RTOERO members have access to preferred universal and term life insurance rates through Johnson Insurance, our insurance partner since 1985. Life insurance helps to make sure your loved ones don’t have to deal with financial strain while coping with the grief of loss.
Guaranteed life insurance
Guaranteed life insurance, sometimes called universal life insurance or whole life insurance, provides a guaranteed payout to your loved ones. Many people choose guaranteed life insurance to top up existing term coverage.
How it works
- You and your spouse can apply for coverage when you’re between ages 50 to 85
- You’ll be automatically approved without a health questionnaire
- You pick the amount – coverage is available in multiples of $2,500, to a maximum of $25,000 and you have the coverage for life
- Your coverage may increase if death is accidental
- Your premiums don’t increase with age and end when you reach 100, but your coverage continues
Term life insurance
No one wants to leave their loved ones struggling. Even if you already have life insurance, it’s a good idea to make sure the amount is adequate to support your loved ones’ needs.
How it works
- You can apply between ages 45 to 70 inclusive
- You can apply for life insurance coverage of $25,000 to $150,000, in units of $25,000. Your initial premiums are based on your age at application
- Premiums are guaranteed not to increase for ten years, and your coverage renews every ten years with your new premiums based on your age at renewal
- At age 80, your coverage will reduce to 10% of the original amount and will continue premium-free for life
- You can add accidental death and dismemberment insurance to your term life policy for additional coverage