Term Life Insurance

Term life insurance in Canada

Home » Term life insurance

Two things that we know are not avoidable are death and taxes, but most people prefer not to think about them. However, if you have dependents it’s important that you prepare, in the event that financial support is required. Life insurance benefits will help your family manage their day-to-day living expenditures by providing enough to cover funeral costs, final expenses, education plans, paying off mortgages, other debts, or whatever you want coverage for to make sure your loved ones are taken care of.

Term life insurance is a type of life insurance that makes a payment of a death benefit if the insured person passes within a certain period of time. When the period of a term life insurance policy ends, the policyholder can choose to extend it for a new term, transform the policy to continuous or permanent coverage, or let it end.

In most cases ending it and not having any coverage leaves your loved ones vulnerable. We recommend you talk to an Assurance Brokers Canada before making that decision. You may need less coverage or a different type.

Compare Term Life Insurance

Ten (10) Year Term Life

Lowest Initial Cost Term Life Insurance

Great coverage for any short term needs and for the budget conscious. Needs such as short-term loans, Student loans, auto loans, bridge financing, short term business loans and large amounts of coverage for low cost.

Coverage can be purchased from 15 days old to Age 75.
Will automatically renew at much higher cost every 10 years until expiration at Age 85.
Maybe changed to a longer higher cost plan, so coverage never expires.
Depending on Age and amount usually no medicals or fluids are required. Just answer some medical questions.
Costs are at all time low and if you are in Preferred health even lower.
Death Proceeds are tax free.
Policy is portable (you can keep your policy even if the loan terms change or you move away even internationally).
Policy benefits can be left to a named beneficiary and are then creditor protected and probate excluded.

Twenty (20) Year Term Life

Low-Cost Term Life Insurance

Great coverage for medium term needs. Needs such as protection for young families, business partnership coverage, business mortgage coverage.

Coverage can be purchased from 15 days old to Age 70.
Will automatically renew at much higher cost every 20 years until expiration at Age 90.
Maybe changed to a longer higher cost plan, so coverage never expires.
Depending on Age and amount usually no medicals or fluids are required. Just answer some medical questions.
Costs are at all time low and if you are in Preferred health even lower.
Death Proceeds are tax free.
Policy is portable (you can keep your policy even if the loan terms change or you move away even internationally).
Policy benefits can be left to a named beneficiary and are then creditor protected and probate excluded.

Thirty (30) Year Term Life

Medium Cost Term Life Insurance

Great coverage for medium term needs. Needs such as mortgage protection, long term family protection needs.

Coverage can be purchased from 15 days old to Age 55.
Will automatically renew at much higher cost every 30 years until expiration at Age 90.
Maybe changed to a longer higher cost plan, so coverage never expires.
Depending on Age and amount usually no medicals or fluids are required. Just answer some medical questions.
Costs are at all time low and if you are in Preferred health even lower.
Death Proceeds are tax free.
Policy is portable (you can keep your policy even if the loan terms change or you move away even internationally).
Policy benefits can be left to a named beneficiary and are then creditor protected and probate excluded.

Term to 100

Highest Cost Term Life Insurance

Great coverage for lifetime term needs. Needs such as protection for seniors needs to provide money for final expenses, funeral costs, charitable bequests and unpaid taxes and probate fees.

Coverage can be purchased from 15 days old to Age 85.
Depending on Age and amount usually no medicals or fluids are required. Just answer some medical questions.
Costs are at all time low and if you are in Preferred health even lower.
Death Proceeds are tax free
Policy is portable (you can keep your policy even if the loan terms change or you move away even internationally).
Policy benefits can be left to a named beneficiary and are then creditor protected and probate excluded.

How Term Insurance Works in Canada

Benefits of Term Life Insurance in Canada

The inexpensive price of term insurance is one of its major advantages. Term life insurance policies offer a modest premium that you can afford when compared to other forms of life insurance. Another important advantage of term insurance is that the rates are lower the younger you are.

Death benefits are tax-free and paid to the beneficiary of the term life insurance policy. The benefits may be used for any reason. In the event that a minor is designated to receive the benefits a trustee must be named to control the money. The designation in the deceased’s Last Will and Testament will direct how the funds should be used and invested.

Riders are optional extras that you can add to your plan to augment the benefits of the plan. By paying a small additional cost, you may attach these riders to your term insurance policy for better security and coverage options.

Critical illness may strike at any time in your lifetime, and the cost of treatment might wipe out all of your savings. Although term insurance policies’ core advantages are just life insurance, you may add critical illness coverage by purchasing riders. The insurance company will ask health questions to determine the insurance costs. Since benefits are tax-free to the beneficiaries you will have peace of mind knowing that the final expenses will be covered.

Benefits of Term Life Insurance in Assurance Brokers Canada?

Assurance Brokers Canada made comparing term life insurance products simple. Our life insurance comparison quotes are available at no cost and are simple to obtain. Our unique and proprietary life insurance calculator and Expert Financial Analysis tool give our insurance associates a complete solution for Assurance Brokers Canada customers.

In order to get the best life insurance rates, we work with insurance providers that are the most diverse and competitive. We do ensure your satisfaction with our business practices which makes us the best in the region.

Term Insurance FAQ

Is it better to buy term life or permanent life insurance?

Both coverages are good if they meet the needs of the client. Term life is price effective if a disciplined client buys a policy and has investments as well. But if a client doesn’t have the discipline, or is not going to invest their money, purchasing permanent life insurance may be the best option. A small whole life policy can be combined with term life insurance to provide coverage the family needs and keep it cost-efficient.

What if my term life insurance coverage expires?

If the client outlives the term of the policy, there is no coverage, and the policy lapses.

Should I get a 20 or 30-year term life insurance as a Canadian resident?

Term life insurance contracts are often issued for terms of 10, 15, 20, 30, or even 40 years, Term to 65, Term to 75, and Term to 100. Finding a term policy that lasts long enough is not difficult. However, 20-year coverage can be a good option because it provides long-term protection at a low cost, it always depends on your entire picture.

What is the cost of a $500,000 Term life insurance policy?

We would need to perform a financial needs analysis first to determine the best quote. The cost is mostly determined by the client’s needs, age, gender, and health conditions. An Assurance Brokers Canada associate will be able to provide this quickly and accurately.

Is there a Relationship Between Income and Insurance rates?

You may have children who look to you for a variety of things, including financial stability. Although your income isn’t taken into account when an insurer calculates your premiums. Health is one big factor that is considered in determining premiums.