Deferred term life insurance policies mean that the insured is covered for the length of the term, but should death occur within the first two policy years, the death benefit payment is limited to a return-of-premium plus interest.
The two primary deferred term policies providers in Canada are Industrial Alliance and Canada Protection Plan, underwritten by Foresters. Humania Assurance is another company which has made a big splash in the Simplified Issue market place. They offer immediate pay policies but have limited exclusions on pre-existing conditions
The following is a snapshot of the difference between the two carriers:(Deferred Term Life Insurance Solutions in Canada continued...) | 2 comments