Premium structure, conversion and renewal

Two premium structures are available for all occupation classes.

  • Level to age 65 (T65)(T65)
    Premiums remain level for the entire term of the policy. They're calculated based on the insured person's age and occupation class when they purchase the policy.
  • Level for 10 years (T10)
    Premiums are level for 10 years and increase every 10 years. They're calculated based on the insured person's attained age and the rates in effect at the time of renewal.

Non-guaranteed premium

SOLO Loan Insurance is guaranteed renewable up to age 65. Desjardins Insurance cannot cancel the policy, modify any existing provisions nor add any restrictions.

However, since premiums are not guaranteed, Desjardins Insurance reserves the right to modify them during the policy term, provided the change is applied to a group of insured persons with similar features. In such a case, the company will modify the premiums for this coverage based on the insured person's age on the initial date of this coverage.

The company will send written notice to the policyowner to inform them of any premium change at least 30 days prior to the anniversary of this coverage.

Premium structure conversion

The premium structure can be converted from renewable level for 10 yeas (T10) to level to age 65 (T65), and vice versa.

From level for 10 years (T10) to level to age 65 (T65)

  • The insured person must be age 60 or under.
  • This change must take place on the policy anniversary and does not require evidence of insurability.
  • The new premium is calculated using the attained age and initial occupation class.
  • The waiting period, benefit period and monthly amount do not change unless the policyowner requests it and the changes do not increase the insurer's risk.

From level to age 65 (T65) to level for 10 years (T10)

  • The insured person must be age 50 or under.
  • The change is made with evidence of insurability.
  • The new premium is calculated using the attained age and initial occupation class of the insured person when the policy is converted.