Term Life Insurance

Term life insurance provides a lump-sum benefit in the event of your death during the term of coverage. The term of coverage for Portaplan is one year.  Insurance coverage can be renewed for an additional term based on the rates and conditions in effect on the renewal date.

Please note, the Portaplan policy renewal date is changing from November 1 to July 1 commencing July 1, 2018.  In order to transition to a July 1 renewal date, the term of coverage for the 2017-18 policy year is for 8 months instead of 12 months (i.e., November 1, 2017 to June 30, 2018).

Coverage and Premiums

Portaplan term life insurance is available in units of $20,000 up to a maximum of $400,000 (20 units), allowing you to choose the amount of coverage that best suits your individual needs.

Monthly premium rates are based on age, gender and smoking status. 

Effective November 1, 2017, the monthly rates per unit of insurance are:
 

Schedule of Benefits Smoker Rate Non-Smoker Rate
Age of Policyholder
on Renewal Date
Unit Value Male Female Male Female
<=25 $20,000 $1.40 $0.48 $0.88 $0.28
26-30 20,000 1.48 0.78 0.95 0.48
31-35 20,000 1.38 1.03 0.80 0.63
36-40 20,000 1.55 1.43 1.00 0.85
41-45 20,000 2.53 2.38 1.68 1.45
46-50 20,000 4.50 4.13 2.70 2.48
51-55 20,000 6.78 6.08 3.78 3.58
56-60 20,000 11.68 9.43 6.30 5.55
61-65 20,000 20.74 15.55 11.73 9.15
66-70 20,000 35.08 26.43 20.53 15.55
71-73 17,000 43.96 32.15 26.18 19.83
74-75 17,000 58.80 40.61 34.37 26.46
76-78 12,000 57.48 38.81 34.94 25.34
79-80 12,000 72.32 45.00 42.07 30.42
81-83 7,000 55.65 36.39 33.12 24.02
84-85 7,000 67.37 45.05 39.80 31.95
86 7,000 79.10 51.79 46.01 39.03
87 7,000 89.65 55.51 51.60 41.64
88 7,000 97.74 59.23 55.88 44.25
89 7,000 102.19 62.96 58.24 46.87

Special Offers

First Year of STF Membership

If you are in your first year of STF membership, you can apply for $20,000 (one unit) of term life insurance at no cost for the remainder of the policy year. Evidence of good health is not required for the first $40,000 (two units) of term life insurance, if the application is received in the first year of STF membership.

Second Year of STF Membership

No evidence of good health is required for the first $20,000 (one unit) of term life insurance applied for in the second year of STF membership, provided it is an initial application.

Children – Age 16 through 25

No evidence of good health is required for the first $60,000 (three units) of term life insurance on an initial application by an eligible child age 16 through 25.

Limitations and Exclusions

If death occurs as a result of suicide, while sane or insane, the amount of term life insurance payable will be limited to the amount of term life insurance that has been in effect for two or more years.

Termination of Coverage

Term life insurance coverage ceases when one of the following occurs:

  • The required premiums are not paid when due.
  • The policyholder enters full-time active service in any armed forces.
  • The term life insurance coverage is cancelled. 
  • The attained age of the policyholder on the renewal date is 90.

Conversion Privilege

If you terminate or reduce your coverage under this policy, you may be eligible to convert the terminated coverage to an individual policy without providing evidence of insurability. Contact Portaplan for more information.