Un examen des différents plans d'assurance lancés ces dernières années par les institutions Canadiennes-françaises permet de constater qu'il existe pour répondre à un besoin une tendance à penser les problèmes d'assurance en fonction de la famille. Les besoins essentiels de la famille, en effet, sont la subsistance et la sécurité en cas de décès prématuré du père. Le plan d'assurance familiale de l'Assurance-Vie Desjardins a été proposé pour tenter de trouver une solution à cette situation et entre dans la voie d'évolution qui doit se poursuivre. Cet article a pour but d'exposer les principes, avantages et fonctionnement d'un tel plan récent d'assurance familiale.
Two new Insurance Plans are now offered by l'AssuranceVie Desjardins.
The "Plan d'Assurance Familiale" is a family insurance contract which constitutes a self-sufficient insurance plan in a single policy. The reason for such an initiative is that the average French Canadian worker who usually has a large family cannot be adequately insured for a premium he can afford if he insures all his children through individual contracts.
Here is the description of the plan.
On the life of the family father:
A) An amount of $1,500.00 up to age 65, reduced to $750.00 after 65.
B) A series of family income monthly benefits; the first such benefit being at start an immediate monthly income of $25.00 for 28 years, followed two years later by an additional income of $20.00 for 24 years, followed from 2 years to 2 years by additional incomes of $15.00, $10.00 and $5.00 for durations 20, 16 and 12 years.
C) All children, present or future, whatever their number, are insured for amounts increasing up to $500.00. This is a term to age 21 insurance.
D) The family mother is insured for $500.00. This insurance is permanent.
The premium of such a policy reaches 4% of the income of a $50.00 per week worker at age 34. Since the plan has been designed for newweds or young married couples, the premium will not exceed 3% in most cases. After 25 years, it is sharply reduced because benefits B and C are paidup. Benefits A and D are paidup at 65.
In case of death of the father, premiums on the insurance of the mother and children will be waived.
In case of total disability of the father before age 60, all premiums will be waived during the disability period.
A "Prévoyance Familiale" Plan is also offered. It is designed for the young bachelor. The basis is Part A of the Family Insurance Plan to which a special feature has been added: In case of marriage, a conversion credit is granted. Such credit is substantially higher than the corresponding cash surrender value, and is applied towards the payment of the premiums of the new family Insurance policy, at a time when the insured might be in dire need of funds.
TABLE 1: — Number ( in thousands ) of families with 1, 2, 3..., 10 or more children in Quebec and Ontario.
TABLE 2: — Number of family heads (in thousands) earning less than $2,000.00 per year, from $2,000.00 to $3,000.00, and from $3,000.00 to $6,000.00.
TABLE 3: — Curve of family responsibilities of a newly married man, together with the insurance coverage for the same period.
TABLE 4: — Monthly income payable if the family father deceases during the 28 first policy years.
TABLE 5: — Schedule of insurance for the children.
TABLE 6: — Cost during the 25 first policy years, and thereafter to age 65. The cost is expressed in absolute value and also as a percentage of a salary of $2,600.00 per year. Dividends are not taken into account in this table.
Download the article in PDF to read it.
NAPIER, JOSEPH, directeur du Département de l'Actuariat à l'Assurance-Vie Desjardins, professeur de statistiques à la Faculté des Sciences de l'Université Laval.