Term Life Insurance

Our 10-year term life insurance makes it easy to ensure your dependants have the financial support they need in the event of your death or the death of your spouse. You determine the benefit amount you feel is appropriate to care for loved ones and to help discharge any outstanding financial obligations such as debts and taxes. Term life gives you peace of mind, at a very affordable price.

Do I really need life insurance?

Deciding when to buy life insurance, and how much to buy, depends on your personal situation. It's about providing for your loved ones if you have an untimely death, since its main purpose is to replace the future income of a bread winner who dies suddenly. Some individuals may believe such an event cannot happen to them or they have enough money to comfortably take care of their family in the event of an sudden death.

If you have adequate assets to cover your final expenses and do not have dependents, then maybe you will not require life insurance. On the other hand, if you have debts, dependents and minimal assets, then you should be thinking about buying life insurance. The main emphasis is the protection of your income; as a general rule of thumb, 8- 10 times your annual income is recommended as the amount of life insurance. However, the truth is, the amount of life insurance you buy is ideally the amount that will be required by your family to maintain the same standard of living as if you were still alive. There are a number of factors that will be involved in determining how much life insurance your family needs. These factors include uninsured debts, children’s education, cost of food and medical bills.

The main emphasis should be the required replacement income - your loved ones will need this in order to maintain their current lifestyle. To determine your family’s life insurance needs, you will need to:

  1. Identify the amount of money that is required to meet immediate financial needs as a result of your untimely death;
  2. Estimate the amount of money the household will need to maintain living standard (food, clothes, utilities, mortgage etc.);
  3. Estimate the duration of time in years that your family will need financial support (generally measured in terms of your annual income);
  4. Identify accessible savings and current life insurance coverage.

These are some of the basic requirements that will help to identify the gap that may exists between the various sources of funding and the household’s needs in the case of your untimely death. Identifying and acknowledging this funding deficit will help you to determine how much additional insurance will be required for your family’s needs. For additional information and no-obligation quotation, contact OPA at 416-441-0788, 1-877-341-0788 option 2 or insurance@opatoday.com.

Why should I choose term life insurance from the Ontario Pharmacists Association?

It makes sense to purchase life insurance as early in your career as possible, when the advantage of youth and good health help make it easier to qualify and to benefit from lower rates. 

Regardless of your age, the Ontario Pharmacists Association’s term life insurance offers some of the most competitive rates available today. Our team of top-ranking life insurance experts means we enjoy an extremely well-managed, cost-effective plan, which helps our members obtain the most robust insurance at the best prices.

When you choose OPA insurance, you are getting a program developed for pharmacists, by pharmacists. Our program is managed and underwritten by reputable insurers, and administered and overseen by the Ontario Pharmacists Association, so you receive personalized service from us. If you have questions about your coverage or if you ever need to make a claim, we’re here to help.

What are the benefits of term life insurance?

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Who is eligible for this insurance?

Coverage under Ontario Pharmacists Association’s term life plan is available to:

  • members and their spouses under age 65 and members should work a minimum of 20 hours a week on a regular full-time basis
  • members’ non-pharmacist/non-technician employees who are under age 65 and who work a minimum of 20 hours per week on a regular full-time basis.
Additional medical evidence (arranged by the Association) may be required based on your age and the amount of insurance applied for.

Who manages the term life insurance program?

The Ontario Pharmacists Association’s term life insurance is managed by Crain & Schooley Financial, one of Ontario’s largest insurance brokerage and risk management firms. They have been in the business since 1954 and have been providing service to OPA and its members since 1985.

Who underwrites the term life insurance?

The Ontario Pharmacists Association’s term life insurance is underwritten by Desjardins Financial Security, a member of the Desjardins-Laurentian Life Group (DLLG), a holding company which consolidates all the life and health insurance activities of the Mouvement Desjardins. As a partner in DLLG’s Group Network, Desjardins Financial Security is the seventh largest group insurer in Canada.

Who administers the program?

The program is administered by the Ontario Pharmacists Association's insurance department, which provides personal customer service dedicated to meeting your needs.

Who oversees the program?

The program is overseen by the Ontario Pharmacists Association's insurance committee.

Who do I contact for more information or forms?

For more information or forms, contact:

Ontario Pharmacists Association
Phone: 416-441-0788, 1-877-341-0788 option 2
Fax: 416-441-0474
Email: Insurance

How can I obtain a quote?

Please contact:

Ontario Pharmacists Association
Phone: 416-441-0788, 1-877-341-0788 option 2
Fax: 416-441-0474
Email: Insurance

How do I apply for OPA term life insurance?

Download the application for insurance and complete the form:

  • Section 1 — complete in full 
  • Section 2 — complete 2.2, 2.3, 2.5 (and 2.4 if owner is different from proposed insured)
  • Sections 3, 4, and 5 — complete in full
  • Section 8 — sign and return
  • Section 9 — to be retained by the proposed insured


Non-pharmacist/non-technician employees must have their application signed by the owner/sponsoring pharmacist. 

Mail the original copy of the completed application to:

Insurance Department
Ontario Pharmacists Association
155 University Avenue, Suite 600
Toronto, ON  M5H 3B7

Faxed, scanned, or photocopied applications will not be accepted. 

Do not send premium payments with your application. An invoice will be mailed with your coverage documents.

Within four weeks of receipt of all required information, OPA will be notified of the underwriting decision. The Association will mail your certificate of insurance, details of the coverage, and an invoice for the initial premium once the certificate is received from the insurer.

When does coverage take effect?

Coverage takes effect on the first day of the month following approval of your application and is fully underwritten. 

What forms of payment do you accept?

You may pay premiums by cheque or money order, payable to the Ontario Pharmacists' Association. 

How is a claim made? 

In the event that you need to make a claim, please contact us for the necessary forms. 

Ontario Pharmacists Association
Phone: 416-441-0788, 1-877-341-0788 option 2
Fax: 416-441-0474
Email: Insurance

All term life insurance claims are submitted to OPA directly. Mail completed claims forms to:

Ontario Pharmacists Association
Insurance Department
155 University Avenue, Suite 600
Toronto, ON  M5H 3B7

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