5-Year Term Life

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The Ideal Short Term Insurance You Need

If you have a short-term need, you need a simple and affordable life insurance coverage to protect you and your loved ones. Interestingly, CAA provides a low-cost 5-year term life insurance that protects you in the 5-year term. The coverage is available to Canadian residents between the ages of 18 and 70 (both inclusive). The plan has several benefits and features. For instance, the optional automatic increase benefit offers a 5% increment in your coverage every year up to 10 years. You don’t need to answer any medical question or take a medical exam to obtain this benefit. The 5-year term also offers guaranteed renewable up to age 75 and allows you to save up to 15% every year on your coverage amount.

Features and Benefits

The 5-Year term life insurance offers coverage amount ranging from $50,000 up to $500,000. Furthermore, the insurance rate for this plan is locked-in for 5 years and the plan offers 15% per annum on coverage amount of $250,000 or more. You can convert the 5-year term life coverage to the CAA lifetime protection plan or CAA Term 20 life insurance before age 56.

  • The 5-Year term life insurance is the best plan for you if you have short-term insurance needs.
  • The coverage is an affordable way to protect your loved ones. It is available to Canadian residents from age 18 to 70.
  • The plan includes an optional 5% Automatic Increase Benefit. You don’t need to answer any medical exam or question to obtain this benefit.
  • The coverage amount for this plan ranges from $50,000 to $500,000.
  • If your coverage amount is between $250,000 and above, you can save up to 15% per year.
  • The insurance rate for this plan is locked-in for a period of 5 years.
  • If you are applying for coverage of $50,000 or $100,000, and you are aged 50 or below, your application could be fast and easy, thanks to the simplified application.
  • In the event of your death, your beneficiaries will receive a tax-free lump sum.
  • The plan can be converted to the CAA Lifetime Protection Plan or CAA Term 20 Life Insurance before you reach age 56.
  • If you are diagnosed with a terminal illness with barely 12 months or less to live, you could receive an advance up to 50% or a maximum of $100,000. This feature is provided in the Living Benefit cash advance.
  • In case of suicide within 2 years of the effective date of the coverage, the insured will not be eligible for any benefit.

Additional resources

Learn more about your life insurance options from these informative articles.

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