• pay death-related expenses (funeral costs and income tax)
• maintain your family’s standard of living
Term life insurance is there to meet your short-term needs. You’ll be covered for a set period of time, generally from 1 to 20 years, or even longer depending on what you need. Term life insurance is generally more affordable than permanent life insurance, which covers you for life.
It’s the right choice for you if you have:
• dependent children
• debts that need short-term protection
• Premiums can be fixed for the duration of the contract.
• Proof of good health is not required to extend the contract.
One of the most common uses of Term Life insurance is as “Mortgage Insurance” which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.
If you want the “Real Deal” on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don’t fully understand what they are getting – and what they are NOT getting. A recent report by CBC Marketplace on February 6, 2008: “In Denial”, reveals details about mortgage insurance that few Canadians know about – until it is too late. Watch the video clip to become fully informed and learn how an independent insurance broker can assist you in getting the right insurance for protecting your mortgage.
Term life can be purchased in many ways. Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products. Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.