Industrial Alliance Term Life Insurance

Term life insurance is a cost-effective solution that not only reduces your financial burden but also provides coverage of financial responsibilities for the insured or the beneficiaries in the event of their untimely demise.

What is term life insurance?

Term life insurance is a cost-effective solution that not only reduces your financial burden but also provides coverage of financial responsibilities for the insured or the beneficiaries in the event of their untimely demise. The benefit of term life insurance is that the policy premium and the amount coverage are set, making it critical if you need coverage for a specific period. The beneficiary is payable if the insured passes away within the designated term.

Why consider term life insurance?

A term life insurance policy is the most reasonably priced life insurance plan currently out there. This policy provides a fixed death benefit amount for a premium payment. For your peace of mind, your premium payments are guaranteed and will remain constant for the term you select. The beneficiary can use the death benefit to take care of their financial needs, among other things:

  • Protect your business interests.

  • Take care of your children's education.

  • Pay off your mortgage.

  • Provide cash for future investments.

A term life insurance coverage can help you meet your short-term financial commitments at a low cost. When compared to permanent insurance, it is less expensive. Foresters offer 10-, 20-, and 30-year term life insurance plans to people. We can offer experienced advice to assist you in selecting the right insurance coverage for your needs and budget.

Premiums are fixed and will only increase if the insured decides to renew the policy for another term. Suppose at any point you decide to change your lifetime protection policy. In that case, Foresters gives you the freedom to convert your term insurance policy to permanent whole life coverage without the hassle of you having to provide any extra documentation.

Benefits and features of term life insurance

1. Term Life Insurance:

Foresters offer individuals preferred life insurance policies for coverage of $500,000 or more. If you live a healthy lifestyle and are in decent health, you may be allowed to pay lower premiums. We examine several factors when determining your premiums, including health, lifestyle, tobacco usage, and family history.

2. Joint term coverage:

Both you and your partner will be covered under this insurance policy. It is a wise financial decision, as joint coverage will be less expensive than two individual policies. Under this insurance policy, the death benefit is payable on the first death of the policyholders. Within 60 days of a death, the survivor of the insurance coverage can convert to a new insurance policy by using a conversion privilege.

3. Conversion privilege:

Our term insurance plans may be changed to any permanent insurance coverage offered by Foresters without having to go through another approval procedure, saving you time and aggravation during your time of loss. The privilege to change your insurance policy is available to policyholders at any time nearest the insured individual's 71st birthday.

4. Exchange privilege:

Foresters allow policyholders to swap a term insurance policy with a longer-term insurance policy at the moment of exchange. This exchange authority is available on or after the second policy anniversary without a separate approval process.

5. Charity Benefit provision:

We are more than just an insurance policy provider. At Foresters, we will donate 1% (up to a maximum of $100,000) to the eligible designated charitable organization you choose when the claim is paid to the beneficiaries.

6. Bereavement Assistance:

To help beneficiaries deal with their loss, Foresters reimburses up to $1,000 for counseling services.

Riders in term insurance

A rider in term insurance is an attachment or amendment drafted in the term insurance policy that gives the policy owner multiple additional benefits to suit their circumstances.

  • Term riders

  • Children's term rider

  • Accidental death benefit

  • Waiver of premium benefit

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Term life insurance for your entire life

Foresters life insurance policies are created to care for your dear ones and help meet your financial needs. These policies offer:

  • Death benefit amount

  • Premium amounts

  • You have guaranteed cash values for the rest of your life.

Advantage Plus whole life insurance

Advantage Plus Whole Life Insurance is a participating product, meaning; it has the potential for dividends. These dividends can build additional cash value by being left on deposit to gather interest, reduce premiums, or be paid in cash.

Product overview:

Advantage Plus whole life insurance from Foresters offers individuals a wide range of appealing options and benefits, the ability to adjust to meet changing needs, and the chance to contribute to a registered charity of your choice with our 'Charity Benefit provision.

In the event of the untimely death of your dear ones, Advantage Plus whole life insurance provides a tax-free death benefit to safeguard their financial needs. Additionally, the cash value of your Advantage Plus Whole Life Insurance policy grows over time. It can be accessed by the beneficiary either by withdrawing money by requesting a certificate loan or directly from the certificate.

As Advantage Plus is a participating product, it provides policyholders with the opportunity to earn dividends. Depending on which option you choose, these dividends can be:

  • Used to contribute growth in cash value.

  • Used to purchase additional insurance added to the death benefit.

  • Used to pay out premiums.

  • Paid in cash.

  • Left as a deposit to earn interest.

Benefits and features of Advantage Plus whole life insurance:

Paying periods of the premium

You have the freedom to select the premium paying period that suits your convenience. From 10 years, 20 years, or the life of the certificate.

Dividend options

As a policyholder, you are entitled to receive dividends when Foresters declares them. The following dividend options are available at issue:

  • Paid-up additional insurance

  • Dividends on deposit

  • Premium reduction

  • Cash payment

  • Enhanced insurance

Charity Benefit provision

Advantage Plus, whole life insurance includes a 'Charity Benefit' provision so you can donate to a registered charity of your choosing. This contractual provision does not impact your death benefit and is automatically included at no additional premium. Foresters will contribute an extra 1% of the basic insurance amount (up to $100,000) when the beneficiaries claim.

Children's Insurance Benefit

For example, Advantage Plus, Whole life insurance includes a built-in Children's Insurance benefit that pays $3,000 in term insurance for each covered kid until they reach 25. The $3,000 in term insurance may be changed to permanent insurance under certain circumstances. An additional $7,000 of permanent coverage for that child can be purchased without giving any extra documentation.

