Coverage
Savings-Life Insurance provides coverage for various savings accounts:
- Qualifying share, Personal Chequing Account or Regular Savings. If the balance of the account is $10,000 or less, the sum insured is $10,000 per type of account. If the balance of the account is over $10,000, the sum insured is equal to this balance, up to $50,000 per type of account.
- Term Savings (including RRSPs and RRIFs). The sum insured is equal to the total balance of the insured accounts, up to $50,000 for all the accounts at one caisse.
Are you over age 70?
To limit the cost of the insurance for the older insureds, whose insurance needs are usually less of a concern, the benefit payable decreases as of age 70. It then corresponds to a multiple of the sum insured as follows:
Age |
Multiple |
|---|---|
0 to 69 |
1 |
70 to 74 |
0.7 |
75 to 79 |
0.4 |
80 to 84 |
0.3 |
85 and over |
0.2 |
 |
|
To calculate the benefit payable on the death of an insured, multiply the sum insured by the multiple indicated in the above table. The multiple is determined according to the age attained on the last day of the month prior to the month of death.
Joint account
To calculate the benefit payable for a joint account, both insureds are considered to be the age of the oldest. The sum insured is divided up equally between both insureds.
