How to Buy Term Life Insurance in Canada

Term insurance offer is very affordable protection. Most term policies come in terms of 10, 20 or even 30 years.

When selecting a term insurance policy it’s a good idea to pick an insurance company that offers preferred rates. Preferred rates are given to individuals who are in very good health and have very good family health history.

When choosing the term insurance policy it’s a good idea to choose a plan that’s guaranteed renewable and convertible. This means you can renew the policy without a medical or convert it without a medical to a permanent plan. An example of this was a client of ours with a non-convertible term policy. He wanted a permanent plan but had developed a few health issues.

Now thankfully we were able to get him a permanent plan at only a slightly modified premium but it still came out to a higher rate than if you convert it to this existing plan and it would have avoided all the hassle.

When selecting a term insurance policy, it’s always a good idea to work with an independent broker. A broker can shop around to make sure you get the best possible value on your term insurance policy.

Term insurance offers very affordable protection but you have to be aware that premium increased sharply as you get older.


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