Term Life Insurance
Term insurance is a smart and affordable way to ensure financial security for your loved ones in the event of the unexpected. iRateCompare provides flexible term insurance plans that can be customized to suit your life stage, needs, and budget.
A term life insurance policy in Canada provides reasonably priced protection for a predetermined period of time. It gives your loved ones a cash boost so they may continue to live comfortably. Additionally, term life insurance is less expensive than other forms of insurance since you only pay for coverage when you need it most.
Features of Term Insurance
- If the life insured passes away within a predetermined term or time frame, the life insurance firm, sometimes known as the insurer, promises to pay a death benefit.
- Although there are different term lengths available, the most common ones are 10, 20, or 30 years.
- Only risk coverage (no savings component)
If premiums are paid, coverage is assured to continue. - Typically, coverage ends between the ages of 75 and 80.
Joint-first-to-die
policies help with debt repayment, mortgage payments & buy/sell agreements.
Joint-last-to-die
This kind of policies help with capital gains tax payments with a second death.
Death Benefit Options
Increasing (inflation), decreasing (mortgage insurance), and level (most common) face amount
Premium & payment
Payment Plan according to premium term - monthly, quertly & yearly.