As you may have guessed from its name, term life insurance is a type of life insurance that covers you for a specific period of time. It’s one of the most common and simple life insurance available in Canada.
Term life insurance is like a safety net that lasts for a set time. It's a popular choice in Canada because it's pretty straightforward and doesn't cost a lot.
You pay a small amount each month, called a premium, for a certain number of years—usually 10, 20, or 30. If something happens to you during that time, your family gets some money to help them out. Since this insurance is only for a certain time and it's not likely something will happen to you during that period, it's cheaper than other types.
The price you pay for this insurance depends on a few things like how old you are, how healthy you are, what you do for fun, and how much coverage you want. The good news is, if you're young and healthy, you'll pay less. And your monthly payment stays the same the whole time you're covered, even if your health changes.
But choosing insurance isn't just about the price. It's more about what you're trying to protect.
If you have a debt that won't be around forever, like a mortgage, or you want to make sure there's money for your kids until they're grown up, term life insurance could be a great fit. It's all about covering what you need for the time you need it.
When your insurance is almost up, you have some choices:
If you don't need the insurance anymore, you can just stop it.
If you still need insurance, you can get it again, but it'll cost more because you'll be older, and insurance gets more expensive as we age.
Term life insurance is a budget-friendly way to make sure you have some protection. It's a favorite in Canada for folks who want to keep things simple and not spend too much.
Another cool thing is, if your health changes while you're insured, you can still renew your insurance. That means you're covered, no matter what. But, if you wait until after your health changes to get insurance, you might not be able to get it at all.
Thinking about life insurance? Consider what you need to cover, how long you'll need the coverage, and how it fits your budget. We all have different needs, and term life insurance is pretty flexible.
It's great for covering specific things for a certain time. But if you're looking for something that lasts your whole life and leaves money behind for your loved ones, you might want to think about permanent life insurance.
And hey, if you're interested in learning more about permanent life insurance, I'll be talking about that soon. But for now, maybe take a break, watch your favorite movie, or try baking some bread. It's all good!
Text TERM LIFE to 604 600 1248 and our team will help you get the most suitable plan for you and your family.
Comments