Coverage Amount:
If you’re under age 70, you and your spouse can apply for up to $500,000 in coverage, with proof of good health, subject to Canada Life’s approval.
Age Limits:
Under 65: You can apply for optional life insurance without a medical exam to recover lost coverage if basic life insurance has been reduced due to insufficient hours.
Between ages 65 and 69: You can apply for life insurance in units ranging from $5,000 to $500,000, but a medical exam is required. It is subject to approval.
Conversion:
If coverage ends before age 65, you or your spouse may convert to an individual life insurance policy within 31 days without needing proof of good health.
Exclusions:
Suicide Clause: No benefit is paid if the insured commits suicide within two years of purchasing or increasing optional life insurance. In such cases, Canada Life refunds the premiums received.
*Note: Refer to the booklets for detailed information, exceptions, and conditions for availing these benefits.