Term life insurance is affordable, easy-to-understand coverage that gives you flexible protection.
Your insurance costs will remain the same for a specific period of time (the “term”), until it renews for another term. If you die while the policy is in effect, a tax-free payment will go to the person or people you name (your “beneficiaries”). And with most term policies, you can also convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle. Almost all insurance company in Canada has Term Life Insurance and the Term availability varies company to company. Most company has Term 10 and Term 20. But few company has Term 30 and very fewer company has Term 100, and one company has a Pick A Term product that the client choose a term period from 1 to 40. Also some company has Term 5, 15, 25, 35, 65, 75 and so on. In essence, the shorter the term the cheaper it is, and longer the Term the expensive it gets.
Term life insurance gives you temporary, renewable and flexible protection from the financial impact of your death, for those who depend on you. You’ll also have the flexibility to convert to permanent, participating, or universal life insurance in the future.
If you die before expiry.
Your beneficiaries receive a tax-free cash payment.
It tends to be a less costly option. The cost won’t increase for the length of the term, but will increase if you renew your coverage at the end of the term.
Term life insurance is for you if:
WhatsApp us
