Term Life Insurance

With term life plans, the coverage wraps up when the chosen term comes to an end. For instance, if you're 32 when you get a 30-year term plan, your coverage will end the year that you turn 62. CAA Term Life Insurance can provide term life insurance coverage until you're 85 years young, offering flexible term lengths from 10 to 30 years. This means the oldest age to apply with the shortest term is 75. Find the best fit for your needs!

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 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. Employer group life insurance coverage is typically between one to 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 plans 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 plan puts you in the driver’s seat of your own insurance coverage.

Term life insurance can provide a financial payout to anyone you choose as a beneficiary. Typically, people opt for term life insurance to protect their family members and anyone who relies on them financially, such as their spouse, children, or elderly parents. In the event that the planholder passes away within the specified term, the beneficiaries can receive a lump-sum payout, subject to the terms of the plan. This payout, also referred to as the death benefit, can serve as a financial safety net that can be used for various needs during what can be a challenging period. The financial support can help with things like replacing lost income, covering childcare expenses, settling the mortgage, and addressing other necessities.

If you pass away during your policy term, a Claims Specialist is committed to supporting your loved ones through the claims process during this difficult time. To get started with a claim, please follow the below: For Term Life Insurance certificates purchased after December 31st, 2023, you can contact service@caa.securiancanada.ca or call +1 866 714-9007 (Monday to Friday 8:30AM to 8PM EST) to start your claim. For 1- or 5-Year Term Life Insurance certificates purchased prior to January 1st, 2024, you can contact memberservice@securiancanada. ca or call +1 844 894-0380 (Monday to Friday 8:30AM to 8PM EST) to start your claim. For all other Life Insurance coverage purchased prior to January 1st, 2024, you can contact am_caa@manulife.com (for English service), am_caa@manuvie.com (for French service) or call +1 (877) 261-8222 to start your claim.

The best time to get 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. With CAA Life Insurance, we expect that a majority of applicants won’t need a medical exam. But in the chance that you do, it’s better to complete one when you’re younger.

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