term life insurance BC

Term Life Insurance | The solution To be Protected

The best love letter you can give your spouse or child is term life insurance. It conveys to them your desire for them to get financial support in the event they ever lose everything.

Term life insurance is an affordable way to be protected

Term insurance offers inexpensive, short-term coverage for a person’s under 75 years. Most plan go up in 5, 10, or 20 year “steps” over time. Term insurance usually gives policyholders the right to switch to permanent insurance with the same insurer without having to go through another underwriting process. This lets policyholders change their coverage to meet their long-term needs.

Term Life Insurance is a better option to protect your new home

Canadian households say that losing their main income source would make it hard to pay bills like a mortgage and cover day-to-day costs. 

If you buy low-cost mortgage life insurance, your family will not lose their home. Without insurance, it would be hard for 75% of Canadian households to pay off debts like a mortgage.

term life insurance in canada

Who Benefits Most From Term Life Insurance

People who have a lot of debt

People who owe a lot of money can use term life insurance to pay off their debts after they die. The person who is named as the beneficiary will use the money from the death benefit to pay off debts like student loans or a mortgage, instead of having to pay them out of their own pocket or lose the property. The money can also be used to replace lost income or help support remaining family members now and in the future.

The Bread Winners

Losing a family’s only source of income can be terrible for them, which is why term life insurance can be so important in these cases. The other parent can use the death benefit to make up for lost income, so they don’t have to go to work right away and can stay home with their kids. The money can also be used to pay for day-to-day costs, childcare costs now and in the future, and education costs.

Young Families

Even though young couples might not think they need it, now is the best time to buy term life insurance. Your rates will be better if you are younger and in better health. The money from term life insurance can be used for many things, like replacing lost income or paying off debts like a mortgage, car loan, or student loan. It can also be used to pay for future expenses like child care and college.

Business Owners

The money from a term life insurance policy can be used to pay off debts, expenses, and taxes. Most of the time, the details are written down in a contract called a “buy-sell agreement.” This is especially important if ownership or shares in the company are to be given to someone else. Key man insurance is a type of term life insurance that can be taken out on a valuable employee by the owner. 

It adapts to your needs

Term life insurance gives you a lot of freedom. You can choose the length of the policy and how much coverage you want. For example, you can lock in low rates for the next 20 or 25 years if you want to pay off a long-term debt like a mortgage. On the other hand, a 10-year term policy might be a good choice if you want to pay for college.

Protection against illness

Term conversion riders” are included in most term life insurance policies. It lets you switch from a term life policy to a permanent one without having to show proof that you can be insured.

Why is that a good thing? You may ask.

Well, let’s say you buy a policy that lasts for 15 years. After 12 years, you find out that you have breast cancer. Usually, if you have cancer, it’s almost impossible to get a new permanent life insurance policy. But if you have a conversion rider, the insurance company can’t say no when you ask to turn your term life policy into a permanent one. It also can’t use this diagnosis to figure out how much your new premiums will be.

Your situation says more than you may think!

You probably need life insurance if you can relate to any of these statements.

Life insurance is a tax-free payment offered to your loved ones as a death benefit to cover family expenses, debts and funeral costs.

Homeowner – Make sure your loved ones inherit your property free of any outstanding debts.

Parent –  Every parent wants the best for their children in terms of their future. Whatever may happen, life insurance aids in making sure that this wish is fulfilled.

Couples – You and your partner will likely share not only your house but also your finances if you choose to live together. Life insurance will enable your companion to continue living in the same manner following your passing.

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The Most Asked Questions About Term Life insurance

You have questions, we have answers! Trying to navigate the world of insurance can be confusing with so many different possibilities and new language

You pay a premium for a predetermined number of years, and in return, the insurer agrees to provide your family with a predetermined sum of money should you pass away before the policy term expires.

Here are a few crucial points regarding term life insurance first.

Term: Depending on your choice, term life insurance might last between 10 and 30 years.

Price: Depending on your profile, the monthly premium for term life insurance typically costs between $25 and $110. The older that you are more often the price increases. Senior life insurance ranges from $67-117 typically

Death benefit: If your term life insurance policy is still in force, the death benefit payout is assured.

No cash value is associated with term life insurance.

Your premiums are calculated by the insurer using the period and amount of coverage. Your policy premiums will go up the more coverage you want. In a similar vein, the longer the duration of your coverage, the more you will have to pay.

Your age, gender, medical history, and the medical history of your family are other factors that the insurance considers. They might ask you about your driving history, current medications, whether you smoke, your interests, your job, and your hobbies. For optimal prices or to demonstrate your eligibility, you might additionally need to pass a medical checkup.

Level term policies make up the majority of term insurance sales. This means that over the duration of the contract, your premiums won’t change. Therefore, if you’re paying $24 per month for a 20-year term policy, that amount won’t change for the course of your policy’s existence.

Your beneficiaries have the option of receiving the death benefit all at once or over time. They are free to make whatever use they want of this money. You have the choice of converting or renewing your life insurance policy if you outlast the term, or you can let it expire. There will be no death benefit paid to your family if you pass away after the policy’s expiration date.

The majority of term life insurance plans are convertible and renewable within specific parameters. However, because the cost of life insurance increases as you age, be prepared to pay more when your policy is renewed. The rates would also be greater if you change your term life insurance policy to a permanent one. Your life term policy may be renewed or converted without further medical verification or underwriting.

There are five significant advantages to term life insurance.

1. More affordable
Because term life insurance only provides coverage for a set period of time and excludes a savings component, its premiums are less expensive than whole life insurance.

2. Appropriate for young families
It frequently provides a better value for young families in Canada because it is more affordable than permanent life insurance. Due to the financial strain of paying a mortgage, raising children, and other obligations, many young families are struggling. They can financially safeguard their family with term life insurance without going overboard.

3. More Flexible
Term life insurance offers a lot of flexibility. Based on your needs, you can choose the term and coverage. For instance, you can lock in low rates for the following 20 or 25 years if you need to pay off a long-term loan, such as a mortgage. On the other hand, a 10-year term policy can be an excellent fit if you wish to pay for your college fees.

4. Simplicity
Permanent life insurance policies are substantially more complex than term life insurance contracts. Only three choices need to be made: chosen insurer, level of coverage, and term duration. If you pay your payments on time, the insurer covers you for the entire period.

5. Has the option of becoming permanent life insurance
A “term conversion rider” is a feature of the majority of term life insurance contracts. It enables you to switch a term life insurance policy for a permanent one without providing evidence of your eligibility to be insured.

Why is that advantageous? You may inquire.

Let’s imagine you get a 15-year term insurance policy. You receive a breast cancer diagnosis twelve years later. A cancer diagnosis typically makes it very difficult to obtain a new permanent life insurance policy. However, the insurer cannot reject your request to convert your term life insurance policy into a permanent one if a conversion rider is in place. Additionally, it cannot take this diagnosis into account when determining your new premium rates.

If not today...when?

Talking with a life insurance agent doesn’t mean you have to get life insurance today but it can mean you’ll be protected for tomorrow