Term life 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. Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost. Well-suited to meet high, short-term protection needs for the lowest initial cost. For example, a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.

Term life provides coverage at a fixed rate of payments for a limited period of time,  the relevant term like term 5/10/15/20/25/30/35/40 . After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary.

We at Canada Insurance Plan suggest that Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.

Term plans may also be renewable after 5, 10 or 20 or 30 or 40 years without providing proof of health. The price increases as appropriate for your age at renewal, should your health be great we can shop around for you at time of renewal. Most plans allow you to convert a term plan to a permanent insurance plan. Over half the people renew their term life insurance policies and pay these high premiums – get a new term insurance policy – with preferred term insurance rates it might be less than you are currently paying for the old life insurance policy.

If you have further query feel free to contact Canada Insurance Plan.