CAA Term Life Insurance: Not All It’s Cracked Up to Be
When it comes to CAA Term Life Insurance, underwritten by Manulife exclusively for members of the Canadian Automobile Association, it's best that you don't believe the hype.
Manulife's website states that they offer discounts of up to 20% to non-smokers. However, when you compare the rates to the competition, the CAA premiums are significantly higher than those offered by other term life insurance carriers across Canada. The plan is also not available on apreferred rate basis. (click the link to see the difference between preferred and standard rates)
The CAA plan does have a built-in Accidental Death benefit, which pays up to half the face amount if the death is caused by a car accident where the insured is wearing a seatbelt, but it should be noted that less than 5% of life insurance claims are paid due to accidents.
The following are examples of how the CAA Term Life Insurance Plan stacks up against the competition:
$500,000 for a 40-year-old male, non-smoker with Term 5 coverage at standard rates
CAA: $75.88/month
Sun Life: $40.50/month
Unity Life: $57.60/month
$500,000 for a 40-year-old male, non-smoker with Term 20 coverage at standard rates
CAA: $94.00/month
Sun Life: $62.55/month
Unity Life: $63.78/month
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