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Term life insurance is the most straightforward type of policy. It offers temporary coverage and pays a one-time lump sum to your beneficiaries when you die within the term. Thanks to its lower premiums, it’s the best choice for shoppers who have financial dependents but only need life insurance for a specific period of time.
Term life insurance is a policy that provides protection for a set number of years — such as 10, 20, or 30 years. The “term” may also extend to a certain age, like until you turn 65 years old.
If you outlive your term, your coverage will expire and your beneficiaries won’t get any money. But if you die during your term, your loved ones will receive a one-time lump sum payment. This is known as the “guaranteed death benefit.” You can name multiple beneficiaries and decide how to allocate the funds between your beneficiaries when you sign up for a policy.
The amount of coverage you can buy varies between insurers. Depending on your income, assets and financial obligations, you could end up purchasing a policy that’s valued anywhere from $10,000.00 to $10 million. Let’s say you took out a 20-year, $250,000.00 term life policy. If you pass away while the policy’s in force during those 20 years, that amounts to $250,000.00 which will be distributed tax-free among your beneficiaries according to your wishes.
Term policies are popular with people who don’t want life insurance for their entire lives. For example, it could be an ideal life insurance option for young parents who want just enough coverage for their family until their kids are old enough to start earning their own money.
Most life insurance providers offer a term life insurance option, so there’s an opportunity to shop around and find the best policy for your needs. Once you’ve decided on your term and how much coverage you want to buy, follow these steps:
Yes. Some insurers offer term life policies that don’t require a medical exam, and some even offer instant-approval policies. If you opt for a no-exam policy, just know your insurer will likely charge a higher premium to compensate for the risk. In most cases, you’ll still need to complete a questionnaire about your health and family medical history.
It’s been estimated that Canadians on average pay close to $58.00 every month on term life insurance policies. But this number can vary substantially depending on the policy holder’s circumstances. Also, different insurers may put more weight on some criteria over others. Here are some common factors insurers will use to price your policy:
If you have people relying on your income, a life insurance policy can ease the financial burden on your beneficiaries when you die. Term life insurance is affordable. It’s designed to replace your income during the years your family needs it most, like when you’re paying off a mortgage or raising children.
Since it’s cheap and temporary, a term policy is a simple way to protect your loved ones if you were to die prematurely.
There are various types of term life insurance. These include:
For the average person, term life insurance is sufficient. It’s the cheapest coverage that still provides peace of mind and a sense of financial security for your family when they need it most. It suits those who want to cover specific, temporary financial obligations, like a mortgage, student loans, or child care.
If you want lifelong coverage, it’s worth looking into whole life insurance — a type of permanent policy. It’s much more expensive than term life insurance because it has an investment component. When you pay your premium, part of it is invested to give your policy a cash value. During your life time you can even borrow from this cash value in some cases. Because of this cash value component, whole life insurance is ideal for those who want to treat their policy as a buildable cash asset.
Term life insurance offers protection for a set period of time, making it ideal for those who have a specific need for life insurance and want cheaper coverage. But it doesn’t have a cash value, so if you survive the policy, you won’t get any money.
Before buying a policy, be sure to compare life insurance providers and policy features.
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