Accident Insurance
Portaplan accident insurance provides financial protection in the event of an accidental death or specified injuries resulting from an accident. You must have at least one unit of term life insurance in order to apply for this coverage.
Coverage and Premiums
Accident insurance is available in units of $20,000 and decreases automatically when you reach age 71, 76 and 81, respectively. The maximum amount of accident insurance available is equal to the amount of term life insurance coverage purchased.
The benefit for loss of life under this insurance will be paid in addition to the death benefit under your term life insurance.
The monthly premium is $0.45 per unit of coverage. The value of each unit is as follows:
| Schedule of Benefits | |
|---|---|
| Age of Policyholder on Renewal Date |
Unit Value |
| 16-70 | $ 20,000 |
| 71-75 | 17,000 |
| 76-80 | 12,000 |
| 81-89 | 7,000 |
The following table lists the benefits that are payable for a loss covered under this insurance. The benefits specified in the table will be paid only if the covered loss:
- Is the result of an accidental injury.
- Occurs within 365 days of the accidental injury.
- Is total and irreversible or irrevocable.
In the case of loss of speech or hearing, or the loss of an arm, hand, leg, fingers or toes, the loss must be continuous for 12 months and determined to be permanent before any benefit will be paid.
| Table of Covered Losses | |
|---|---|
| Covered Loss | Coverage |
| Life | 100% of benefit amount plus Loss of Life Benefits |
| Paraplegia, quadriplegia or hemiplegia | 200% of benefit amount |
| One hand and one foot; both hands or both feet; sight of both eyes; one hand and sight of one eye; one foot and sight of one eye; speech and hearing in both ears | 100% of benefit amount |
| One arm or one leg | 75% of benefit amount |
| One hand or one foot; sight of one eye; speech or hearing in both ears | 66 2/3% of benefit amount |
| Thumb and index finger on one hand or at least four fingers of one hand | 33 1/3% of benefit amount |
| Hearing in one ear; all toes of one foot | 25% of benefit amount |
If you suffer a covered loss due to unavoidable exposure to the elements of nature, the loss will be considered to have occurred as a result of an accidental injury.
If you disappear and your body is not found within 365 days after the accidental destruction or disappearance of a conveyance in which you were travelling, for purposes of this insurance you will be deemed to have died by accidental injury (provided there is no evidence to the contrary).
Additional Accidental Injury Benefits
If, as a result of the accidental injury, you suffer a covered loss, you may be eligible for the following additional benefits:
- Family Transportation Benefit
- Home Alteration and Vehicle Modification
- Hospitalization Allowance
- Rehabilitation Benefit
For more details, refer to the Portaplan Information booklet or contact Portaplan.
Additional Loss of Life Benefits
Other benefits that may be payable in the event of your accidental loss of life include:
- Child-Care Expenses
- Children’s Education Expense
- Seatbelt Benefit
- Spousal Occupational Training Benefit
- Repatriation Expenses
For more details, review the Portaplan Information booklet or contact Portaplan.
Limitations and Exclusions
Any loss must be the result of an accident, must occur within 365 days of the accident and must be complete and irrecoverable. Also, the accident must be the sole cause of death or the covered injury. Payment will be made only for one loss, the greatest sustained by the policyholder as the result of any one accident.
No benefit is payable for any loss directly or indirectly related to suicide or self-inflicted injury.
For more information about the limitations and exclusions applicable to Portaplan accident insurance, refer to the Portaplan Information booklet or contact Portaplan.
Termination of Coverage
Accident coverage terminates when one or more of the following occurs:
- The term life insurance is terminated.
- The required premiums are not paid when due.
- The accident insurance coverage is cancelled.
- The attained age of the policyholder on the renewal date is 90.