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Term Life Insurance

What is Term Life or Temporary Insurance?

Term Life Insurance is a type of insurance plan that provides low-cost, pure insurance protection with a guaranteed death benefit and guaranteed premiums. Your premiums are guaranteed for the term of your choice (10, 20, 30 years or until age 100). In most cases your premiums are guaranteed renewable and convertible. At the end of that term, if you choose to renew it, your premiums will increase.

Term insurance is designed to cover temporary needs, including:

 Money for final expenses, like funeral costs and taxes 
  Pay off your mortgage in order for your family to be mortgage free
 Repayment of credit cards and personal loans
•  ​Pay off your car loan 
•  Secure a business loan
•  Provides funds for your children's education

The most common type of term insurance is 10 year term. It allows you to get the most amount of insurance protection for the least amount of money.

Benefits of Term Insurance plans whether Term 10, Term 20 or Term 30 etc...

 Very simple to understand: death amount and premiums are guaranteed for the term you choose
  Low-cost insurance: relatively inexpensive 
 Renewable: you do not have to renew it if you do not want to. But if you do, it will be renewed regardless of            your health status at that time. For example; if you have a Term 10 policy, you can renew it every 10 years              until expiry, generally age 80. Bare in mind that your premiums will go up now that you're 10 years older
 Convertible: if you choose or your circumstances change, you can convert it into a permanent plan before            age 65. Again keep in mind your premiums will increase as a result of that.

Feel free to contact us for any questions, suggestion or a quote. We would be happy serve you.


Non-Med Canada
Tel: 416-546-1167 
Toll free: 1-800-656-1876

Email:
info@nonmedcanada.ca

 
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