Term Life Insurance
The Term Life Insurance plans we offer in the least expensive and simplest type of life insurance you can find. Whether you need something immediately or are thinking about the future, Term Life Insurance gives you a variety of opportunities to make sure you’re always covered no matter what you need.
With this kind of life insurance, you don’t need to provide any proof of medical health nor do you need to visit a doctor for a physical exam – your coverage is given based on a few simple questions. Premiums will vary depending on your age and lifestyle but they are minimally invasive to determine the coverage.
Your insurance term will be good for 5, 10 or even 20 years without any kind of medical proof needed. You can also use a Term Life Insurance plan as a way to launch into purchasing permanent life insurance. We can help you determine if this is the right option for you by discussing your plans for the future. Your premium is guaranteed to stay the same for the duration of the term you selected, so you know exactly what you’re going to be paying every month. If you pass away within the term period, your insurance amount would be paid out to the beneficiary you designated.
Affordable Term Life Insurance Purchase
This kind of life insurance isn’t for everyone, but for those who have a need for temporary insurance protection or need insurance on a limited budget then it could be the right thing for you. Business owners may also consider purchasing this kind of insurance to cover employees until they retire, or for a set number of years. Younger individuals or couples they may also wish to purchase Term Life Insurance when they purchase their first home to cover their newfound financial responsibilities.
In addition to providing some security for the uncertain future, should your policy need to be paid out to your designated beneficiaries the payout amount is free of income tax for your beneficiaries.
How does a Term Life Insurance policy work?
Term Life Insurance is the most purchased policy in the market. It is straightforward and can be bought online or over the phone. The plan is for a certain term like 10, 15, 20, or even 30 years. The insured has the choice to choose more than one beneficiary on the policy. Once the policy is approved, the insured enters into a contract with the insurance company. As part of the contract, the insurance company agrees to pay a death benefit in return for scheduled premium payments. If the policyholder dies before the expiry of the term, the beneficiary receives the tax-free lump sum amount.
Pros of Term Life Insurance coverage
Is it worth it to purchase Term Life Insurance?
Are you contemplating if purchasing a Term Life Insurance policy is worth it? The answer is Yes. It is an affordable solution to protect your dear ones financially. A crucial financial safety net for your beneficiaries is that if you die suddenly, the financial burden does not fall on them. To find out more about Term Life Insurance, please do not hesitate to contact the team at Canadian LIC today.
Who requires Term Life Insurance?
As mentioned earlier, if you are the sole earner of your family, then you must purchase insurance coverage. Even if you don’t have dependents that rely on you financially, the funds can be used to cover your funeral expenses or even pay off your outstanding debts. A Licensed Experienced Financial Advisor is the best way to identify if you require Term Life Insurance or not or an online calculator. It will take into account your income, age, and family structure. Additionally, it will also tell if you need Term Life Insurance or not. A Term Life Insurance can help:
Don’t think; act now and purchase Term Life Insurance for a better tomorrow.
Purchasing Term Life Insurance can sometimes feel like one of the items on your checklist. It is something that you know that needs to be done over time. But certain expenses or setbacks make you feel that there’s never a right time to do it. Fortunately, in recent times purchasing a Term Life Insurance policy is way easier, including it being affordable. Buying Term Life Insurance does not require one to scan documents or print out several pages. Now, Advisor & you can sit together and just apply online for Term Life Insurance and find out if you’re approved instantly.
In addition to providing some security for the uncertain future, should your policy need to be paid out to your designated beneficiaries the payout amount is free of income tax for your beneficiaries?