Term Life Insurance provides coverage for a specific period of time. Terms typically range from 10-30 years, depending on the term insurance purchased. Term 100 is a form of permanent Life Insurance but costs more than a typical 10 or 20 year term since it’s a form of permanent life insurance. The longer the term, the higher the rates will be. Rates are level for the term and are guaranteed to renew when the policy is up for renewal without any medical evidence required. Rates increase only at time of renewal if the policy holder chooses to renew and the premiums are based on the age of the policy owner (Life Insured) at time of renewal.
The death benefit, premiums & continued coverage is guaranteed. Most term policies expire at age 80 or 85. The coverage is convertible into permanent life insurance before the age of 65. Empire Life offers Term Insurance Plans in Canada till age 100.
Term Life Insurance is the lowest priced Insurance available on the market today but not necessarily the best type of Insurance for your needs. Again as the old saying goes ‘You get what you pay for’. It is most suited for those who have consistent debt or a need for income over a specific period of time. In such conditions where the main wage earner dies, the people in the family may not be able to meet the financial obligations and expenses that are required. During such time of grief after the death of a loved one, a term insurance policy eases the financial burden and takes care of it.
Those who are in excellent health and lead a low risk lifestyle may qualify for better rates, better known as ‘Preferred’ rates. Any quotes we provide you with are based on standard health class rates since preferred rates can only be determined after the underwriting has been completed. You can customize your Life Insurance plans to include various Benefits and Riders such as:
- Accidental Death & dismemberment
- Disability waiver of premium
- Guaranteed insurability
- Child Life & Critical Illness Rider
- Business growth protection rider
One of our qualified Insurance brokers will help you assess your Insurance Needs and complete an Insurance Needs analysis with you at no cost. We cannot provide you with any recommendations without properly assessing your Insurance needs and finding out more about your circumstances.