Term Life Insurance
About Term Life Insurance
If you’re looking for basic insurance coverage for a specific period of time, term insurance is a good place to start. It’s a cost-effective and simple plan, with some flexibility to adapt to your long-term goals.
Over time, your needs may change. Term life insurance offers affordable and flexible protection you can customize to attend to temporary and growing needs you may have, whether you are looking to protect your family or your business.Term life insurance gives you coverage for a pre-determined period, at an affordable price. If your death occurs during the chosen period, your loved ones receive a tax-free benefit.Term life insurance can evolve with your needs by providing options to extend your coverage period or even to transfer to a permanent life insurance solution.
Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost.
- You can pay off existing debts – like your mortgage
- It ensures you maintain a comfortable lifestyle
- Even allows for you to invest in other Long Term Educational Plans or RSP’s
Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.Low cost, temporary protection for times of high financial risk (e.g. a mortgage)
Term plans may also be renewable after 5, 10 or 20 years without providing proof of health. The price increases as appropriate for your age at renewal. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, which-ever is earliest. You can purchase term life insurance as an initial step before purchasing permanent life insurance.
Simply Preferred Term Life Insurance
Whether your life insurance needs are long or short-term, we offer the term life insurance solution for you:
- Premiums guaranteed to remain the same for 10 or 20 years depending on your needs
- An affordable life insurance coverage
- Guaranteed premiums for each renewal period at the time of issue.
- No medical evidence required at renewal period. However, medical evidence may be required if coverage amount increases.
- Ability to convert to a permanent life insurance policy
- Your personal health and lifestyle determines the premium for your insurance coverage—we reward you for a healthy lifestyle
- You control your coverage
- Multi-purpose coverage
A Simply Preferred term life insurance policy can be used to provide funds at your death to:
- Create an estate for your heirs
- Pay off your mortgage
- Pay taxes owing on your estate
- Pay off business loans and lines of credit
- Pay off personal loans
- Fund buy-sell agreements
Like most people, you probably have financial obligations like a mortgage or a personal loan. Life and disability insurance gives you peace of mind knowing that your loved ones will not have financial worries in case of your premature death. It is possible for Term Insurance to cover Personal Loans, Insurance Loans and Student Loans and for your family. To fully enjoy happiness with your family, peace of mind is essential.
Only life insurance can provide you:
- With an instant estate that would allow your loved ones to go on with their lives.
- Provide for your children’s education so that they could pursue their studies in case of your premature death
- Arrange for your family to have temporary income, for the time it takes to get on with their lives, preventing your financial responsibilities from burdening them.
- Ensure that your spouse and children can remain in your home and maintain the lifestyle you planned for them.
- Provide your children or grandchildren with the education they need.
- As a single parent, give your children the necessary financial resources to carry them into adulthood.
Terms Insurance and Business Owners
Owning a business means investing finances and time without counting the hours you put in. Building a successful business often represents your life’s work. Have you thought about protecting the future of your investment?
Term life insurance allows for you to:
- Insure one of your key employees
- Finance a buy-sell agreement
- Meet the demands of your creditors concerning your financial obligations
One of the key benefits of term insurance is it is cost-effective for a short period of time. You are only paying for basic death benefit coverage so your insurance costs are minimized for the length of the term.
Things To Consider with Term Insurance:
There are two potential problems with term insurance. Firstly, term insurance gets more expensive the older you get. Often this makes term insurance cost prohibitive at some point in time in the future. Secondly, term insurance will eventually run out. In fact, you may wind up paying for premiums and never collecting a benefit of any kind.