Skip Navigation

Life Insurance


 

Get an Online Quote

in less than 5 minutes


 

Call Us

to speak with a Life and Living Benefits Sales Representative.

1-800-267-6847

Advantages of OTIP Life Insurance

 

Not linked to your mortgage and won’t decrease as your mortgage is paid down or if you move to another financial institution.

 

Life insurance benefits are tax-free and payable to your beneficiaries as soon as 15 days after the claim is approved.

 

Your premium will not change for the entire length of your policy term.

 

Your coverage stays with you, even if you change jobs or retire.

More protection for your loved ones

Your group life insurance provides valuable protection for your family, but it may not be enough to provide the financial security you need when your plan terminates or if you’re already retired. Final expenses, post-secondary education for children or grandchildren, a secure retirement for your spouse, and covering mortgage costs are all things to consider.

OTIP offers four life insurance plan options, each with a range of coverage amounts and term lengths.

Find the coverage that’s right for you and apply online or call 1-800-267-6847 to speak with a Life and Living Benefits representative.

 

Carrier


Eligibility Ages

Coverage Amount


Application

Medical Questionnaire

If Approved, Coverage Effective

Maximum Expiry Age

Cash Surrender Value

Renewable/
Convertible

Premiums

 

Non-Renewable Term Life Insurance

Carrier

Teachers Life


Eligibility Ages

Term 10: 18-60
Term 15: 18-55
Term 20: 18-50
Term 25: 18-45

Coverage Amount

$100,000 - $1,000,000

Ages*

Max Amount

18-45

$1,000,000

46-50

$500,000

51-55

$250,000

56-60

$150,000

*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.

Application

Simplified & instant issue or underwritten if more medical information required

Medical Questionnaire

Yes. Medical exam and fluids may be required.

If Approved, Coverage Effective

Instant approval or 4-6 weeks if more medical information required

Maximum Expiry Age

70

Cash Surrender Value

None

Renewable/Convertible

No

Premiums

Premiums level throughout the policy term

 

Renewable Term Life Insurance
 

Carrier

Teachers Life


Eligibility Ages

Term 10: 18-60
Term 15: 18-55
Term 20: 18-50
Term 25: 18-45

Coverage Amount

$100,000 - $1,000,000

Ages*

Max Amount

18-45

$1,000,000

46-50

$500,000

51-55

$250,000

56-60

$150,000

*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.

Application

Simplified & instant issue or underwritten if more medical information required

Medical Questionnaire

Yes. Medical exam and fluids may be required.

If Approved, Coverage Effective

Instant approval or 4-6 weeks if more medical information required

Maximum Expiry Age

70

Cash Surrender Value

None

Renewable/Convertible

Renewable only

Premiums

Premiums level throughout the initial policy term; step-up rates apply at time of renewal

 

Term 100 Life Insurance

Carrier

Teachers Life


Eligibility Ages


Term 100: 18-65

 

Coverage Amount

$100,000 - $1,000,000

Ages*

Max Amount

18-45

$1,000,000

46-50

$500,000

51-55

$250,000

56-65

$150,000

*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.

Application



Underwritten only


 

Medical Questionnaire

Yes. Medical exam and fluids may be required.

If Approved, Coverage Effective


If approved, coverage effective 4-6 weeks
 

Maximum Expiry Age

100

Cash Surrender Value

None

Renewable/Convertible

No

Premiums

Premiums level throughout the policy term

 

LifePlan 10
 

Carrier

Manulife

Apply Online

Eligibility Ages


18-70

 

Coverage Amount

 






$25,000 - $1,000,000



 

Application



Underwritten only


 

Medical Questionnaire

Yes - blood and urine.

If Approved, Coverage Effective


If approved, effective date 1st of every month
 

Maximum Expiry Age

85

Cash Surrender Value

None

Renewable/Convertible

Renewable and can be converted to any permanent Manulife insurance policy up to age 69.

Premiums

Premiums level throughout the initial policy term; step-up rates apply at time of renewal

All plans offer a terminal illness or living benefit in which you are eligible to receive a portion of your benefit if you are diagnosed with a terminal illness. Terms and conditions vary by carrier, see plan application pages for more details.

For more information on the coverage options from Teachers Life:

Product Brochure

FAQ

Need help?
x
How can we help?