When it comes to Life Insurances, it doesn’t always have to be a life-long commitment. There are several policies that you can choose from and term insurance is an ideal option. It offers affordable coverage for your significant expenses, so your dear ones are financially protected when it matters.
As a Life Insurance product, it guarantees a death benefit payout to the stated beneficiary in the contract within a specific period, generally 5-40 years. When you purchase this policy, your coverage amount and premiums get lock-in for the entire Term of the policy’s tenure. Additional benefits include the payout being completely tax-free. If you want to know more about Term Insurance, read on.
How does Term Insurance work?
The first step is always to do your market research and find a company that can help you make the right decision and meet your insurance requirements. You can get in touch with Canadian L.I.C., and we will be more than happy to help.
Some factors that may affect the Insurance cost
Compared to whole life insurance, Term Life Insurance is more affordable. However, certain factors can affect the expenses of the policy, and these would include:
Why would you need Term Insurance?
Term Life Insurance can act as a financial safety net for your family. In the situation of your untimely death, the pay-off can cover your mortgage balance, pay the education costs of your children, and much more. You can find out more about the advantages of Term Insurance by getting in touch with the team at Canadian L.I.C., and they are experts in the field.