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 of CAA 5-Year Term Life Insurance Plan
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.