CAA Insurance FAQs
Here are answers to the most frequently asked questions about CAA Insurance Plans. If you are uncertain about the meaning of certain words, you'll find definitions for many of the most commonly used insurance terms in our Insurance Glossary
- Life Insurance
- Health & Dental
The purpose of life insurance is to help protect your loved ones. Should the unthinkable happen, the money from your life insurance could be used to take care of living expenses, mortgage payments, outstanding debts and credit card payments, childcare and education expenses, funeral costs, and more. The money could also be left as a gift to a loved one and/or favourite charity or be used to protect the value of your estate and/or business.
As your lifestyle changes, so do your life insurance needs. Major life events like getting married, purchasing a home, having a child or buying a business can all increase your need for life insurance, making it important that you review your current life insurance coverage each year to ensure it's enough to meet your needs.
The amount of life insurance that's right for you depends on your unique personal and financial situation, including whether you have a spouse and/or children, your existing assets, your liabilities, etc.
There are four main reasons why CAA Term Life Insurance is a smart alternative to mortgage life insurance:
- Mortgage life insurance typically pays the death benefit to the lender who holds your mortgage(s). CAA Term Life Insurance will pay the death benefit directly to your beneficiary, giving them more control over how that money is spent.
- With mortgage life insurance, your coverage decreases as your mortgage decreases. With CAA Term Life Insurance, your coverage amount stays the same.
- With mortgage life insurance, you have to re-apply every time you change lending institutions or buy a new home. With CAA Term Life Insurance, your insurance is automatically renewed – with no medical questions asked at the time of renewal – unless you want to increase your coverage. You can cancel your plan any time you wish.
- Depending on your age and health, the premiums for mortgage insurance can also be much higher than for CAA Term Life protection.
The life insurance premiums you pay are based on a number of things, including how much coverage you need, your smoking status, your sex and your age. Apply for life insurance online now before your next birthday and you will save by locking in at a lower premium. To get a free, no-obligation quote, simply answer a few simple questions online or contact us.
Yes. CAA Life Insurance offers non-smokers significantly lower insurance premiums, compared to those for smokers.
Non-smoker rates apply to people who have not used any form of tobacco, tobacco cessation products or marijuana in the past 12 months. Smoker status is determined when your insurance coverage is approved (and, in the case of Term Life Insurance coverage, you meet our health standards). If you apply for additional coverage, your smoking status as of that date will apply to your insurance coverage in its entirety.
Notify us after a 12-month period during which you have not used any form of tobacco, tobacco cessation products or marijuana. We will mail you a non-smoker declaration to complete and return to us. You can also download a non-smoker declaration now. If you meet our health standards and your application for non-smoker rates is approved, your lower non-smoker rates for coverage will begin on the 1st of the month following the date of your non-smoker application.
A death benefit is the money an insurance company will pay to your named beneficiary if you die while your life insurance is in effect. The amount paid will be equal to the insurance coverage amount you have at the time of your death.
Please contact us. We will explain which documents are needed to initiate a death benefit claim.
No. Under Canadian law, your beneficiary isn't taxed on the benefit amount. They can use the lump-sum payment however they see fit. Learn more by visiting http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/nttxd-eng.html
A Living Benefit means that you are eligible to receive a compassionate one-time cash advance of up to 50 per cent of your life insurance coverage if you are diagnosed as terminally ill with 12 months or less to live, provided your insurance has been in effect for two years. You can use this money however you wish. The maximum amount payable will depend on which plan you have purchased. At the time of your death, your beneficiary will receive the balance of your insurance coverage amount.
You can change the individual or institution you choose to receive your benefit by downloading, completing and signing a change of beneficiary form and mailing it to us. To request a change of beneficiary form to be mailed to you, contact us. If your beneficiary is irrevocable, you will need your beneficiary's consent to make this change.
FollowMe™ Life Insurance
If you are losing your group life coverage, FollowMe Life Insurance offers you a simple, affordable way to gain the confidence of knowing that the financial protection you want for your loved ones can continue uninterrupted. Specifically designed to start when your group life insurance coverage stops, it offers you guaranteed acceptance – with no medical exam or medical questions when you apply – if you apply within 60 days of your group coverage ending.
