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.
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Non-Renewable Term Life Insurance
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Carrier
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Teachers Life
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Eligibility Ages
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Term 10: 18-60
Term 15: 18-55
Term 20: 18-50
Term 25: 18-45
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Coverage Amount
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$100,000 - $1,000,000
Ages*
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Max Amount
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18-45
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$1,000,000
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46-50
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$500,000
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51-55
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$250,000
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56-60
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$150,000
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*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.
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Application
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Simplified & instant issue or underwritten if more medical information required
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Medical Questionnaire
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Yes. Medical exam and fluids may be required.
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If Approved, Coverage Effective
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Instant approval or 4-6 weeks if more medical information required
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Maximum Expiry Age
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70
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Cash Surrender Value
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None
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Renewable/Convertible
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No
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Premiums
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Premiums level throughout the policy term
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Renewable Term Life Insurance
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Carrier
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Teachers Life
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Eligibility Ages
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Term 10: 18-60
Term 15: 18-55
Term 20: 18-50
Term 25: 18-45
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Coverage Amount
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$100,000 - $1,000,000
Ages*
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Max Amount
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18-45
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$1,000,000
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46-50
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$500,000
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51-55
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$250,000
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56-60
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$150,000
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*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.
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Application
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Simplified & instant issue or underwritten if more medical information required
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Medical Questionnaire
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Yes. Medical exam and fluids may be required.
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If Approved, Coverage Effective
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Instant approval or 4-6 weeks if more medical information required
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Maximum Expiry Age
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70
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Cash Surrender Value
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None
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Renewable/Convertible
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Renewable only
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Premiums
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Premiums level throughout the initial policy term; step-up rates apply at time of renewal
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Term 100 Life Insurance
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Carrier
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Teachers Life
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Eligibility Ages
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Term 100: 18-65
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Coverage Amount
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$100,000 - $1,000,000
Ages*
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Max Amount
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18-45
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$1,000,000
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46-50
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$500,000
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51-55
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$250,000
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56-65
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$150,000
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*Based on closest age. E.g. 55 years and 182 days eligible for $250,000, 55 years and 183 days eligible for $150,000.
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Application
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Underwritten only
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Medical Questionnaire
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Yes. Medical exam and fluids may be required.
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If Approved, Coverage Effective
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If approved, coverage effective 4-6 weeks
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Maximum Expiry Age
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100
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Cash Surrender Value
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None
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Renewable/Convertible
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No
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Premiums
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Premiums level throughout the policy term
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LifePlan 10
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Carrier
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Manulife
Apply Online
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Eligibility Ages
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18-70
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Coverage Amount
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$25,000 - $1,000,000
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Application
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Underwritten only
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Medical Questionnaire
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Yes - blood and urine.
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If Approved, Coverage Effective
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If approved, effective date 1st of every month
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Maximum Expiry Age
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85
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Cash Surrender Value
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None
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Renewable/Convertible
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Renewable and can be converted to any permanent Manulife insurance policy up to age 69.
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Premiums
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Premiums level throughout the initial policy term; step-up rates apply at time of renewal
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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