What is Term Life Insurance?

“Affordable and Flexible Insurance Coverage.”

Term life insurance provides coverage for a specified period of time, with a lump sum death benefit, and is usually issued for 10 years, 20 years or even up to age 100.   There is no savings component, as there is in some other insurance coverages.

Two of the most appealing qualities of term life insurance are its affordability and flexibility, and it may be a better fit than permanent insurance because it can more easily fit into your lifestyle and budget.

Term insurance can provide you with affordable protection that can be adapted to your family’s changing lifestyle and financial needs, whether you wish to simply protect your family, cover funeral and estate costs, pay off your debts and mortgage or temporarily supplement other insurance coverage.

In addition to protecting your family, it can be a cost effective way secure your business interests.

 At expiry, you have the following options:

• Cancel it: your coverage will cease, with no return of premiums paid.

• Replace it: if you’re still relatively healthy, it may be more cost-effective to simply replace your policy with a new one.

• Convert it: if your health has declined, you may be able to convert all or a portion of your policy to permanent coverage without medical evidence, although the premiums may be somewhat higher.

• Renew it: term insurance usually renews automatically unless you cancel it, although premiums will likely rise.

 

Questions about Term Life Insurance?

Please call us toll-free at-877-438-3494

or send an email to forgravefinancial@persona.ca

 

Definitions are courtesy of:

Desjardins Financial Security Life Assurance Company, a provider of life and health insurance and retirement savings products.

 

*Mutual funds are distributed through Desjardins Financial Security Investments Inc.  For insurance  products,  Desjardins Financial Security Investments Inc. acts as a national life insurance brokerage agency.