Assumption Life Youth Plus

Assumption Life recently introduced Youth Plus. It is a term life insurance product designed for children. The policy is available to insure children between 15 days old and 17 years of age. The features on the policy include the following:

1. Term life insurance until the child has turned 25

2. Guaranteed sum insured payable upon death

3. Non-participating insurance (no dividend is payable)

4. Guaranteed level premiums, which means the premiums remain the same for the duration of the premium payment period

5. Available as a stand-alone policy or a rider

The plan comes in nine different base amount increments, starting as low as $35,000 and going as high as $175,000. The policy has a built-in living benefit feature if the insured is diagnosed with one of the critical illnesses (cancer, stroke, heart attack, vital organ transplant, paraplegia, or quadriplegia) as described in the contract.

A living benefit is payable to the owner. The benefit is equal to $10,000 per $35,000 of the sum insured, up to a maximum of $25,000. The sum insured under the Youth Plus policy is reduced by the amount of benefit paid out, but the premiums remain the same.

For more details on term life insurance in Canada, please contact us at 1-866-899-4849, or visit our Term Life Insurance Instant Quote Page.