Term Insurance
For many Canadians, especially those with young families, term life insurance is most often the product of choice for protecting one’s family. The major reason for this is that it is the lowest entry-level cost to purchase life insurance. For those wanting to make sure that their loved ones are adequately protected should they die, term life insurance is an easy decision.
Term policies are typically used to provide temporary protection and are affordable in the short term.
Think of term insurance as renting your insurance, the longer you have the policy, the more expensive it becomes as the premium will increase every 5, 10 or 20 years depending on the policy.
How does term life insurance work?
If you die while your policy is in force, a tax-free death benefit will be payable to your beneficiaries.
The death benefit can be used to:
- Provide income for your spouse and children
- Provide an education fund for your children
- Pay off your mortgage
- Pay any outstanding debts or business loans
- Provide a legacy to your heirs
- Pay final taxes and probate
- Provide a charitable donation
To determine which type of policy makes the most sense for you, please don’t hesitate to contact us.
