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Term Life Insurance Quote

 

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 for 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 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.

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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. For 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

  • It is inexpensive

    When compared to whole life insurance policies, Term Life Insurance coverage is inexpensive because the coverage is for a pre-determined period. If the policy owner manages to live past the term, the beneficiary will not receive the death benefit. On the other hand, regardless of whether the insured survives the entirety of the term, the policy pays out; hence, it is costly.

  • Flexible

    When choosing a Term Life Insurance plan, you have many options like the policy term, which can be either 5, 10, 15 years etc. Policies that last less than five years can be used to pay off any short-term debts or expenses you currently have, such as your child’s tuition. If you are the sole income-earner of the family and need an insurance plan to cover your mortgage, then a 30-year term policy is the best option. Choosing an insurance policy should be based on your current needs and financial situation.

  • Perfect for young adults

    Because a Term Life Insurance policy provides coverage for a specified period, it is cheaper than a permanent life insurance policy. It is an ideal choice for young families in need of temporary coverage. For instance, you can purchase an insurance policy to cover the years your family relies on you financially, and you can lower your coverage when your children become financially independent.

  • Easy to understand

    Term Life Insurance plans are easy to understand, which makes it straightforward when shopping and comparing other life insurance quotes. You’re covered for the policy duration as long as you make the premium payments. However, you need to consider three factors: How much life insurance coverage will I need? How long do I want the coverage to be? Which insurance company should I work with? For most, Term Life Insurance is a quick and affordable way to financially safeguard their loved ones in the event the owner of the policy dies.

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 to 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.

Contact our Life Insurance brokers

Call 1 844-542-4678 today for
no-obligation quote.

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. An Licensed Experienced Financial Advisor is the best way to identify if you require Term Life Insurance or not or 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:

  • Replace lost income and pay off certain expenses like rent or mortgage
  • Pay off outstanding debts
  • Take care of your children’s education
  • Pay for your funeral and other final expenses
  • Fund the post-secondary education cost of your children
  • Pay off any unpaid medical bills or taxes
  • Used and inheritance fund

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 togather 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.

Term Life Insurance is worth it!

Buying a Term Life Insurance policy crosses one item on your to-do list, and most importantly, it gives you complete peace of mind. Unlike renovating your home, buying a Term Life Insurance policy provides your loved ones with a financial safety net based on your selected coverage term.

It can either be for a few years or several years. So, the million-dollar question? Is it worth it? While we cannot place a monetary value on peace of mind, we can create a financial barrier for our family, which is truly priceless. If you think about it, a Term Life Insurance plan costs a little more than your monthly TV streaming service.

Additionally, it does impact your monthly budget too much, but it can have a much bigger impact overall, knowing that your family’s financial needs are well taken care of.

If you need help understanding Term Life Insurance or are looking to apply, please do not hesitate to reach out to the experts at Canadian LIC today. Our insurance brokers will be more than happy to address any queries that you may have.

Contact our Life Insurance brokers

Call 1 844-542-4678 today for
no-obligation quote.

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