term life insurance Canada | reliable & affordable plans

Term Life Insurance

Life Insurance company, or Insurer promise to pay a death benefit if the life insured dies within a fixed term or period

Typical terms available – 10,20, or 30 years, however other term lengths do exist

Just a pure risk coverage (no savings portion)

Coverage is guaranteed to remain in place if premiums are paid

Coverage usually terminates between age 75-80

New policies are not issued beyond age 75

Plans available on Single life or multiple lives:

Joint-first-to-die – This type of policy support to payoff mortgage, debt, buy/sell agreement
Joint-last-to-die – This type of policy support to payoff capital gains taxes on second death
Death Benefit Options – Level (most prevalent), Decreasing (mortgage insurance), Increasing (inflation hedge) face amount
Premiums: Level over the term
Payment mode: Annually, or Monthly

Renewable Options

Plan can be renewable or non-renewable

Renewable – Policy owner is guaranteed the right to renew for another term without having to provide evidence of insurability

Renewable premiums will increase at renewal time, but they are guaranteed and printed in the contract at time of original issue

Convertible Options

Right to convert term insurance plan to a permanent insurance plan (Term to 100, Whole life, Universal life insurance) without proof of continued insurability

New premium is based on either Attained age or Original Age

Who Should Buy Term Insurance?

Term life insurance is the ideal life insurance plan for Canadians who seek reliable protection without breaking the bank or adding to their financial burden. Term life insurance Canada offers an affordable option for families who value financial security but still need a plan that fits seamlessly into their daily expenses.

There are many reasons to purchase term life insurance Canada, and the following are some of the most common ones:

• To provide a replacement income for a spouse and children in case of an unforeseen death.
• To cover large debts, such as a mortgage, ensuring your family is not burdened by financial obligations.
• To ensure future costs like university or college tuition are covered, giving your children a bright future.
• To provide overhead coverage for a business or key employee, ensuring an unforeseen death doesn’t leave the business in jeopardy.

Term life insurance Canada offers peace of mind by providing financial security during life’s uncertainties, making it a smart choice for individuals and families alike.

Term Life Insurance