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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
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.
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.
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.
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 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.
Term Life Insurance Is Worth It!Term Life Insurance is worth it!
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?
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.
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FAQ
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet. With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
The term period is flexible as per your requirements. It can be anything between 5 to 40 years. The coverage ends after the policyholder has turned 85 years old.
If the policyholder dies, the coverage amount will be paid to his or her family member or the person he/she has nominated. This is known as death benefits.
In this case, the premium amount is not returned to you.
Yes, it is tax-free because the amount is recognized as a return of premiums and not income
Both insurance policies have their benefits, however, the premiums for whole life insurance are more expensive, which makes Term Life Insurance the ideal choice.
It would depend on your requirements. With permanent insurance, you will have financial coverage for the entirety of your life or as long as you pay your insurance premium. However, the premium amount can be costly, which is not the same for Term Life Insurance. Term Life Insurance is both flexible and affordable. You pay the premium till you have liablilties.
No, Term Life Insurance policies do not come with a cash value component. That means once the term coverage is over, you will not receive any money. In that case you may look at Whole Life Insurance or Universal Life Insurance to purchase the insurance to get a percentage of your premium back. Contact your local insurance broker for more details.
No, Term Life Insurance policies do not come with a cash value component. That means once the term coverage is over, you will not receive any money. In that case you may look at Whole Life Insurance or Universal Life Insurance to purchase the insurance to get a percentage of your premium back. Contact your local insurance broker for more details.
Term Life Insurance offers financial coverage for the term you select, which can be anywhere between Five to Forty years. Once the term reaches its end, you can either renew the policy or purchase a new insurance product. If you don’t renew, the term insurance plan will expire.
You can purchase Term Life Insurance by getting in touch with the insurance company or an insurance broker. Once you select the term that you want the insurance for, your insurance broker will take care of the rest. This policy is widely popular amongst Canadians for its customizability and affordability.
Yes, you can change your Term Life Insurance policy to whole life insurance. All you have to do is select the whole life cover option. Your beneficiary will get a death benefit in the unfortunate event of you passing away. The converted policy will also have a cash value.
No, as Term Life Insurance policies do not come with a cash value component, you will not able able to borrow funds from Term Life Insurance. If you want a cash value component in your insurance policy, then consider choosing between Whole Life Insurance and Universal Life Insurance.
There are several factors that can determine the monthly premium for your Term Life Insurance, with your health condition being one of them. For a non-smoking 40-year-old woman, the average monthly premium cost starting from $22. It is an average rate of $250,000 in coverage over a 20-year policy. To find out more, speak with an insurance broker.
Term Life Insurance policies are cooperative insurance products that come with financial coverage plans available for different terms. These terms can be anywhere between five to Forty years, and the monthly premiums are also reasonably priced.
At the end of Term Life Insurance, the policy expires unless you renew it. As there is no cash value component, you will not receive your premium back even if you have not made any claims. However, you can extend the policy or convert it into a permanent life insurance policy.
Term Life Insurance offers financial protection for only the term that you have selected. In contrast, with whole life insurance, you will have financial coverage for your entire lifetime. Whole life insurance also has a cash value component. However, it is comparatively more costly than Term Life Insurance.
The term-to-100 life insurance plan offers policyholders the best of term insurance and traditional permanent life insurance. The coverage is life-long, and the premium rates are more reasonably priced than a standard permanent life insurance plan.
The Term Life Insurance is much more affordable than a whole life insurance plan. Additionally, it covers the individual for a set period and pays the beneficiary if the policyholder dies during the term.
Term Life Insurance policies are designed to cover the person for 10, 15, and even 20 years. Unlike some of the permanent life insurance policies, Term Life Insurance does not have a cash value; however, it is much more affordable. So, the policy owner will not be able to cash a Term Life Insurance policy.
Since Term Life Insurance policies are cheaper than permanent life insurance plans, you cannot borrow against them. If you choose to surrender your Term Life Insurance plan, you will not receive any money in return.
It is straightforward to cancel your Term Life Insurance. Just call your insurer, stop paying your premium or write a letter informing them about your desire to cancel the plan.
No, you cannot cash out a Term Life Insurance plan as they do not build up any cash value. They are also far more affordable than whole life insurance plans.
Term Life Insurance plans do not have any cash surrender value. When the policy comes to an end, the insured will not receive a refund or cash surrender value. In the event you die, your beneficiary will receive a death benefit.
The Term Life Insurance pays out a death benefit to the insured’s beneficiary within a specified period, or the insured reaches a certain age. The coverage length is a set term; it can be either for 10, 15, or 20 years or until the insured reaches 65 years of age.
Average cost of Term Life Insurance in the country is about $22 a month for a non-smoking individual. The average coverage rate for a 20-year policy is about $250,000