Yes. Unlike group coverage that can change or end as you move from one employer to another or retire, you will have your FollowMe Life Insurance coverage up until age 80 – as long as your premiums are paid.
Critical Illness Insurance
No. Only the diagnosis of the covered illness is required to receive insurance benefits. (Provided all other conditions of the contract are met.)
The critical illness insurance premiums you pay are based on your smoking status, your gender and your age when you apply. The rates are guaranteed not to change for the first 5 years and then are renewable at every 5-year duration. You can experience savings by locking in your premiums at a younger age.
Yes. Any income you make will not affect your lump-sum payment. You will receive your insurance benefit amount after satisfying the conditions following a diagnosis.
Your plan expires on the policy anniversary of the year you reach the age of 75 without making a claim. On the policy anniversary after you reach 75, any unearned premium (monthly or annual premium) will be refunded to you and your coverage will end. Find out more about the benefits of a Return of Premium Rider.
Health & Dental Insurance
Your provincial health care plan may not cover all routine medical expenses such as prescription drugs, dental care and vision care. CAA health insurance can also help protect you from potentially costly and unexpected medical expenses.
Yes, you can customize your plan to suit your needs or those of your covered family members. After choosing a base plan – either Basic Extended Health Care or Enhanced Extended Health Care – you can pick options for prescription drugs and dental expenses.
You can choose the Dental 3 plan, which has coverage for dentures, braces (orthodontics) and other major restorative services.
Optometrist visits, eyeglasses and laser eye surgery are all included in the vision care benefits as part of your Extended Health Care coverage.
Yes,eligible brand-name prescription drugs are covered by our Drug 3 plan.
Yes, both the Basic and Enhanced Extended Health Care plans offer help for the cost of registered massage therapists.
Yes! You can take advantage of reduced rates for couples and even greater savings for families with 3 children or more.
You can obtain your previous year’s Health & Dental premium (tax) receipt by going online to edocs.memberhealthplan.com. Receipts will be available on the first business day in February. To access your receipt you will need your plan and identification number found on your benefit card. If you have any questions or need assistance on this process, please contact 1-800-268-3763.
Health & Dental Insurance Claims
Your CAA benefit card conveniently pays for your drug and dental benefits without you having to fill out lengthy forms. Most prescription drug and dental claims can be processed electronically, to help you keep your money in your pocket.
Unlike many other plans, CAA Health & Dental has no waiting period before claims can be made or paid.
Applying is fast and easy. You can Apply for CAA Insurance online and following a few simple online instructions or call 1-888-334-4561 to apply over the phone. You can also request a brochure on any of our products. If you haven't already done so, click here to get a free, no-obligation insurance quote or contact us to get a quote over the phone.
You have three convenient payment options to choose from:
- Annually by cheque
- Monthly or annually by credit card
- Directly from your chequing account by monthly pre-authorized debit
If your payment method of choice is either by credit card or pre-authorized debit (automatic bank withdrawal), and the credit card or account number shown on your premium notice is correct, you don't need to do anything. We will charge your insurance premium payment to your account in the month in which your premium is due, and apply it to your insurance coverage. If your payment method is by cheque, send a cheque for the full amount to us by the anniversary date of your insurance.
Your premium is due on the date indicated on your insurance premium notice or on the first day of each month if you are paying monthly. A 30-day grace period is granted for submitting your insurance premium after the due date. Your insurance will be cancelled if you do not pay the insurance premium within the grace period.
To apply for increased coverage, simply complete another application for the additional insurance coverage amount, then send it to us. Your spouse may also be covered under certain CAA Life Insurance Plans. If you prefer, contact one of our experienced customer service representatives and we'll send you an application form through the mail.
Once you receive your policy or certificate of insurance, examine it carefully. If you are not completely satisfied, simply return it to us within 30 days, indicating that you would like to have your coverage cancelled and your insurance premiums refunded in full. We'll be happy to do this for you – no questions asked.
Please contact us.
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