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Live your life to the fullest knowing that your loved ones will be financially secure in the unfortunate event of your passing.

Why do I need Term Life Insurance?

Life Insurance safeguards your dependents from financial hardships following your passing. Life Insurance is a necessity if your spouse and children, or other individuals you care about, depend on you financially. Your policy provides you with peace of mind that in the unfortunate event of your death, your loved ones will be able to maintain their quality of life.

Depending on your chosen coverage, your Life Insurance policy can help offset or completely cover the costs of a funeral and any debts you may have, as well as provide your beneficiary with a source of income.

How much Life Insurance coverage do I need and how much will it cost?

The amount of coverage you need depends on your financial situation and desired benefits for your loved ones. If you are the primary breadwinner and have mortgage debt, financial experts advise to get at least 10 times your annual salary in coverage.

 

The price of Life Insurance is influenced by the level of coverage and benefits, as well as the age and health situation of the insured individual. Young and healthy Canadians pay as little as $30 in monthly premiums, but rates increase with age and health problems. For this reason, experts suggest purchasing a Life Insurance plan while you are young and healthy.

Can I name multiple beneficiaries?

A beneficiary is an individual who receives the cash value of your death benefit. You will be required to name such a person when you purchase your Life Insurance plan. If you so wish, you can name multiple beneficiaries and divide the cash value of your policy among them either equally or according to a set percentage. If a beneficiary passes before you do, you can elect a contingent beneficiary in their stead. You may also choose a charity as a beneficiary.

Types of Term Life Insurance in Canada

There two types of products under the Term Life Insurance umbrella.

Term-Life Insurance is typically sold in increments of 5 years, meaning you can purchase a policy for 5, 10, 15, 20, 25, or 30 years. While 30-year term is typically the highest an individual can get, some insurance companies may sell policies with coverage up to 40 years.

The other product is Term 100 Life Insurance, which is similar to Whole Life Insurance but it does not have some of its benefits and is priced lower.

Temporary Life Insurance

Term-Life Insurance policies pay out fixed benefits only if premiums were paid and the insured passed away within the agreed upon length of their policy. Such policies can generally be purchased for up to 30 years. The policyholder pays a set premium throughout the policy length, and at the end of the term the coverage ends. This type of Life Insurance is generally the least expensive.

Term 100 Life Insurance

Term 100 Insurance is an upgraded version of usual term policies. The policyholder is charged the same premium throughout their life (or up until age 100) and the payout amount is also fixed. Unlike with Permanent Life Insurance, term plans do not have an investment component.

How to Save Money on Term Life Insurance?

The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.

Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.

How to save money image of Policy Rates

Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay significantly lower premiums.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Are You a Smoker?

Smokers can pay up to 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay significantly lower premiums.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You a Smoker?

Smokers can pay up to 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

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