Short Term Life Insurance is a popular type of policy and a great way to get coverage for a predetermined amount of time. For a large majority of Canadians, buying life insurance cover is meant to protect their loved ones for a certain period of time, such as raising their children. Having grown children who are financially independent, means you also no longer have people relying on your financial support. A short term life insurance is designed for situations such as this, as it provides coverage at a significantly lower price.
When looking to purchase a policy, it is important that you take some things into consideration. For example, ensuring your policy not only provides adequate coverage, but you are also aware of what happens when it expires. When a short term life insurance policy expires, renewing your policy can be significantly more expensive. Many insurance companies offer the option to convert your policy to a whole life insurance policy which will never expire. This option is called convertibility, and allows you to widen your coverage without having to submit to a medical examination.
Life insurance is an important decision for anyone, and understanding the details of any policy is critical. That’s where LifeCover.ca comes in. We specialize in getting you the information and guidance that you need so that you can make an informed decision. Our network of independent insurance brokers can help you figure out the type and amount of insurance you require, and then work to get you the best cost. Trust us, buying life insurance can be this easy.