Term Life Insurance Plan
Reasonably priced coverage when you need it the most!
Purchasing a life insurance policy does not have to be a commitment you make for a lifetime. It is the most reasonably pricedinsurance plan for your huge expenses, ensuring you are financially protected when it matters the most.
Policy coverage is low-cost
You can rest assured; your payments will not change for the initial period your select.
You have the freedom to choose the coverage period that suits your needs.
Payout is tax-free
Your insurance payout goes to whomever you nominate in the policy.
What is term life insurance?
Term life insurance is a temporary policy coverage set for a certain period, and in most cases, it renews automatically. The payments you make, i.e., premiums, are charged at a low cost and do not change during your policy term. For further information, contact the team at Canada Life.
How does term life insurance work?
You have the option to select the coverage length and amount you want for the policy.
Coverage options for various periods such as 10, 20 or 30 years or to age 65
Personalize your policy coverage with optional benefits.
You can pay the premiums monthly or annually.
After the term ends, your coverage will renew automatically.
If you wish to change your term life insurance coverage to permanent life insurance, ther will be no need to answer any medical questions or undergo a medical examination.
In the event of your demise, the individuals who you nominate in the policy will receive a tax-free payment while the policy is active.
After the initial term ends, what happens?
In most instances, your term life insurance policy automatically renews for the same coverage length and time unless you decide to inform us of your potential policy change. If you wish to change your coverage to suit your current needs, you don’t need to answer any medical questions. The older you get, the costlier the premiums get. Below-mentioned is the policy options:
If you don’t need the policy anymore, you can cancel it.
You can let the policy renew automatically.
To suit your changing needs, you can convert the policy to long-term.
You have the option to convert the policy to permanent insurance coverage.
How much does term life insurance cost?
It is the most cost-effective insurance policy available in the market. The price of the term life insurance policy varies and is based on a few factors, including:
Age: If you are a young individual,term life insurance is cheaper.
Health: The cost of the policy can increase based on your family’s medical history, lifestyle, and chronic diseases.
Gender: The insurance cost for women is much cheaper as they live longer than men on average.
Occupation:The term life insurance cost can be high if your job is risky.
When do you need term life insurance?
Starting a family:Provides financial stability for your family.
Buying a home:It helps your family to pay off significantly larger expenses, like a mortgage etc.
Planning ahead:Leave money behind to give your family financial stability and help cover your funeral costs.
How much insurance coverage do you need?
Preferably, you want to ensure your debts are paid off, so you don’t leave any significant expenses for your dear ones to struggle to pay it off.
Below-mentioned is a few things to consider:
Your income and net worth
Needs of your family
Other insurance policies you have
What kind of insurance coverage do you need?
|Term life insurance||Permanent life insurance|
|What does the coverage provide?||Short-term protection||Long-term protection|
|How long are you coveredin the policy?||The length of time you choose||Your lifetime|
|How can the coverage help?|
|Replace lost income||Replace lost income|
|Covers funeral expenses and debts||Covers funeral expenses and debts|
|The cost of the insurance policy?||The most cost-effective type of insurance plan||More expensive than term life insurance|
|Benefits||You choose which beneficiary receives a one-time tax-freepayment when you pass away||You choose which beneficiary receives a one-time tax-free payment when you pass away Build wealth inside your policy, within limits, that you can access during the entirety of your life|