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How to leave your loved ones a legacy instead of bills.

Deidre Plotnick February 23, 2021
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The start of a new year tends to prompt many of us to get ourselves organized. We clean out our closets, take stock of our finances (and usually devise new savings plans as a result).  Life is unpredictable, so the more organized you are, the better equipped you are for bumps down the road. If you’ve done all of the above, kudos to you! Now… do you have a plan in place to make sure your loved ones are protected, should something happen to you? If you don’t, then the new year is a great time to start thinking about life insurance. If you’re like most people, you have questions. So here are answers to some of those most commonly asked.
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So what type of life insurance is best for me?

Like any industry, competition breeds choice and the insurance sector is no different. Different companies offer life insurance plans geared for various needs, and it can get downright confusing. There are plans that are appropriate for different ages and life stages, other plans offer different term lengths, and there are even plans designed specifically for those who are having difficulty getting insurance. A licensed Insurance Advisor can help you decide which plan is best suited to you.
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Can I get life insurance if I had difficulty getting life insurance before?

An existing heart condition or diabetes can make it difficult to get life insurance coverage. So can your age. Fortunately, CAA Guaranteed Issue Life Insurance, offered in association with Manulife, has been designed specifically for people like you. 

What does Guaranteed Issue Life Insurance mean? 

CAA Guaranteed Issue Life Insurance was designed specifically to provide protection for those who have had difficulty getting insurance. The benefits of this very affordable type of life insurance are many:

  • There are no medical exams or tests, no questions asked about prior policy denials at time of application.

  • If you’re a Canadian resident between 40 and 75 you’re guaranteed to get it.1

  • Coverage is available from $5,000 to $25,000.

  • CAA Guaranteed Issue Life Insurance never expires2 and rates never go up.3  At age 95, no further payments are required and coverage remains in effect.

  • CAA Guaranteed Issue Life Insurance includes a Living Benefit4 which pays you 50% of your coverage amount directly, if you’re diagnosed with a terminal illness with 12 months or less to live.

  • It also includes additional coverage for accidental death before age 85 that pays your beneficiaries an additional four times your initial coverage amount, up to $125,000.

What can my loved ones use the life insurance lump sum benefit for?

How your survivors decide to use the benefit is entirely up to them. With the average Canadian funeral burial costs coming in between $5,000 and $15,000, this lump sum could help defray your final costs. It can also be used to help pay for other expenses such as credit card bills, grandchildren’s tuition, childcare expenses or even for everyday living expenses. Your beneficiary simply receives the lump sum of up to $25,000 to use as s/he wishes. 
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CAA Members get special benefits along with CAA Guaranteed Issue Life Insurance. 

CAA doesn’t just protect Members on the road; Members are also protected as their lives evolve. Every year, policyholders who are CAA Members will receive guaranteed extra coverage at no extra cost2. What this means is that as a CAA Member, your coverage will increase by 2% each year for up to 25 years. Purchase $25,000 coverage today and it automatically increases to $37,500 after 25 years, at no cost to you! 

Use the start of the new year as the impetus to get organized and make sure important things like your life insurance are in order. That way, you’ll know you’re leaving your loved ones with a legacy – instead of debts. Need assistance deciding which life insurance plan is right for you? Talk to a licensed Insurance Advisor by calling 1-866-923-4084 or visit caasco.com/guaranteedlife


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