The Ins and Outs of Canada Protection Plan’s Acceptance Life Policy

Posted on November 22, 2011 and updated November 30, 2011 in Canada Protection Plan, Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Non-medical 2 min read

Canada Protection Plan offers a non-medical, simplified issue life insurance policy with only two health questions.  However, Acceptance Life, as it is called, is only available on whole life plans.

The policy is available with the following face amount for individuals:

 Those ages 40 to 69 are eligible for a minimum of $ 5,000 and a maximum of $50,000.

Those ages 70 to 74 are eligible for a minimum of $2,500 and a maximum of $40,000.

Those ages 75 to 80 are eligible for a minimum of $2,500, and maximum is $30,000.

The minimum monthly payment amount is $15 a month, while the maximum annual payment amount is $150 a month.

The premiums on the policy are guaranteed to never increase and the plan offers guaranteed cash values after the fifth policy year, as well as an automatic premium loan provision. However, the one caveat with the plan is that if death occurs by other than accidental means, within the first two years, there is a return of premium, plus interest, at a simple rate of 3%.

If death occurs in the third year, 50% of the face amount will be paid to the beneficiary. But, if death occurs from the fourth year onward, the full face amount will be paid.

For more details on Non-medical Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

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