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Pick-A-Term is term life insurance designed to protect your family’s financial wellbeing in case of death. Affordable and flexible, this coverage is offered for 10- to 40-year terms.
What is Pick-A-Term?
Ideal for young families and pre-retirees who want to benefit from affordable life insurance coverage for a temporary period during their active lives, Pick-A-Term lets you ensure the financial wellbeing of your loved ones or cover your mortgage in the event of death.
Easy to work into your budget, the cost of insurance is fixed and guaranteed for the selected term. To adapt to your evolving needs, Pick-A-Term offers the option to renew your coverage annually at the end of the first term, or to convert your term coverage into permanent coverage regardless of your health condition.
How does it work?
In case of death, Pick-A-Term pays a non-taxable benefit to your beneficiaries to help them cover their financial obligations, like mortgage payments and living expenses.
You can choose any length of term from 10 to 40 years. For example, you can choose to have your coverage term correspond to the amortization period for your mortgage, or to end when your children become adults.
It’s an ideal solution if you are:
- A young adult looking for term insurance that can be converted to permanent insurance as needed
- A young parent who wants to ensure financial security for their children until they are financially independent
- A homeowner looking for mortgage coverage
- A person nearing retirement who wants to cover their financial obligations in case of death
- A business owner who wants to protect their working capital, insure a key person or finance a shareholder purchase agreement
Advantages of Pick-A-Term
- Quick and easy enrolment –under certain conditions, acceptance is instant and the policy can be issued in under 24 hours
- Fixed, guaranteed cost, easy to work into your budget
- Option to convert your permanent life insurance coverage at any time, with no medical evidence
- Renewable annually based on your needs at the end of the first term
- Option to add additional coverage and get a discount for bundling your coverage
Age at issue: 0 to 70 years old
Initial coverage term
- Pick-A-Term: any term length from 10 to 40 years
- T10: 10 years
- T20: 20 years
For the primary insured as well as each additional insured, the face amounts offered are from $25,000 to $20,000,000.
Pick-A-Term offers two types of face amounts: level and decreasing to 50%.
- Level: The face amount is equal to the initial face amount for the duration of the coverage. This type of face amount is ideal for people who want a fixed amount of insurance.
- Decreasing to 50%: The face amount decreases by 8% once a year, on the coverage anniversary, to 50% of the initial face amount, in line with a decreasing mortgage balance.
Flex optional coverages
Disability Credit Insurance: Provides benefits to cover loan payments in the event of the insured’s disability.
Critical Illness: Guarantees a lump sum payment in the event of the diagnosis of one of the covered illnesses or conditions. Two choices for possible coverage:
- Complete coverage for 25 illnesses + 5 childhood illnesses
- More affordable 4 illnesses + 5 childhood illnesses, plus a option for face amount decreasing to 50%, ideal for mortgages
Accidental Death: Provides payment of an additional benefit if the death results from accidental causes and occurs within the 365 days following the date of the accident.
Accidental Death and Dismemberment: Provides payment of an additional benefit in the event of an accidental death. In case of dismemberment or loss of use of a limb, this coverage provides payment of a percentage of the amount of coverage selected, depending on the loss.
Guaranteed Insurability: Provides the option to buy additional insurance on the life of the insured without evidence of insurability. The new coverage must be permanent.
Child Module: Provides, for each living or unborn child, an amount of level term insurance up to age 25 or until the parent or insured for the coverage attached to this module reaches age 65.
Child Module PLUS: Provides term life insurance coverage identical to the Child Module as well as an accidental fracture coverage.
Waiver of premiums in the event of the applicant’s or the insured’s disability or in the event of the applicant’s death: Allows for the cancellation of payments if the applicant or the insured becomes totally disabled before age 60 and the disability lasts longer than 6 months. It also provides for the cancellation of insurance premiums if the applicant dies before age 65.
Accidental Fracture: Pays a benefit in the event of an accidental fracture.
Child Critical Illness: Provides a lump sum for each living or unborn child after diagnosis of one of the illnesses covered by your contract
Hospitalization: Provides a lump-sum payment for each day of hospitalization due to an accident or an illness. An additional sum is provided when the insured requires intensive care or is hospitalized out of the province of residence.
Hospitalization and Home Care: Provides the above Hospitalization coverage plus Home Care coverage, to absorb some of the costs accrued after hospitalization (purchase of medical supplies, assistance in daily activities, etc.).
Supplementary Income: Provides a monthly income in the event of total disability following an accident or illness covered by your contract.
Paramedical Care in the Event of an Accident: Provides several benefit types to cover the costs of an accident suffered by the insured. For example, the cost of a private or semiprivate hospital room, rental or purchase of medical equipment, physical rehabilitation treatments, etc.