The Guardian Extendable Term Series is a suite of non-participating term plans with guaranteed premiums and level death benefits. The plans offer pure insurance protection for a temporary period of time, where large coverage amounts are needed at affordable rates. The plans are flexible and offer coverage periods of 10, 15, 20 and 25 years. A Term to age 65 option is also available. Each plan can also be added as a rider to a Whole Life or Universal Life plan.

Issue Ages

The plan will provide coverage to males and females based on their age in relation to their nearest birthday as follows: 

Term Period - Minimum Issue Age - Maximum Issue Age - Expiry Age

• 10 Years - 20 - 75 - 85

• 15 Years - 20 - 70 - 85

• 20 Years - 20 - 65 - 85

• 25 Years - 20 - 60 - 85

• Term to age 65 - 20 - 55 - 65

Minimum Sum Assured

The current minimum sum assured is $5,000,000. However, this may be changed from time to time at the discretion of the company.

Premium Payment

Premiums may be paid monthly, quarterly, half-yearly or yearly. Premiums are payable until the death of the life insured or the expiry date of the plan whichever occurs first. The premiums payable under this plan consist of:

• The basic minimum premium for this plan, paid in respect of the sum insured

• The premiums for the rider benefits (if any)

The plan contains no policy fees.

Non-Payment of Premiums

Where premiums are not paid within the grace period, a notice will be sent to you advising that your policy will lapse and all benefits will cease.

Grace Period

A sixty (60) day grace period, starting from the due date of the premium, is provided for the payment of such premium.

Policy Reinstatement

A policy that has lapsed may be reinstated at the discretion of the company provided premiums are not outstanding for more than 24 months.

Cash Value

This policy has no cash value.

Death Benefit

If death occurs before the expiry date of the policy, the death benefit payable will be the basic sum assured.

Extension Option

You may choose to extend your coverage term, without evidence of insurability, at any time between the 5th policy anniversary and 5 years prior to the expiry date of the current term. The extension must be for a term equal to or longer than the current term. The new term cannot exceed the policy anniversary upon which you attain age 85. 

The rate of premium will be recalculated based on your attained age at the date of extension. Any riders attached to the policy can be extended as well at the appropriate rate of premium. The Term to age 65 plan is not extendable.

Conversion Option

You may convert all the coverage on this policy to a whole life insurance plan, without providing any evidence of insurability, at any time after the 5th policy anniversary but no later than 5 years prior to the end of the existing term. The premium rates will be adjusted based on your age at the time of conversion. Any riders attached to the policy may also be included on the converted plan at the appropriate rate of premium. Requests for partial conversions may be considered at the discretion of the company.

Additional Riders

For an additional premium, you may include any of the following additional benefits (riders) with your plan. These riders can be made available to anyone between the ages of 20 and 60 (nearest birthday).

Accidental Death and Permanent Disability Benefit

• Accidental Death: The Accidental Death becomes payable where death results solely, directly and independently from bodily injury caused by violent, external and visible means and where such death occurred within ninety (90) days of such injury. The benefit ceases upon the attainment of age 65 or the expiration date of the policy, whichever occurs first.

• Disablement: In the unfortunate event, you suffer permanent loss (complete or partial) of the use of any limb or organ, specified in your contract, as a result of an accident, a portion of the sum assured will be payable. However, no claim can be considered until six months after commencement of the permanent disability and receipt of confirmation of the disability from a medical specialist. The benefit ceases at the earlier part of your attainment of age 65, or upon the expiration date of the policy.

Total Disability Waiver of Premium Benefit

The company will waive the payment of the total basic premiums where you become permanently disabled and are continuously unable to engage in work for remuneration or profit. The benefit ceases when you attain age 65 or the expiration date of the policy, whichever occurs first. No premiums will be waived within the first six months of the commencement of the disability.