The Canadian Automobile Association, commonly known by the acronym CAA, is an organization that provides a variety of services to its five million plus members. These services include things like emergency roadside assistance, insurance products and travel and car advice. There are nine regional CAA clubs that service the areas of British Columbia, Alberta, Saskatchewan, Manitoba, the Atlantic, North & East Ontario, Niagara, South Central Ontario and Quebec. These nine clubs consist of 140 offices located throughout Canada. Although at first glance all of these clubs appear to deal solely with automobiles, they do offer services unrelated to cars such as life insurance. Life insurance acquired through CAA is not actually sold by CAA; the life insurance policies in question are provided by Manulife, an insurance company CAA has teamed up with.
CAA members have access to a variety of life insurance products through Manulife Financial. One such product is term life insurance. CAA members can choose between a five-year policy and a twenty-year policy. The five-year is perfect for people who have limited budgets and are only looking for short-term coverage. This plan is open to people anywhere between the ages of 18 and 70. Whatever rate you are quoted at the start of the policy will be the rate you will pay for the entire life of the policy – rates will not increase within the five year period unless you decide to raise your amount of coverage. When the five year period ends, you are guaranteed the option of renewing your coverage.
The twenty-year term life policy is more suitable for CAA members looking for a long-term insurance option. People who can apply for this policy must be between the ages of 18 and 55. Like the five-year policy, whatever rate you are originally quoted at the start of the policy will remain in effect for the entire life of the policy, as long as you don’t raise the amount of coverage. After your twenty years are up, you can renew the policy if you choose.
Another type of life insurance product available to CAA members is guaranteed issue life insurance. This kind of insurance product is designed for people who have trouble getting life insurance due to their medical condition. To apply for guaranteed issue life insurance, you need to be between the ages of 40 and 75. You do not have to undergo a medical examination or fill out a medical questionnaire. As the name implies, people who meet Manulife’s criteria for guaranteed issue life insurance are guaranteed to be approved for this policy. Under this policy, each year you remain a member of CAA your coverage will go up 2% without an accompanying increase in premiums.