Overview
If something happens to your child, expenses should be the last thing on your mind. In the event that a serious accident strikes your child, CPA Ontario Child Life & Accident Insurance will help ensure that financial considerations don’t add to your family’s burden.
Child Life & Accident Insurance provides coverage for all your eligible dependent children.
- Select Major Impairment accident coverage of up to $250,000 (combined with up to $50,000 in Life Insurance). Coverage is available in increments of $50,000 in Major Impairment benefit plus $10,000 in Life Insurance.
- Your eligible children are covered from birth up to age 21 (or up to 25 if attending school or university full-time).
This coverage includes the following special features at no additional cost:
- One monthly premium covers all your eligible dependent children.
- Additional eligible children are insured from birth at no additional cost.
- Acceptance for Child Life & Accident is guaranteed (with no medical questions) when you apply for the first $50,000 in Major Impairment benefit combined with $10,000 in Life Insurance benefit — regardless of the health of any of your eligible children.
Your monthly premium for Child Life & Accident Insurance covers all your eligible dependent children.
- Rates are subject to change.
- Additional eligible children are insured from birth at no additional cost.
CPA ONTARIO CHILD LIFE & ACCIDENT INSURANCE Monthly Premiums
| Major Impairment Coverage | Life Insurance | Monthly Premium | |
|---|---|---|---|
| $50,000 |
$10,000 |
$2.50 |
|
| $100,000 |
$20,000 |
$5.00 |
|
| $150,000 |
$30,000 |
$7.50 |
|
| $200,000 |
$40,000 |
$10.00 |
|
| $250,000 |
$50,000 |
$12.50 |
Note: As all additional children are automatically covered, it will be the responsibility of the member to cancel Child Life & Accident Insurance once the last dependent child is no longer eligible for insurance.
This coverage includes both a Life Insurance benefit and a Major Impairment benefit:
- the Life Insurance benefit is payable in the event of death from any cause, and
- the Major Impairment benefit is payable in the event of an accident resulting in severe brain damage, paralysis (quadriplegia, hemiplegia, paraplegia) or loss of the use of the corresponding limbs as per the following chart:
CPA ONTARIO CHILD LIFE & ACCIDENT INSURANCE Major Impairment Benefit Payable
| 100% |
Severe Brain Damage |
||
| 100% |
Complete and irreversible paralysis or Loss of Use of both upper and lower limbs |
||
| 100% |
Complete and irreversible paralysis or Loss of Use of upper and lower limbs of one side of the body | ||
| 100% |
Complete and irreversible paralysis or Loss of Use of both lower limbs |
| 100% |
Death from any cause |
To qualify for coverage, you must:
- be a member (or spouse/common-law partner of a member) of one of the participating bodies:
- Chartered Professional Accountants of New Brunswick
- Chartered Professional Accountants of Newfoundland and Labrador
- Chartered Professional Accountants of Nova Scotia
- Chartered Professional Accountants of Ontario
- Chartered Professional Accountants of Prince Edward Island
- Chartered Professional Accountants of Bermuda;
- have, or be applying for, Member or Spouse Term Life Insurance;
- be under Age 65; and
- be a resident of Canada or Bermuda.
An eligible child means:
- an unmarried child, step-child or adopted child who is dependent on the member for support and is under Age 21, or under Age 25 if attending school or university full-time.
Note: Coverage of an insured child who is incapacitated due to a mental or physical disability on the date he/she would otherwise cease to be an eligible dependent child, will continue.
To qualify for payment under this Plan, a Major Impairment must occur within 12 months after the accident and the child must survive the accident for at least 30 days. Any loss of use must be permanent, total and irreversible to be covered.
For the first 14 days of life, the benefit payable under this Plan is limited to $5,000, regardless of the amount of insurance you have.
Additional conditions, limitations and exclusions may apply. Review your certificate for complete details.