in the first two policy years is limited to a return-of-premium plus 3% interest.
- The plan is non-renewable and non-convertible.
$100,000 of Deferred Term 20 coverage for a 40-year-old male, non-smoker is $429 a year.
Industrial Alliance Deferred Term Policy
- They only offer a Deferred Term 20 Policy.
- The death benefit payout, if death occurs by non-accident in the first two policy years, is limited to a return-of-premium plus 5% interest.
- The plan is non-convertible and non-renewable.
· The annual premium for a 40-year-old male, non-smoker is $475 a year.
For more details on Non-medical Life Insurance in Canada, please call us at 1.866.899.4849 or visit our Non-medical Life Insurance Quote Page.