Taking out life insurance can raise a lot of questions. How much does it cost, how much coverage do you need, should you consider add-ons? Our advisors1 can help with that.
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Term life insurance is often more affordable than permanent life insurance. It also has the advantage of being very flexible. Coverage is for a set number of years and you can change it as needed. It’s a good option to protect your loved ones from a major debt such as a mortgage, or to purchase your first life insurance policy on a limited budget.
Term life insurance is often chosen to cover a key period, such as the term on a personal loan, or to provide a safety net for a dependent until they reach the age of majority. Coverage can be for 10, 15, 20, 25, 30 or 40 years.
Your premiums stay the same for the entire first term. At renewal, premiums may increase but they are guaranteed and known in advance.
Knowing what to expect lets you plan your budget with confidence.
If your needs change one year into your contract, you can switch to a longer term before your policy reaches the five-year marker, with no medical exam required.
Term insurance keeps pace with your life situation. If your needs or budget change, you can switch to permanent or universal life insurance without evidence of insurability.
With the decreasing option, your insured capital decreases over time. As the years go by, your insurance needs may diminish as you finish paying off loans and your children's education. This option is ideal if, for instance, you don't need to leave a large inheritance because you’ve taken care of your financial obligations.
Whereas with fixed capital, your insured capital remains the same for the entire duration of your contract. Which means that in the event of your death, your loved ones will receive the initial insurance amount.
Lily2, a 25-year-old professional from Montreal, can't afford permanent life insurance yet. But she still wants to plan for the student loans she needs to pay off and the new car she plans to buy.
This couple2 has two young children and lives in Ontario. They share plans for the future and recently bought a new house. They eventually plan to convert their term life insurance to permanent life insurance.
Two Vancouver entrepreneurs2 in their 40s each took out term life insurance under the same policy to buy back company shares in the event of the premature death of one of the shareholders. They will be able to keep their business and benefit from interesting tax advantages.
All the advantages of term life insurance brought together, plus additional benefits that major lending institutions simply can't match.
Children's insurance bundles different coverage into one policy to protect you and your family in the event of death, critical illness and fracture.
If you are diagnosed with a covered critical illness, you receive a tax-free payment to ensure you have the money needed to focus on your health.
If a disability prevents you from working, you receive a benefit to help you meet your financial obligations.
This life insurance covers all the children of the insured parent.
Receive a tax-free amount if your child becomes ill, so you can stay at their side and focus on what matters.
In the event of a fracture, get a lump sum benefit to help cover unexpected expenses resulting from your injury.
In the event of a disability, we’ll cover your insurance premiums.
In the event of accidental dismemberment, you receive a lump-sum payment for your loss.