What is Term Life Insurance?
Term life insurance is a form of life insurance that covers you over a set length of time. If, during that time, you were to die then your death benefit would then be paid out to your beneficiaries. Compared to a whole life, or permanent life insurance, this form of life insurance is substantially cheaper which makes it a popular choice for families looking to get the most cost effective form of coverage. Another benefit is that getting approved is generally a very straight forward procedure. Simply choosing the amount of death benefit and length of time required is all that is required.
Canadians choose term life insurance to:
-Get coverage during significant financial obligations, such as a mortgage.
-Give young families financial protection during their child rearing years.
-Get significant coverage for a fraction of the cost of whole life insurance.
It is important to discuss your own unique needs with an insurance advisor as many term life insurance policies can be customized to fit your own specific needs. For example, someone looking for the savings benefits that come with a whole life policy but cannot afford the higher premiums right now, can add an option to their term policy to convert in the future.
How We Help
With over a hundred life insurance companies operating in Canada, can you be sure that the coverage you’re getting is the best available? LifeCover.ca works with a nationwide network of Canadian brokers, who are as committed as we are to getting you the coverage you deserve. Let us show you just how simple getting life insurance can be.