What is savings-life insurance?
Savings-life insurance includes basic life insurance that covers core needs as well as cancer diagnosis coverage. Coverage starts when you open your savings account. This coverage is affordable
Why get it?
With this coverage, you can help ease the financial impact of your death on your loved ones while leaving something behind for them. You’ll also get a lump sum if you receive a cancer diagnosis. Your benefit payments are tax free.
Ease the financial impact of a death
Funeral costs, final expenses, etc.
Handle cancer-related expenses
Private testing, travel expenses, childcare, caregiver expenses, etc.
Get double coverage
Up to $75,000 (life insurance) and $18,750 (cancer benefit) for all insured accounts combined.
Coverages offered
You can insure multiple accounts with savings-life insurance. Insurance amounts vary based on account type and on the age of the insured person when they die or when they receive a cancer diagnosis (as of June 1, 2016).
To help keep costs affordable for older adults (who generally need less coverage) insurance amounts start decreasing at age 70.
Qualifying share (membership share)
You can get up to $25,000 in life insurance and $6,250 in cancer coverage per account.
Everyday transaction accounts
You can get up to $25,000 in life insurance and $6,250 in cancer coverage per account.
Regular savings accounts
You can get up to $10,000 in life insurance per account (no cancer benefit).
Eligibility
You must meet the following criteria:
- Have an individual or joint qualifying share account, everyday account or regular savings account
- Be under 70 when you take out the insurance
- Be a Canadian resident (legally authorized to reside in Canada and live there at least 6 months a year)
- Your answers to the questions on the insurance application show you're eligible for coverage.
For joint accounts, each account holder must meet these 4 conditions. If 1 account holder is insured, the other must be, too.
Not a Canadian resident?
If you’re not a Canadian resident, you must also meet the following 3 criteria:
- Be authorized to reside in Canada and have come to Canada with the intention of settling here, and
- Be enrolled in a federal/provincial/territorial immigration program
- Have a valid study permit or work visa showing that you'll stay in Canada long enough
Cost
The monthly premium is automatically debited from your account. How much you pay depends on how old you are—whenever you enter a new age range, your premium will change.
Assistance services
Need support? Call 1-877-477-3033 Phone number for psychological, legal or convalescence assistance. This link opens your phone app. for telephone assistance services
Psychological assistance
Benefit from a set number of confidential sessions with a mental health professional to help you during difficult times.
Legal assistance
Speak with a notary or lawyer to get information about your rights, responsibilities and options to help you resolve legal issues. These professionals can also help you with settling an estate.
Convalescence assistance
Get help from a team of medical experts and assistance coordinators to help you find the information and providers you need to recover from an illness, accident or surgery.
Apply for savings-life insurance
Explore our other insurance options
Term life insurance
Life insurance that covers you for a specific period of time.
Critical illness insurance
Insurance that protects you financially if you're diagnosed with an illness that's covered by your policy.