Insurance 101

Quick Glossary of Insurance Terms

Life Insurance: a type of insurance that pays out when the insured person dies.

Term Life Insurance: a type of life insurance that provides coverage for a set period of time. The period (or term) of the coverage can be either a fixed number of years (e.g. 10 years) or to a set age (e.g. age 65). The policy has no cash value.

See Online Individual Term Insurance and Renewable Term Insurance

Permanent Insurance: a type of life insurance that provides coverage for the lifetime of the person insured, provided the required premiums are paid.

See PermaTerm 100 Insurance

Critical Illness: a type of insurance that pays the insured person a lump sum if they are diagnosed with a life-altering illness such as cancer, a heart attack, a stroke, multiple sclerosis or Parkinson’s disease. The exact illnesses covered are listed in the policy.

See Critical Illness Insurance

Term Insurance Suits Your Life Stage

Boost your protection with Term Life Insurance geared to your unique needs whether on your own, getting married, growing a family, or preparing to retire.
Life Stage: Single & Successful

Whether kick-starting your career or have a CV worthy of envy, as a single person, you have the freedom to build your life around your own priorities. Protect what’s yours with insurance coverage that matches your lifestyle.

Term Life provides a lump sum payment in the event of your death during the coverage term. Comprehensive life insurance could be used to cover costs like:

  • funeral expenses, so the burden doesn’t fall on loved ones
  • repayment of a loan
  • expenses of selling your home
Life Stage: Newlyweds

Congratulations! Marriage means “me” has become “we.” It’s an exciting time, and the right moment to reassess your life insurance plan. Make sure you’ve got the coverage you need to start your new life together, with confidence.

Life insurance ensures financial stress doesn’t compound your survivors’ grief. Comprehensive coverage will help your loved ones cover outstanding debts and expenses, including:

  • rent or mortgage payments
  • loan repayments (car, school)
  • funeral and estate expenses
  • credit-card balances
  • utilities and property taxes
  • household repairs
Life Stage: Growing Family

Increasing responsibilities and busy family lifestyles call for a worry-free, easy-to-understand life insurance solution. You want to protect lifestyle and future dreams: living in the family home, continuing established routines, making plans for post-secondary education.

Comprehensive coverage ensures your family can cover outstanding debts and expenses, including:

  • mortgage and loan payments
  • education expenses
  • childcare expenses
  • lost income
  • home-related expenses, utilities and taxes
Life Stage: New Homeowners

Purchasing a home is likely the biggest financial investment you’ve ever made. Protect your hard work in the face of tragedy. Life insurance does that by covering:

  • mortgage payments or the outstanding amount of your mortgage
  • home-related expenses, utilities & taxes
  • repair and maintenance costs
Life Stage: Aspiring retirees

After a lifetime of hard work, you’re preparing to wind down for retirement. Protect the assets you’ve built over decades, so you can pass on your legacy, minus the debt and financial worry.

Term Life provides a lump sum payment in the event of death during the coverage term, that can cover costs such as:

  • funeral expenses
  • loans other debts
  • maintain lifestyle

Getting a Life Insurance Quote

We make getting an online life insurance quote simple. This video shows you how.

How to Apply

Applying for insurance is quick and easy.

Eligibility

Work in the education community? Our insurance policies were created just for you. We offer life insurance and critical illness insurance to educators, administrators, support staff and their families in Alberta, British Columbia, Ontario, New Brunswick and Nova Scotia.

Get Organized

Before starting your application you will need to know the following:

  • The amount of coverage you require – Try our Life Insurance Needs Analysis
  • Information about your medical history, including
    • Family medical history
    • Chronic medical conditions
    • Current or past treatments
  • Information about your current lifestyle
    • Examples of questions asked: Do you smoke? Are you a skydiver?
  • Contact and payment information
What Happens After You Apply

For most of our policies, you will be contacted within one business day of your application being received. At that time, you may be asked to take a medical examination or provide a fluid sample. If approved, most people have insurance policies in force in less than a month. However, it can take longer for people with more complicated medical histories.

Did You Apply for Educators Term Insurance?

If you apply for Educators Term Insurance, assessment happens almost during application. So you’ll know immediately if you have been approved. Insurance could be in force within 24 hours.

Once You’re Approved

Here’s what will happen next:

  • You’ll receive your formal policy documents by mail or email.
  • You’ll gain access to our secure Members Only site, where you can find
    • policy information
    • Change of Beneficiary forms
Relax & Enjoy Teachers Life Member benefits
Gym/health club membership
  • Will creation
  • CPR certification
Scholarships and Bursaries for Children and Grandchildren
  • $3,000 per year for up to 4 years
  • Bursaries for runners-up

Voting Privileges

  • Teachers Life is a not-for-profit insurance company and members have a say.

Find answers to many common questions regarding coverage, payment, membership with us, and much more.

Frequently Asked Questions
Retrieve an Existing Quote.