Term 20 Life Insurance is a type of term life insurance that provides coverage for 20 years. This length makes it the ideal choices for young families who are looking for coverage during their child rearing years. An additional benefits of this type of insurance is that the premiums never increase during its term, making it easier to budget for. Also, because it is term life insurance, those premiums will be substantially cheaper compared to a whole of life cover.
– Can provide substantial death benefit coverage (upwards of $10,000,000)
– Policies are straight forward and easy to understand
– Premiums are fixed for the entire term
– Some plans offer the ability to convert to a permanent life insurance plan
The CUMIS Life Insurance Company, State Farm Insurance, BMO Insurance, and Scotiabank Life Insurance are a few of the Canadian companies offering Term 10 and Term 20 policies.
For more information on your options when it comes to getting insured, LifeCover.ca can help. We compare the Canadian market for you, so you get a more accurate quote. To begin this process, simply let us know what you’re looking for and you’ll be on your way to getting a comprehensive personalized quote from a licensed insurance professional. Trust us, insurance can be this easy.