Here are some of the questions you may have when deciding upon enrolling in the
Group Accidental Death Insurance Plan. If you would like further insurance information,
please call Co-operators at 1-800-263-9120 between 8am and 8pm Monday
to Friday EST.
Is the Plan transferable?
No. This offer is exclusively for the
primary credit union member and his or her spouse.
Is there tax on these policies?
You will pay Provincial Sales Tax where applicable.
Where can I call to get information about this product?
If you would like further insurance information, please call Co-operators
at 1-800-263-9120 between 8am and 8pm Monday to Friday EST.
Does the coverage change or terminate at a certain age?
Your coverage will reduce by 50% at age 75, and will automatically terminate on the anniversary
date of the Policy following your 80th birthday.
Why is there an age limit on the coverage?
To keep premiums affordable, insurance companies who offer this type of plan require certain age requirements.
When does my coverage begin?
Your coverage will take effect as soon as the first premium is processed. You will receive confirmation of your coverage
effective date by mail.
Will my premiums ever increase?
Premium rates apply to any age and do not increase due to age. Rates will only change if the same change is made
for the entire group and with prior notice to Certificate holders.
Does this plan have exclusions?
Benefits will not be payable for death resulting directly or indirectly from any of the following causes: self-destruction
or self-inflicted injuries, whether sane or insane; committing, attempting or
provoking an assault or criminal offense; war, insurrection, acts of terrorism,
riot or hostilities of any kind, whether declared or undeclared and whether or not
the Life Insured was actually participating therein; bodily or mental infirmity,
illness, disease or bacterial/viral infection; poisoning in any form or inhalation
of gas or fumes, whether voluntary or involuntary; the taking of any drug, except
as prescribed by a physician; the driving or operation of any vehicle while intoxicated;
or travel or flight in any aircraft (a) as a student pilot or member of the crew
or (b) for testing or experimental purposes or (c) under any military authority
or (d) for the purpose of parachute descent.
Is the member required to undergo a medical examination?
No.
When does my coverage begin?
Your coverage takes effect as soon as the first premium has been processed. This date will appear on your certificate.
What happens to my Spousal coverage if I die?
The surviving spousal coverage will continue in force at the individual premium rates.
Can I enrol my spouse if I do not enrol?
Yes you can, by calling Co-operators at 1-800-263-9120 between 8am and 8pm EST Monday-Friday
and requesting an enrolment form for your spouse.
Can I terminate the plan at any time?
You can cancel your plan anytime. If you cancel your plan within the first 30 days of receiving your certificate,
and any premiums paid during that period will be refunded to you.
If I change my mind, how do I cancel the Insurance?
You can cancel your Insurance at any time by simply phoning Co-operators.
When does the $2,000.00 complimentary AD Insurance expire?
The $2,000.00 complimentary Accidental Death policy will expire in 5 years.
May I use another means to pay for the premiums?
At this time, we can only accept pre-authorized payments through your bank and/or credit union
chequing account and through VISA and MasterCard credit card. That way, you never
have to worry about making your payment on time and you can be assured of continuous
coverage. However, should you decide to change this arrangement in the future you
simply need to contact Co-operators.
Can I change my mode of payment, for example from Monthly to Annually?
Annual payments can be arranged. You simply need to contact Co-operators. This number will be on your certificate.
What will happen to the Plan if the member does not want to continue paying
the premium amount?
Coverage will no longer be in force if the monthly premium is not paid after 60 days
from the premium due date at which point the policy will become lapsed.
How do I pay for this plan?
Your premiums are automatically deducted each month directly from your bank and/or your credit union chequing account through
Pre-Authorized Payment or your VISA or MasterCard account.
Can I choose the day the payment will be withdrawn from my bank or credit union
chequing account each month?
To activate your coverage, the first premium
will be deducted within the next 5 - 7 business days. However, you can call
Co-operators directly to arrange for a different due date going
forward. The number to call will be included on the certificate that you will receive
from Co-operators.
Does Co-operators notify the member if the premium is not paid when due?
A letter will be sent out as a reminder that a premium is overdue, after 60 days
of unpaid premiums the policy will become lapsed.
Do both member and joint member receive the $2,000.00 complimentary AD coverage
or just the member?
Both the member and spouse receive the $2,000.00
complimentary AD coverage if both names are on the account.
How can I change my beneficiary after enrolment for paid coverage?
All beneficiary changes must be filed with Co-operators in writing Co-operators 151 North Service Rd. Burlington Ontario L7R 4C2. We have no responsibility
for the validity or sufficiency of any beneficiary designation.