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Term Life Insurance
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Choose the Best Term Life Insurance
Term life insurance is a simple and affordable life insurance coverage that allows the policy owner(s) to choose from one-year policy to forty years policy depending on their needs, coverage goals, and budget. It guarantees payment of a stated death benefit to the designated beneficiaries of the insured in the event the insured passes during the terms of the policy. The premium is calculated based on the individual’s age, health, and life expectancy among other factors. There are different types of policies that you can choose from:
1. Level Term policies
2. Yearly Renewable Term Policies
3. Decreasing term policies
This amazing insurance coverage can be used to cover short-term liabilities such as debts and mortgages. In order to understand your liabilities and insurance needs, it is necessary to meet with a financial professional and have them look at your current financial standing.
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What is term insurance?
This perhaps one of the simplest life insurance products, also known as pure life insurance. Term life insurance guarantees that the stated death benefit amount designated in the insurance contract will be paid to the named beneficiary/ies upon passing of the insured individual. Through term insurance Canada, individuals will be able to purchase insurance for a specific number of years (1-40 depending on the insurance provider) and once the term expires, the policyholder will no longer be eligible for the death benefit if they pass. Although, the type of policy that has been purchased will play an important role. Some life insurance policies are renewable, meaning that the insured will be able to renew for another term upon expiration, other policies are convertible meaning that the insured can convert the policy to permanent coverage, and some of the policies are nonrenewable/nonconvertible. It is critical for the insured to know which type of term life insurance has been purchased in order to know the available options.
Term insurance cost remains the same for the specific period purchased (the term that has been chosen), until its renewal for another term. If the insured passes while the policy is in effect and active, a tax-free payment will be paid to the beneficiaries and may be used to settle funeral costs, debts, or mortgage and remain for the beneficiary to continue their life without the insured. If your term life insurance is renewable, you will also receive a charge of premiums if you choose to renew for another full-length term. This amount will not change even if your health condition changes during this time and the insurance companies are obligated to renew with you at the rate offered. This is the reason behind obtaining life insurance when you are healthy because your rate will be much more affordable.
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What types of Term Insurance Policies do we have?
There are several different types of term life insurance and each is designed to meet the needs of different customers. In general, it can be categorized into 3 main categories:
1. Level Term policies
With the level term policies also known as level-premium, the insured will be able to get coverage for a specified period ranging from 10 to 40 years, depending on the insurance company. In this type of term life insurance policies, both the premium and death benefit are fixed.
2. Yearly Renewable Term Policies
The yearly renewable term policies (YRT) have no specified term and can be renewed each year. The premium increases every year as the insured ages. In the case of the yearly renewable term, there is no restriction or specified term but as the insured ages, the premiums become expensive to the point that makes this type of policy an unpopular choice.
3. Decreasing term policies
The decreasing term policies are designed in a more cost-effective manner, each year the death benefit will be reduced following a predetermined schedule. The decreasing term life insurance is usually used to cover liabilities such as a mortgage; as the debt is paid off, there is less liability and therefore less coverage is needed.
All of the different types are designed to cover the different needs and situations of the insured. It is important to pick the right coverage that matches your current needs.
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Who should consider buying Term Life Insurance?
There are many different reasons behind purchasing term life insurance; from covering temporary needs to affordability.
This is a great solution for individuals looking to cover their temporary liabilities; such as short-term debts, mortgages, and the cost of raising children. In addition, the proceeds of the term life insurance will be paid to the beneficiaries and can be used to replace the lost income of the passed individual and help keep the family away from financial hardship.
The other reason to purchase it is its affordability. There are many individuals in need of permanent Life Insurance; however, due to affordability reasons can not purchase any of the permanent life insurance products. Therefore, it’s the best term insurance, Canada for them since it allows them to have insurance coverage, lock-in their health status and have the option to eventually convert it to permanent life insurance later on.
What is the process of purchasing Term Life Insurance in Canada?
Purchasing life insurance with Apluswealth advisors will take place through 3 important steps. First and foremost, we start with a needs analysis. Clients need to know how much coverage they need based on their current financial standing and purchase a term life insurance policy that matches their needs. We ensure that our clients are not buying too much or less than the amount they truly need. This step involves reviewing the goal, going through the current financial standing of the family (income, liabilities, and so forth), and understanding how the needs of the client might change in the years to come. (e.g a beautiful newborn on the way or purchasing an apartment)
The second step is to review the health status of the proposed insured individuals. It is often overlooked that insurance is bought with the health condition of the client and not with money. We will go through a quick health questionnaire to understand the overall health condition of the proposed insured. This step is vital because once we know the health condition of the proposed individual, we will be able to determine the most efficient route to obtain the term life insurance coverage. While all insurance companies follow a close guideline regarding health and medical underwriting of the proposed insured individuals, there are some distinctions between how they look into some conditions versus others. We work with known and proven insurance providers and we keep ourselves up-to-date with the most current underwriting changes the providers make in their decision making. In addition, we are able to get in touch with the providers to examine how they would look at the application for the proposed insured and get a rough answer before even submitting the application. All because we care about the time of our clients and we ensure to make the process as quick and painless as possible.
The final step is to complete a policy that is designed specifically for you once we have the necessary financial and health information. Our expert advisors will simplify the process and create handpicked options that meet your needs to make your decision easy and quick. With access to the well-known insurance providers, you will be sure that your term life insurance will be the best policy and value that you could get.
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