Sometimes insurance policies can seem out of reach if you are struggling with funds. Take a look at Term Life Insurance for an insurance policy that suits your budget and lifestyle.

Why Get Term Life Insurance

By Candian LIC, May 17, 2021, 8 Minutes

Sometimes insurance policies can seem out of reach if you are struggling with funds. Take a look at Term Life Insurance for an insurance policy that suits your budget and lifestyle.

What is Term Life Insurance?

Known to be easy to understand and affordable, Term insurance is a plan that keeps your insurance costs the same for a set amount of time (known as the term.) You can renew it at the end of one term to start a new term. If you pass away while your policy is still in effect, the payment will go, tax-free, to your beneficiaries. You can convert this coverage to permanent insurance if you want to, without worrying about health, lifestyle, or occupation changes.

Benefits of Term Life Insurance

Things To Know Before Buying Term Life Insurance

Term life insurance is a policy that pays a death benefit to beneficiaries if the policyholder passes away within a certain period of time or before a certain age is reached. For example, your coverage can be for a fixed time period, or until you reach the age of 85.

Term Insurance is an easy-to-understand and affordable way to keep your family’s financial situation secure if anything ever happens to you. When you buy a Term Life Insurance policy, you need to decide on three things. You need to decide on the company you prefer, your preferred length of term, and the amount of coverage. You will be covered for the term by paying the premium.

Your Family Can Use The Funds For:

Some things you should know before buying Term Life Insurance

Amount of Coverage: Reviewing your financial goals and figuring out the amount of coverage you need, will help guide you to the right policy. Although working with an Insurance Advisor is recommended, you can add up debts, tuition, and mortgage, subtract what you would pay, and the difference would be the estimated needed coverage.

Length of Term: You can choose a fixed term, allowing you to easily budget, and save more of, your money. You can choose anywhere from 10 to 50 years of coverage or you can pick a term of coverage as per your need which will cover you for the selected term

Look Around: You will need to search for the right insurance for you. As with most life insurance policies, your health and other factors play a big role in coverage. Rates will also vary from company to company. An insurance agent can help you find what you need.

Being Healthy: Although most insurance applications take weeks, and you have to fill out documents, have an exam, and give information if you are healthy, the process can move along quicker. If you don’t have any health conditions, you may be able to have an agent use online applications to approve you quicker than usual. Even if you do have to wait several weeks, you can still get temporary coverage.

Term Life Insurance is usually more affordable than other plans because it only covers a set term and doesn’t build up cash value. For those who may be struggling financially, Term Life Insurance can give you insurance security without stressing your bank account.

Why You Must Invest In Term Life Insurance

If you are looking for affordable life insurance, perhaps you should consider Term Life Insurance. It is set up to keep your family financially stable if you pass away. Paying for such a policy is worth the peace of mind it will bring to you and your family.

What is Term Life Insurance?

Term Life Insurance is a very simple plan designed to give death benefits if the policyholder passes away during the plan’s term. This type of plan is a great choice for those who want to secure stability for the family after the policy holder’s death. Term Life Insurance usually has high coverage with affordable premiums. The coverage is set for a certain length of time, usually 10 to 50 years, and once the policyholder passes, the beneficiaries will have a payout from the policy.

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How does It Work?

The insurance company will pay your beneficiaries the amount you agreed on if you pass away during the policy’s term. You agree to pay a monthly premium to the insurance company for the duration of the term.

Reasons to Consider Term Life Insurance

With Term Life Insurance, you can rest easy knowing your family will be financially secure if anything should ever happen to you. Ask about this type of insurance policy today.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

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