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Engineer Canada's Term Life Insurance Program: Not as Good as ...
Engineer Canada’s Term Life Insurance Program: Not as Good as Members May Have Thought
Engineer Canada offers a sponsored term life insurance plan that is underwritten by Manulife.
On the surface, it seems like a very easy and cost effective way for members to receive affordable term insurance coverage, but, when compared to indvidual term life policies, the rates may not be as attractive as they may seem at first. The Engineer Canada plan offers coverage up to $15,000,000. Members receive discounts of 5% on face amounts in excess of $500,000 and a 10% discount on face amounts of $1 million or more.
However, even with the discounts, the premiums don't stack up against other leading life insurance carriers in Canada. A 52-year-old, male non-smoker applying for $500,000 of Term 10 coverage with Engineer Canada's program will pay $117.04/month. The premiums are based on five-year age bands, which means they go up in five-year increments.
When compared to the other insurance companies in Canada, their rates are significantly higher. An RBC Insurance Ten-year Term Policy (fixed for twice as long as the five-year term) is $101.25/month. Canada Life's Term 10 policy is $101.70/month and BMO Insurance's Term 10 policy is $102.60/month.
Individuals in very good health, and with an excellent family health history, can qualify for perferred rates , which would lower the RBC plan to $69.44/month. Perferred rates are not available through the Engineer Canada Plan.
The Engineer Canada Policy does offer a unique continuation benefit, which, in the example of the 52-year-old male, he would pay an additional $17.80/month. The continuation option provides 10% paid-up coverage to applicants insured at age 85. In the example of the 52-year-old, he would have $50,000 of paid-up coverage at age 85. On its face, it seems like a great deal, but it assumes that the insured keeps the coverage up to age 85. This is unlikely, given that the premiums on the Engineer Canada Plan will skyrocket in the later policy years.
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