Medavie Blue Cross is a Canadian company that provides insurance products like health insurance, life insurance, travel insurance and income replacement insurance. In addition, Medavie Blue Cross is in charge of several government-sponsored health programs, and it helps manage ambulance services in several provinces. Medavie Blue Cross has been around in some form ever since 1943, and it is a member of the Canadian Association of Blue Cross Plans. Some of the cities that Medavie Blue Cross has offices in include Moncton, Halifax, Quebec City, Montreal, Toronto, Charlottetown, Saint John and Bathurst.
One life insurance product offered by Medavie Blue Cross is term life insurance. Term life comes in three different forms: Term 10 - Under $100,000, Term 10 - $100,000 And Up, and Century Life. A Term 10 – Under $100,000 plan gives you ten years of coverage and the option to renew that coverage up until the age of 75. Your renewal is guaranteed – you won’t be required to show new proof of health or undergo a medical exam. Your premium rates will only increase upon the renewal date and not during the term of the policy. You have the option of converting your term life insurance policy to a permanent life insurance policy up until the age of 65. In terms of premium payments, you have the option of either paying a minimum of $10 per month or $100 per year. Anyone between the ages of 15 days and 65 years can apply for this policy. You can add optional riders to this policy to make sure that your spouse and children are also covered under this plan.
In contrast to Term 10 – Under $100,000, Term 10 - $100,000 And Up has different age requirements. This term life insurance policy has three underwriting classes: Standard, Preferred and Elite. To apply for a Standard or Preferred policy, you must be between the ages of 18 and 65. To apply for an Elite policy, you must be between the ages of 35 and 65. Other than the difference in age and the amount of coverage required, this policy is very similar to Term 10 – Under $100,000. For example, it too allows you to convert to a permanent life insurance policy up until the age of 65, and your premium rates are guaranteed to remain level for the duration of the contract. Optional riders are also available for this policy.
Century Life is the third term life insurance option. To apply for it, you must be between the ages of 15 days and 70 years. The minimum amount of coverage available under this plan is $10,000. You can choose to pay a minimum of premiums in the form of either $20 per month or $200 per year. This policy does not expire after a stated period of time – it is a lifetime policy with premiums that will not increase. One thing that all three of the term life insurance plans have in common is an immediate death benefit – Medavie Blue Cross does not impose a waiting period after the death of the insuree before issuing money to the beneficiaries.