Desjardins Financial Security offers an economical term portfolio consisting of Term 10 and Term 20, products designed to meet the varying term insurance needs of individuals, families and businesses.
The Term 10 and Term 20 plans adopt a preferred method of underwriting with multiple premium categories to provide the lowest possible rate for each applicant depending on their unique personal qualifications, including their health and lifestyle factors.
Our T10 and T20 coverage options include competitive renewal rates and extensive optional benefits, riders and conversion features. Take a look of our comprehensive array of financial risk management solutions and give your most demanding clients the valuable coverage they need to secure their financial future.
Product Description
The plan details listed in this product guide refer to Traditional Life Term 10 and Term 20 plans. Similar PACE III coverages (i.e Flex 10 & Flex 20) have equivalent features, however, subtle differences in product characteristics may exist. Please refer to Flex 10 and Flex 20 product specifications for full details.
Issue Ages - (Age nearest)
- Term 10: 18 - 70
- Term 20: 0 - 60
N.B.: T10 & T20 coverage continues to the policy anniversary at age 80. Age nearest is calculated using a six-month rule from the date of issue. For example, if the client's birthday falls within 6 months of the day of issue, the client will be considered a year older. Conversely, if the client's birthday is greater than 6 months from the day of issue, the client's attained or actual age will be used.
Issue Amounts
- Term 10: $50,000 - $10,000,000
- Term 20:
- 0 - 17: $25,000 - $10,000,000
- 18 - 60:$50,000 - $10,000,000
Convertibility
- Term 10 and Term 20 plans are convertible without evidence of insurability to any designated conversion product including certain universal life PACE III coverages.
- Individual: Up to age 65
- Joint first-to-die: up to age 65 of each insured for an insurance amount divided by the number of insured's.
- Products available: Flex 1, Flex 1 at 85/20 years, Precision, Precision10, Precision 20, Guaranteed Whole Life, Life 10 and LIfe 20
Coverage Options
T10 and T20
- Individual (5 lives)
- Joint first-to-die (5 lives - without rated premium)
To obtain a Joint 1
to die premium, you must multiply each insured's rate by 95%, round to the second decimal and add them together.
Example: [Round (Rate1 x 95%) + Round (Rate 2 x 95%) +... ] x Insurance amount + $50
Annual Policy Fees
T10 and T20
- Basic Coverage: $50
- Each Additional Coverage: $25
Payment Frequency
T10 and T20
- Annual
- Semi-annual
- Monthly PAC (Pre-Authorized Chequing)
Modal Factors
T10 and T20
- Semi-annual: 0.52 X total annual premium
- Monthly PAC: 0.09 X total annual premium
N.B.: The total annual premium refers to the total policy premium including any benefits/riders and applicable policy fee.
Premium Banding
T10 et T20
- $50,000 to $99,999 (non-pref U/W)** (0-17: $25,000)
- $100,000 to $249,999 (non-pref U/W)**
- $250,000 to $499,999
- $500,000 to $999,999
- $1,000,000 to $4,999,999
- $5,000,000 to $10,000,000
Eligible for Multi-Coverage Discout
Assistance service
Legal Assistance
A direct phone service provided by a lawyer who helps you find answers to the legal concerns you may have.
Riders and Benefits
Additional Coverage
Rider/Benefit Availability
Underwriting Risk Classes
Term 10 and Term 20
|
Rate Classes |
|
Rate Classes (all ages) |
Smoker |
|
P1 (non-smoker - preferred) |
R1 (smoker - preferred) |
|
P2 (non-smoker - preferred) |
R2 (smoker - standard) |
|
P3 (non-smoker - standard) |
|
** Please refer to the Preferred and Non-preferred Risk Criteria Tables and Requirement Guidelines in the Underwriting Requirements Guide - Life section.