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Not linked to your mortgage and won’t decrease as your mortgage is paid down or if you move to another financial institution.
Life insurance benefits are tax-free and payable to your beneficiaries as soon as 15 days after the claim is approved.
Your premium will not change for the entire length of your policy term.
Your coverage stays with you, even if you change jobs or retire.
Your group life insurance provides valuable protection for your family, but it may not be enough to provide the financial security you need when your plan terminates or if you’re already retired. Final expenses, post-secondary education for children or grandchildren, a secure retirement for your spouse, and covering mortgage costs are all things to consider.
OTIP offers four life insurance plan options, each with a range of coverage amounts and term lengths.
Find the coverage that’s right for you and apply online.
Carrier |
|
Coverage Amount |
|
Medical Questionnaire |
If Approved, Coverage Effective |
Maximum Expiry Age |
Cash Surrender Value |
Renewable/ |
Premiums |
Non-Renewable Term Life Insurance | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Carrier | Teachers Life | ||||||||||
Eligibility Ages | Term 10: 18-60 | ||||||||||
Coverage Amount | $100,000 - $1,000,000
| ||||||||||
Application | Simplified & instant issue or underwritten if more medical information required | ||||||||||
Medical Questionnaire | Yes. Medical exam and fluids may be required. | ||||||||||
If Approved, Coverage Effective | Instant approval or 4-6 weeks if more medical information required | ||||||||||
Maximum Expiry Age | 70 | ||||||||||
Cash Surrender Value | None | ||||||||||
Renewable/Convertible | No | ||||||||||
Premiums | Premiums level throughout the policy term |
Renewable Term Life Insurance | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Carrier | Teachers Life | ||||||||||
Eligibility Ages | Term 10: 18-60 | ||||||||||
Coverage Amount | $100,000 - $1,000,000
| ||||||||||
Application | Simplified & instant issue or underwritten if more medical information required | ||||||||||
Medical Questionnaire | Yes. Medical exam and fluids may be required. | ||||||||||
If Approved, Coverage Effective | Instant approval or 4-6 weeks if more medical information required | ||||||||||
Maximum Expiry Age | 70 | ||||||||||
Cash Surrender Value | None | ||||||||||
Renewable/Convertible | Renewable only | ||||||||||
Premiums | Premiums level throughout the initial policy term; step-up rates apply at time of renewal |
Term 100 Life Insurance | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Carrier | Teachers Life | ||||||||||
Eligibility Ages |
| ||||||||||
Coverage Amount | $100,000 - $1,000,000
| ||||||||||
Application |
| ||||||||||
Medical Questionnaire | Yes. Medical exam and fluids may be required. | ||||||||||
If Approved, Coverage Effective |
| ||||||||||
Maximum Expiry Age | Lifetime (coverage continues past the insured’s 100th birthday) | ||||||||||
Cash Surrender Value | None | ||||||||||
Renewable/Convertible | No | ||||||||||
Premiums | Premiums level throughout the policy term and must be paid up until the insured’s 100th birthday. |
LifePlan 10 | |
---|---|
Carrier | Manulife |
Eligibility Ages |
|
Coverage Amount |
|
Application |
|
Medical Questionnaire | Yes - blood and urine. |
If Approved, Coverage Effective |
|
Maximum Expiry Age | 85 |
Cash Surrender Value | None |
Renewable/Convertible | Renewable and can be converted to any permanent Manulife insurance policy up to age 69. |
Premiums | Premiums level throughout the initial policy term; step-up rates apply at time of renewal |
All plans offer a terminal illness or living benefit in which you are eligible to receive a portion of your benefit if you are diagnosed with a terminal illness. Terms and conditions vary by carrier, see plan application pages for more details.
For more information on the coverage options from Teachers Life: