Term Life Insurance
Term Life Insurance
Affordable coverage designed to protect your family’s financial future, for the specific duration you need
What is Term Life Insurance?
Term life insurance is an easy and affordable solution for Canadians that provides tax-free payments to your beneficiaries in the event of your death. This type of coverage is ideal if you have a mortgage, are raising young children, or simply want to ensure your family’s financial stability until your children become independent. Term life insurance is available to both Canadian citizens and newcomers to Canada.
How Does It Work?
Purchasing term life insurance is simple:
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Consult with me
Evaluate your specific needs.
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Select Your Coverage Length
Choose the duration of coverage that best suits your situation.
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Explore Additional Options
Consider adding critical illness or disability protection if needed.
With term life insurance, you can have peace of mind knowing your loved ones are protected. At the end of the term, you have the option to renew your coverage or convert it into permanent life insurance.
Advantages of Term Life Insurance
Affordable coverage, financial security, flexible policy options
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Affordable
Fixed protection offers higher coverage at lower premiums compared to permanent life insurance.
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Simple
Your premiums and coverage remain unchanged throughout the term. At the end of the term, you can renew or switch to another insurance type.
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Flexible
Choose coverage periods ranging from 10 to 40 years to match your evolving needs.
Riders: Customizing Your Term Policy
Riders allow you to enhance your term policy with additional coverage options. Availability varies, so consult your advisor for details.
Ideal For
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Accidental Death and Dismemberment (AD&D)
Provides extra benefits in case of dismemberment or death due to an accident, helping cover loss of income and additional expenses.
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Critical Illness Protection
Offers coverage for 4 or 25 conditions. If diagnosed with a covered illness and you survive the 30-day period, you receive a one-time lump-sum payment, along with access to expert medical opinions.
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Payor Waiver of Premiums
If the person paying the premiums dies or is totally disabled before age 65, this rider waives the premiums until the insured child turns 25.
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Waiver of Premium
Waives the premium if the insured person becomes totally disabled before age 65.
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Children’s Insurance
Provides low-cost term life coverage for your children and guarantees their insurability when they become adults.
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Term Riders
Add extra temporary insurance protection to your policy for 10, 20, or 30 years
Term vs. Mortgage Insurance
Your home is likely your biggest investment, so protecting it is a priority. While your bank may offer mortgage insurance, term life insurance might be a better option.
With mortgage insurance, the bank holds the policy and is the beneficiary. If something happens to you, the death benefit goes directly to the bank to pay off your mortgage. With a term life policy, you own the policy and can designate your own beneficiary, ensuring your loved ones receive the benefit.
Ideal For
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Those who want to leave a larger estate and benefit from retirement liquidity
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Parents or grandparents wanting to build a financial foundation for the next generation
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Business owners seeking growth-generating life insurance