Term Life Insurance
Term life insurance provides a lump-sum benefit should death occur during the term of coverage. The term of coverage for Portaplan is one year. Insurance coverage can be renewed each year for an additional term based on the rates and conditions in effect on the renewal date. The Portaplan policy renewal date is July 1.
Coverage and Premiums
Term life insurance is available in units of $20,000 up to a maximum of $400,000 (20 units), allowing you to choose the amount of coverage that best suits your individual needs. Coverage may be renewed annually until the policyholder attains age 90*.
Monthly premium rates are based on age, gender and smoking status. Benefit amounts are based on age and decrease automatically on the renewal dates following your 71st, 76th and 81st birthdays.
Effective July 1, 2024, the monthly rates per unit of term life insurance are:
| Schedule of Benefits | Smoker Rate | Non-Smoker Rate | |||
|---|---|---|---|---|---|
| Age of Policyholder on Renewal Date |
Unit Value | Male | Female | Male | Female |
| <=25 | $20,000 | $1.41 | $0.48 | $0.87 | $0.28 |
| 26-30 | 20,000 | 1.48 | 0.78 | 0.95 | 0.48 |
| 31-35 | 20,000 | 1.38 | 1.03 | 0.80 | 0.63 |
| 36-40 | 20,000 | 1.56 | 1.43 | 1.01 | 0.86 |
| 41-45 | 20,000 | 2.54 | 2.38 | 1.68 | 1.45 |
| 46-50 | 20,000 | 4.51 | 4.14 | 2.71 | 2.48 |
| 51-55 | 20,000 | 6.79 | 6.10 | 3.79 | 3.59 |
| 56-60 | 20,000 | 11.71 | 9.45 | 6.32 | 5.57 |
| 61-65 | 20,000 | 22.22 | 15.60 | 11.76 | 9.18 |
| 66-70 | 20,000 | 38.90 | 26.51 | 20.59 | 15.60 |
| 71-73 | 17,000 | 49.61 | 33.81 | 26.26 | 19.89 |
| 74-75 | 17,000 | 69.45 | 45.13 | 36.78 | 26.54 |
| 76-78 | 12,000 | 66.19 | 41.22 | 35.05 | 25.42 |
| 79-80 | 12,000 | 86.02 | 49.50 | 45.57 | 30.52 |
| 81-83 | 7,000 | 62.73 | 36.51 | 33.23 | 24.10 |
| 84-85 | 7,000 | 78.41 | 48.55 | 41.53 | 32.05 |
| 86 | 7,000 | 94.10 | 57.57 | 49.84 | 40.51 |
| 87 | 7,000 | 108.22 | 62.55 | 57.30 | 43.99 |
| 88 | 7,000 | 119.04 | 67.52 | 63.04 | 47.49 |
| 89 | 7,000 | 124.98 | 72.50 | 66.20 | 50.99 |
*The schedule of benefits and premium rates indicated in the chart above are applicable to policyholders who elected to opt out of Age 90 & Older Term Life Insurance, or Portaplan policies with an original effective date of November 1, 2017 or later. Premium rates are reviewed regularly and subject to change on any policy renewal date.
Smoker means:
For purposes of Portaplan, an individual is considered a smoker if they have smoked (cigarettes, cigars, pipes, e-cigarettes, vapes, etc.), used smoking cessation aids, or used any form of tobacco within the last 12 months.
Special Offers
First Year of STF Membership
If you’re in your first year of STF membership and have never held Portaplan insurance before, you can apply to automatically receive $40,000 (two units) of term insurance without supplying evidence of good health. The first $20,000 (one unit) is offered at no charge for the remainder of the policy year.
Second Year of STF Membership
Evidence of good health isn’t required for the first $20,000 (one unit) of term life insurance applied for in the second year of STF membership, provided it is an initial application.
Child Aged 16 to 25
Evidence of good health isn’t required for the first $60,000 (three units) of term life insurance on an initial application by an eligible child aged 16 to 25.
Limitations and Exclusions
If death occurs as a result of suicide, the benefit amount that will be paid will be limited to the amount of term life insurance which has been in effect for two or more years.
Termination of Coverage
Term life insurance coverage ceases when one of the following occurs:
- The required premiums are not paid when due.
- The policyholder enters full-time active service in any armed forces.
- The term life insurance coverage is cancelled.
- The attained age of the policyholder on the renewal date is 90.
Reinstatement of Coverage
If insurance terminates due to non-payment of premiums, insurance may be reinstated at any time within 3 years subject to satisfactory evidence of insurability and payment of all unpaid premiums due from the date of termination.
Conversion Privilege
If you terminate or reduce your coverage under this policy, you may be eligible to convert the terminated coverage to an individual policy without providing evidence of insurability. Contact Portaplan for more information.