Coverage

Savings-Life Insurance provides coverage for various savings accounts (maximum amount of insurance of $75,000 for all insured accounts):

  • Qualifying share (membership share) or personal chequing account. The amount insured is $25,000 per type of account.
  • Regular savings account. The amount insured is $10,000 per account.

What coverage is available?

The amount of insurance paid depends on the participant’s attained age on the date of death and type of account. To limit the cost of the insurance for older insureds, whose insurance needs are usually reduced, the benefit payable decreases as of age 70.

Attained age
Amount of insurance per participant – Qualifying share account and chequing account (CS and PCA)
Amount of insurance per participant – regular savings account (RS)
Individual account
0 to 69
$25,000
$10,000
70 to 74
$17,500
$7,000
75 to 79
$10,000
$4,000
80 to 84
$7,500
$3,000
85 and over
$5,000
$2,000
Joint account
0 to 69
$12,500
$5,000
70 to 74
$8,750
$3,500
75 to 79
$5,000
$2,000
80 to 84
$3,750
$1,500
85 and over
$2,500
$1,000
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