Term Life Insurance Quotes Canada
What is Term Life Insurance?
You must have heard about different kind of insurance options available such as whole life insurance, term life insurance and universal life insurance. Lets discuss - Term life insurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time for example Term- 10, Term-20, Term 30, Term 40 are insurance policies with level or same premiums for 10 years, 20 years, 30 years and 40 years respectively. After that period expires coverage at the previous rate of premiums is no longer available and you must either forgo coverage or potentially obtain further coverage with increased premium payments. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
In simple words term life insurance policy pays a monetary benefit to the named beneficiary if the death of the insured happens during the term of the policy. Term life insurance is the most inexpensive way to insure or cover yourself and protect your family or loved ones against financial hardships in the event of untimely passing away.
Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. However when the policy comes up for renewal premiums jump considerable upto 3 or 4 or even 5 times the original premium.
What ever your circumstances are, sharing it with a licensed Life Insurance Broker is going to make lot of difference as you would be able to look into pro and cons of all the different options that you have. Simply fill the form and one of our licensed Advisor shall contact you.
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Benefits of term insurance?
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First Beefit is low cost – In comparison to other form of insurance such as Whole life or Universal life, Term life insurance policy is the most inexpensive way to insure yourself.
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Second benefit – ability to buy higher amount of insurance , since the coverage is not that expensive.
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Third Benefit – to cover short term business loans , If you have business loan for short time frame few years and just need a coverage to cover the loan amount in the event of death, term life insurance policy is best.
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What options do you have when term life insurance policy comes up for renewal?
> You have three options:
> First Option - If you are healthy or minor health conditions which are under control with medication then shopping around for the new policy makes more sense, as to your surprise you might be able to save upto 50% on premiums.
> Second option: if the health is not in favor then you have no choice but to re-new with same insurance company without providing any medical evidence at higher premiums.
> Third option , if the purpose of term policy has been met, you might like convert full or portion of policy into whole life policy for purposes like final expenses, estate preservation to pay probate taxes and other capital gain taxes and to leave money behind for the spouse to continue the life style on just his or her own old age income.
