Term Life Insurance - What You Need To Know
Term life insurance is the most common type of Life Insurance. But there are a few things you need to know before getting a quote for term life insurance.
What is Term Life Insurance?
Term life insurance covers your loved ones for a specific amount of time, typically 10, 20 or 30 years. When your term is up you typically have 3 options
- Let It Renew – Meaning, your coverage still stay in effect but you will pay a higher rate based on your new age.
- Let Your Coverage Expire
- Convert To Permanent Coverage – Something such as whole life or universal.
Which is the right coverage for you?
Well, as we have talked about in previous articles, there is a number of considerations. Let’s look at a few now:
- Your Family Situation – If you have young children how much would it cost to raise them.
- Your Debts – How much would you need to pay for your (or your spouses) debts.
- Your Income – If you aren’t here, neither is your income. How much income would you need to replace.
These are the most common things couple cover when looking for term life insurance. But we have good news. Getting a quote has never been easier. Simply click here and search all the Canadian insurance companies to find the best plan for you. And the best part is this service is completely FREE.
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