Canadian Tire – Life Insurance in Canada
Canadian Tire Financial Services (CTFS) is the financial services arm of Canadian Tire Corporation, Ltd. CTFS started out in 1961 as a financial service company that specialized in third-party credit processing for local and small retailers in the Niagara Falls area. CTFS devotes the majority of its operations to marketing its Options MasterCard portfolio; currently, more than four million Canadians have this card. In addition to the Options MasterCard, CTFS provides emergency roadside service and sells warranty and insurance products.
Some of the insurance products sold by CTFS include credit insurance, travel insurance, accident insurance and term life insurance. Term life insurance is a type of life insurance that only covers you for a specific period of time, as opposed to permanent life insurance, which covers you for your entire life. If you die while the policy is still active, your beneficiaries will receive a lump sum payment from the insurance company.
The Canada Life Assurance Company
The term life insurance sold by CTFS is underwritten by the Canada Life Assurance Company. Canadian Tire term life insurance comes in a variety of different coverage amounts; you can get a plan with $50,000, $100,000, $150,000, $200,000 or $250,000 in coverage. Death benefits will be paid out tax-free to your beneficiaries. People between the ages of 18 and 64 are eligible to apply for Canadian Tire term life insurance. This life insurance is available to any Canadian resident, unless you in live in Quebec; if you live in Quebec, then you need to be a Canadian Tire Cardmember in order to be accepted. Most applicants can qualify for this term life insurance without having to undergo a medical exam, and many people can apply for and get approved for this term life insurance within minutes.
For the first five years of your policy, your premiums are guaranteed not to rise. Up until the age of 75, as long as you continue to pay your premiums, CTFS cannot withdraw your policy or refuse to let you renew your policy. Canadian Tire term life insurance comes with something called a Living Benefit; a Living Benefit is a sum of money, usually up to $50,000, that the insurance company will pay out for your immediate use if you are diagnosed with a terminal illness. Although it’s possible for smokers to get term life insurance, CTFS rewards non-smokers with significant discounts.