Life Insurance

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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.

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

Apply Online

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

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

Cash Surrender Value

None

Renewable/Convertible

Premiums

Premiums level throughout the policy term

Renewable Term Life Insurance

Carrier

Teachers Life

Apply Online

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

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

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

Apply Online

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

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

Lifetime (coverage continues past the insured’s 100th birthday)

Cash Surrender Value

None

Renewable/Convertible

Premiums

Premiums level throughout the policy term and must be paid up until the insured’s 100th birthday.

	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