Your Monthly Premium per $35,000 of coverage
Those insured for up to 7 units ($245,000)
Member and/or Spouse
| Male | Female | |||
|---|---|---|---|---|
| Age as of October 1* | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 61 - 67† | $19.00 | $30.90 | $14.25 | $21.40 |
| 68 - 69† | No premium charge | |||
| 70 | Coverage Terminates | |||
Those insured for 8 units ($280,000) or more
Member and/or Spouse
| Male | Female | |||
|---|---|---|---|---|
| Age as of October 1* | Non-Smoker** | Smoker | Non-Smoker** | Smoker |
| 61 - 67† | $17.10 | $27.79 | $12.82 | $19.24 |
| 68 - 69† | No premium charge | |||
| 70 | Coverage Terminates | |||
Important information about your premium rates:
Premiums are calculated based on your age and applicable rate as of October 1 each year.
**Non-smoker rates apply to individuals who, at the time of application, have not used tobacco, nicotine, or cannabis mixed with tobacco in any form whatsoever within the last 12 months and who have provided satisfactory evidence of insurability.
†The premiums shown are for renewal of existing coverage only. The value of each unit of insurance reduces on the October 1st coincident with or following your 61st birthday by 10% every year.
| Age (as of October 1) | Value of each $35,000 unit |
|---|---|
| 61 | $31,500 (90% of $35,000) |
| 62 | $28,000 (80% of $35,000) |
| 63 | $24,500 (70% of $35,000) |
| 64 | $21,000 (60% of $35,000) |
| 65 | $17,500 (50% of $35,000) |
| 66 | $14,000 (40% of $35,000) |
| 67 | $10,500 (30% of $35,000) |
| 68 | $7,000 (20% of $35,000) |
| 69 | $3,500 (10% of 35,000) |
| 70 **** | Terminates unless qualify for Paid-Up Benefit |
****Coverage Terminates unless you qualify for the Paid-Up Benefit. To qualify for the Paid-Up benefit, you must have been continuously insured since your 61st birthday and not have been on Waiver of Premium at any time since age 61; your coverage will continue for life, at the coverage amount in force at the October 1st coincident with or next following your 69th birthday.
Why the drop in value at age 61?
One of the benefits of purchasing Term Life Insurance is that it offers a cost-effective option to people seeking life insurance coverage when they are younger. However, this also means that rates increase with age. By decreasing the unit value for those older than 61, rather than increasing the premium rate, we can offer a reasonably priced product for a smaller amount of coverage. The reduction schedule was designed to provide an affordable solution for those who don’t need as much coverage once their children are grown and their mortgage is paid off.