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Student & Graduate Insurance Program
The CVMA has designed a Student & Graduate Insurance Program that will give you and your
loved ones peace of mind. Whether in the classroom or out in the field,
take comfort in knowing you’re protected.
The Insurance Program offers life and disability
insurance to students in all years one to four of study, as well as
graduates until they become a CVMA member.
|
Benefit |
Coverage |
|
Life Insurance |
$25,000 |
|
Accidental Death |
$25,000 |
|
Long Term Disability |
$2,000 monthly benefit |
Life insurance pays a lump sum to your named beneficiary if you die
while insured under this program. The accidental death insurance pays an
additional, equal benefit to your beneficiary if your death is the
result of an accident. Long term disability pays a monthly benefit to
you should you become disabled due to an injury or illness.
Each student who is a member of the Insurance Program pays an annual
premium for the coverage. The premiums you pay depend on three factors:
your age, gender, and smoking status.
Eligibility
- Applicants must be under age 65 and residing in Canada
- Students must be registered full-time in the program; Graduates
must apply within the first 90 days after graduation from Veterinary
College.
- 90 day waiting period
Medical Evidence
No medical evidence is required.
Pre-Existing Conditions
No benefits will be paid during the first 2 years for any condition that
required treatment or medical care during the 24 months prior to the
effective date of coverage.
Effective Date
Coverage becomes effective on the first of the month following approval
of your application.
Principal Features of This Plan
- Competitive Premium Rates with male/female and smoker/non-smoker
designations
- Conversion Privileges for Life Insurance
- May be used as Mortgage Protection
The Cost
The rates are equal to that of the CVMA member rates and
vary based on your age, gender and smoking status. The premium changes as you
enter a new age bracket.
You have 2 payment options. Premiums are payable on the
1st of the month or once a year, via pre-authorized bank deduction.
Rates are reviewed on a yearly basis, each March 1st,
and you will be advised in advance of any necessary rate changes.
|
LTD Rates - per $100 |
AD&D - Net rates per $1,000 |
|
Age |
Gross |
Age |
Gross |
|
0-29 |
0.681 |
0-69 |
0.050 |
|
30-34 |
1.000 |
|
|
|
35-39 |
1.150 |
|
|
|
40-44 |
1.867 |
|
|
|
45-49 |
2.141 |
|
|
|
50-54 |
3.618 |
|
|
|
55-59 |
4.292 |
|
|
|
60-64 |
5.078 |
|
|
|
Term Life Insurance -
rates per $1,000 |
| |
Gross |
Gross |
|
Age |
Non-Smoker |
Smoker |
Non-Smoker |
Smoker |
| 0-34 |
0.051 |
0.086 |
0.031 |
0.051 |
| 35-39 |
0.069 |
0.120 |
0.051 |
0.072 |
| 40-44 |
0.111 |
0.197 |
0.069 |
0.124 |
| 45-49 |
0.171 |
0.325 |
0.120 |
0.223 |
| 50-54 |
0.266 |
0.530 |
0.197 |
0.393 |
| 55-59 |
0.419 |
0.829 |
0.307 |
0.616 |
| 60-64 |
0.659 |
1.327 |
0.462 |
0.924 |
| 64-69 |
1.026 |
2.069 |
0.728 |
1.445 |
Living Benefit
Is payable during the lifetime of the insured upon approval by the
insurance company. You may request up to 25% of your life insurance
amount. This applies if you are diagnosed with an illness that will result in death during the
12 months following the date of diagnosis.
Conversion
You may convert the Life Insurance benefit without evidence of insurability within 31
days of the termination of your certificate to an individual life policy
currently available at the prevailing rates for that individual policy
provided:
- You are under the age of 65, and
- The converted Life Insurance amount is not more than $25,000.
Note: This summary is intended to provide a brief description
of the benefits available under the CVMA Insurance Program and does not
create or confer any rights.
The exact terms and conditions of your benefits are outlined in the
Certificate of Insurance provided upon acceptance.
Some restrictions and/or limitations may apply to the benefits
mentioned above. Please contact HED Insurance and Risk Services for full
details.
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