Juvenile Guaranteed Insurability Benefit

If the primary life insured is under 18 when the Advantage Plus whole life certificate is issued, the Juvenile Guaranteed Insurability Benefit allows the policyholder to acquire additional insurance on specific dates without further proving insurability.

Quit Smoking Incentive Plan

With the Quit Smoking Incentive Plan, smokers will automatically benefit from a 2-year premium reduction. If the primary insured individual is at least 16 years old and is a 'Smoker,' the individual will be imposed with non-smoker premiums for the first two certificate years. If the owner provides proof of the covered person's smoking habit before the second certificate anniversary, the cheaper premiums will be maintained.

Expert Medical Opinion Program

The covered person may be eligible for free access to Advance Medical's Expert Medical Opinion Program. This program may also protect the insured's dependent children under 18, spouse, or domestic partner. In addition, this program provides a second opinion on medical issues from some of the world's leading professionals.

Advantage Plus whole life insurance offers several optional riders, including:

  • Option to additionally purchase or increase coverage and add additional cash value.

  • Needs for a specific period include a mortgage covered for Term 10, Term 20, and Term 30 riders.

  • The Children's Term Insurance Rider is a cost-effective solution to extend coverage and safeguard children against future uninsurability.

  • Accidental Death Rider can be used to pay other expenses for a limited time, such as a mortgage.

  • It guaranteed Insurability Rider to purchase extra coverage without providing further evidence.

  • If the insured becomes disabled and unable to work, the Waiver Premium Rider allows the insured to maintain policy coverage.

What is critical illness insurance?

Critical illness insurance is an emergency fund you can use if you or your dear ones become seriously ill. Every week, hundreds and thousands of Canadians experience a medical event that changes their lives completely. It is easy to think it will never happen to you, but life is uncertain, and one must be financially ready to take care of unforeseen medical expenses. If you are diagnosed with a severe illness covered in the insurance policy, you are entitled to receive a lump sum amount. You may use this lump sum amount to:

  • Recover lost income.

  • Pay off your treatment bills and recovery expenses.

  • Cover immediate living expenses.

Critical illness insurance lets the policy owner focus on recovery rather than stressing about the finances. You would be surprised; it is more inexpensive than you might think. At Foresters, we offer individuals two critical illness insurance plans:

  • Live Well: Live Well offer coverage up to $100,000 and covers four conditions. The application process is simple too.

  • Live Well Plus: Life Well Plus offers coverage up to $2,000,000 and covers 25 conditions.

There is no annual fee charged, and both plans are designed keeping affordability in mind. Over time these policies can significantly add up to your savings.

Benefits and features of critical illness insurance policy

Whether it is ten years, 20 years, or up to the age of 80, Live Well and Live Well Plus gives you the flexibility to choose the term that best suits your personal needs and budget.

Foresters critical illness insurance policies come with valuable built-in features for no additional premium, including:

Non-Life-Threatening Illness Benefit

In the event of a non-life-threatening illness, you will receive 15% of your benefit, up to $50,000.

Return of Premium at Death

If the policy owner dies without receiving a benefit, the premium will be refunded.

Defined conditions covered under these critical illnesses policies:

1. Live Well:

  • Life-threatening cancer

  • Coronary artery bypass surgery

  • Heart attack

  • Stroke

2. Live Well Plus

Illnesses covered under the Live Well Plus policy:

  • Aortic surgery

  • Aplastic anemia

  • Bacterial meningitis

  • Benign brain tumor

  • Blindness

  • Coma

  • Deafness

  • Dementia, including Alzheimer's disease

  • Heart valve replacement or repair

  • Kidney failure

  • Loss of independent existence

  • Loss of limbs

  • Loss of speech

  • Major organ failure on the waiting list

  • Major organ transplant

  • Motor neuron disease

  • Multiple sclerosis

  • Occupational HIV infection

  • Paralysis

  • Parkinson's disease

  • Severe burns

Exchange Privilege:

  • During the exchange period, Live Well Term ten years or Live Well Term 20 years may be exchanged for Live Well term up to age 80.

  • During the exchange period, Live Well Plus term ten or Live Well plus term 20 may be exchanged for Live Well Plus term up to age 80.

Expert Medical Program Opinion:

Owners of the Live Well and Live Well Plus policy and their family members may be qualified to access Advance Medical's Expert Medical Opinion Program for no additional premium. This program offers an authoritative second opinion on medical issues from some of the world's leading medical experts.


Return of Premium on Surrender or Expiry

If you have not claimed policy expiry, you may surrender the policy and receive a return of premiums equalling the period from the rider date to the policy expiry date, minus any payments made for the Juvenile Critical Illness Insurance Rider as defined.

Juvenile Critical Illness Insurance Rider

This insurance rider provides critical illness coverage to children up to the age of 17. The conditions covered in this insurance rider are:

  • Cerebral Palsy

  • Congenital Heart Disease

  • Cystic Fibrosis

  • Muscular Dystrophy

  • Type 1 Diabetes Mellitus

The rider is convertible without providing any additional evidence to any critical illness product offered by Foresters at that time for conversion. The rider may be converted after the insured child's 18th birthday but no later than the insured child's 25th birthday.

Disability Waiver of Premium

Your monthly premiums will be waived if you have been disabled for at least six months. As long as the policy exists, the rider will remain in effect until the insured becomes 65 years old.


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