Dependant Life Insurance
Portaplan dependant life insurance provides a benefit in the event of the death of your spouse or dependent children. This insurance provides coverage in addition to any term life insurance coverage that your spouse or dependent children may have under their own Portaplan policy. You must have at least one unit of term life insurance in order to apply for this coverage.
For purposes of dependant life insurance:
Spouse means:
- A person who is your legal spouse, or
- A person who has lived with you for at least 12 consecutive months in a role like that of a marriage partner.
In circumstances where more than one individual meets the definition of spouse above, the person who qualifies last under the definition will be the eligible spouse.
Dependent Children means your unmarried birth, adopted, step or foster children who are:
- Dependent upon you for support and maintenance; and
- Under age 21, or under age 25 and in full-time attendance at an accredited educational institution; or any age, if incapable of supporting themselves due to a physical and/or mental disability, and incapable of engaging in any substantially gainful activity; and
- Not employed on a full-time basis (more than 37.5 hours per week).
Evidence of good health is not required if you apply within one year of the date of gaining a dependant (e.g., date of marriage, date of birth, adoption of a child). Also, no evidence of good health is required when a second or subsequent dependant is added to the policy.
Coverage and Premiums
A monthly premium of $2.25 covers your spouse for one unit of term life insurance, and each of your eligible dependent children for $5,000 of term life insurance, regardless of the number of dependants you have.
The amount of coverage on the life of your spouse is based on your age on the renewal date (insurance age) immediately before your spouse’s date of death.
| 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 |
Termination of Coverage
Dependant life insurance terminates when one of the following occurs:
- The term life insurance policy is terminated.
- The required premiums are not paid when due.
- The dependant life insurance coverage is cancelled.
- The attained age of the policyholder on the renewal date is 90.
- The dependant no longer meets the required criteria.
Conversion Privilege
If your death occurs before your spouse is age 65, your spouse may convert your unit of dependant life coverage to one unit of term life insurance coverage on their life without providing evidence of good health. This option must be exercised within 90 days of your death.