Term Life Insurance

Term Life Insurance

What Is Term Life Insurance in Canada?

Term life insurance is ideal for covering debts or other short-term insurance needs in the event of your premature death.  For example:

  • To cover the education costs and ensuring the financial security of your kids until they leave home.
  • Pay off the mortgage on the family home or cottage, where your kids had so much fun and which are full of memories.
  • To pay off your student loan.
  • To pay off other debts, such as a car loan, credit card balances, etc.
  • To buy the shares of a deceased business partner without putting the financial health of the company at risk.
  • To provide a short-term alternative when you cannot afford long-term coverage.

Term life is sold on its own or combined with other kinds of life and health insurance coverage. It’s also possible to get term life coverage through a universal life product and thereby enjoy more advantages and flexibility. We, at Life Care, provide impeccable, trustworthy, fair and unbiased advice to get you the cheapest term insurance rates available in the market. We represent all major Life Insurance companies and guarantee you best term insurance rates in Canada. Our advisers are licensed and fully trained to calculate your need for insurance to suggest best term insurance policy.

What does Term Mean in Term Life Insurance?

The term is the duration of the temporary insurance coverage. The terms most frequently offered on the market are 1, 5, 10, 20, 30, 40 and 100 years. We also special product which is called Pick A Term. Under this plan you can buy coverage for specified years life 10 years, 13 years, 15 years any term up to 40 years. You have full liberty to pick any term. This is the best way to customize your own life insurance plan based on your needs. Our step by step process will help you create best insurance portfolio for yourself and your family.

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Features of Term Insurance

1. Renewable Term Insurance:

Renewable means you can renew your insurance coverage at the end of each term for another one. This can be repeated up to a certain age, at which time the coverage will cease. You should check:

  • Whether you have the right to renew and, if so,
  • Whether you can renew without having to provide evidence of insurability, and
  • The age up to which coverage can be renewed.

2. What do you Mean by Convertible/ Is Term Insurance Convertible into Permanent Life Insurance?

Convertible means you have the right to convert the term life coverage into permanent coverage that will cover you for as long as you live without having to provide evidence of insurability. You should therefore check:

  • Whether you have the right to convert and, if so, up to what age, and
  • Whether permanent coverage premiums are preset and guaranteed for life.

3. Can you Insure other Family Members in the Same Policy?

Perhaps you want other people, such as your spouse or business partners, to be insured under your term life coverage. If so, make sure you have the flexibility of the following options, just in case:

  • Each person can be insured individually, but under the same term life policy;
  • Each person can be insured jointly with the others on a first-to-die or last-to-die basis.

4. Are Premiums Guaranteed in a Term Life Insurance?

What exactly does a guaranteed premium mean? To determine if your premium is guaranteed, answer the following questions:

  • Are the term premiums fixed and locked in for the duration of the selected term?
  • Does this apply each time the term is renewed? Note that with term life, the premium rises with each renewal to reflect the insured’s age at the time of renewal.
  • Do you already know what premiums will be payable at each renewal? Are they guaranteed?

5. What Are Preferred Rates:

Some companies may also offer discounts on premiums because of the insured’s good physical condition and good overall health. If you think you’re in good health, it’s important to find out whether the company offers preferred rates. You may pay less. Don’t forget to find out what criteria are used to get preferred rates, as they vary from company to company.

6. How are Premiums Paid for the Term Policy?

Insurers offer a variety of premium payment methods:

  • Can the payments be made on a monthly, quarterly, semi-annual or annual basis? It’s important to compare premiums with the same frequency because one policy may be more competitive than another at one frequency, but not at a another frequency.
  • Can you make your payments by preauthorized bank withdrawals, credit card, check, etc.?

How to Compare Premiums when buying Term Life Insurance?

When comparing term insurance costs, you should check for the features mentioned above. Some are automatically included in the price or available for a surcharge. The same company may also offer different premiums depending on the sex of the insured, their health, whether they’re a smoker or a non-smoker, how risky their occupation is, etc. A set fee reflecting administration costs for your insurance policy is also usually included in your total premium.

Special Features and Optional Benefits of Term Life Insurance

  • Companies sometimes offer special features. One of the most common is the accelerated benefit or living benefit, which is payment of a portion of the insurance amount when an insured is diagnosed with a serious illness and has only a certain time left to live.
  • Companies may offer several optional benefits besides term life insurance.

If you decide to take a term life insurance, make a point of dealing with a specialist at Life Care Insurance by calling at 1-877-495-2525. Given the wide range of options available, it’s worth seeking professional advice on how to best customize universal life insurance for your specific needs. We always strive to get best coverage for your Term Life Insurance need at best rates.

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