Life Insurance in Kelowna, BC
The city of Kelowna is located in British Columbia on the edge of Okanagan Lake. The word “Kelowna” is an Okanagan Native American word for grizzly bear. A fun fact about Kelowna is that it’s also the name of a country on an alien planet on the science-fiction television show Stargate SG-1, which was filmed in Vancouver, British Columbia – guess the writers were fans of this city! One thing that all parents have in common, whether they live in Kelowna, Canada or Kawasaki, Japan, is that if, God forbid, something happens to them, they want to make sure that their children will be taken care of. That’s why responsible parents purchase life insurance to protect their families.
Term Life Products
One of the most common forms of life insurance purchased by families is term life insurance. Term life insurance, sometimes known as term assurance, is a type of policy that provides coverage over for a limited period of time. Typical term life insurance policies come in periods of five, ten, twenty or thirty years, although it is possible to find different policy lengths. The reason why people like term life insurance is because you aren’t saddled with a life insurance policy for the rest of your life – you only pay for it when you need it the most, such as when your children are young and unable to financially support themselves.
When a term life insurance policy expires, policyholders have the option of renewing their policy. However, sometimes problems arise due to the requirement of proof of insurability. When people apply for insurance policies, they are usually required to prove that they are in good health; sometimes, though, once the original policy has lapsed, the policyholder may not be as healthy, which may be an obstacle to getting a renewal. With that in mind, as a selling point, many insurance companies now offer term life insurance that can be renewed without required proof of insurability.
Other communities located near Kelowna include Summerland, Penticton, Peachland and West Kelowna, which despite the name, is not actually part of the city of Kelowna. Two large industries in Kelowna are wine-making and tourism – Kelowna is known internationally for both its wines and sports activities. Kelowna is one of the fastest growing cities in North America, the 22nd largest metropolitan area in Canada and the home to over 96,000 people. 18.4% of Kelowna residents are over 65 years old, and around 4.8% are children under the age of five.