TERM LIFE INSURANCE
Term life insurance is the most common and affordable type of life insurance available. It provides protection for a specific period of time- typically 10, 20 or 30 years.
The death benefit and premium costs of a term life insurance policy are both fixed and do not increase or decrease during the duration of the policies term. At the end of the term, you have a few different options:
- If you no longer require coverage, stop your payments and cancel the policy.
- If you still require coverage and are in good health, you can re-apply for a new policy with lower premiums (medical and health questionnaire must be completed to prove good health).
- If you still require coverage and are not in good health, you can renew your policy for another 10, 20 or 30 years with no medical and pay the increase in premium costs at the renewal.
- If you require permanent coverage, you can convert your term policy to a permanent plan with no medical (please inquire for more information).
In the event of death while the policy is in force, the death benefit amount pays out tax free to the beneficiary on the policy.
Term life insurance is a great solution for those who need a large amount of coverage with the lowest premiums possible.
Term life insurance is designed for anyone who has any type of life insurance need. Some of these needs include,
- Mortgage debt
- Debt from a business, credit card, line of credit, private loan, auto loan, etc.
- Providing an income for surviving family members (spouse and/or children) in the event of a premature death
- Providing protection for a business owners debt, shareholders, family, clients, etc.
- Term Life Insurance is the most affordable type of life insurance
- Peace of mind knowing that your beneficiaries will receive a lump sum, tax free benefit in the event of your death
- The rates are guaranteed for the term of the policy
- Policies are very customizable which allows you to ensure that it suits your needs
- You have the ability to convert your policy to a permanent plan at any time, regardless of your health
When the beneficiary receives the policy benefit (e.g. $1,000,000 tax free) they can use the funds however they wish.
- Eliminate debt – pay off all or a portion of your mortgage, credit cards, line of credit or any other debt that you may have
- Time off work – take time off work to spend with your family and friends, relax, travel, etc.
- Children’s education – help fund a child’s post secondary education
- Freedom – spend the money in any matter that you like
- Industrial Alliance
- Equitable Life
- Canada Life
- Great West Life
- SSQ Financial
- RBC Insurance
- Empire Life
- Foresters Life
- Ivari (Transamerica)
- BMO Insurance
- Sun Life Financial
- Assumption Life
- And more