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Life, Health, Disability & Term Insurance


Simple & affordable term life insurance for families and small businesses in Canada

 

Term life insurance is a life insurance that gives coverage for a fixed period of time at a fixed rate of payment. With the expiry of period, there is no guarantee of coverage at the previous rate of premiums and the client has to either forgo coverage or potentially obtain further coverage with new conditions of payments. In the event of death of the insured person, the death benefit will be paid to the beneficiary. This type of insurance is the least expensive way to buy a considerable death benefit on insured amount per premium dollar basis for a fixed period of time.

This type of insurance is suitable to give temporary protection for temporary requirements. There is flexibility in this insurance in that one can adjust their insurance with the change of needs.

Term life insurance is easy to buy and afford. This type of insurance is right for young families for financial security.  The plans available for term life insurance are available for 10, 15, and 20 years or more periods. In the event of death within the plan period, the beneficiaries get the amount insured without tax deduction.

Once your plan period expires, you can renew your term life insurance policy for another 10, 15, 20 term till you reach 80 years of age, when the coverage ends. It will be wiser to select term length that meets the period of your financial obligation requirements, after which you can either drop away the policy or it could expire.

Term life insurance is right for:

  • Individuals looking for flexible and affordable plans

  • Small business owners having debts or considerable start-up costs

  • People having mortgages or other immediate needs

  • Business proprietors having needs for key person protection or buy / shell agreements

How much coverage is right for you?

A rule of thumb to determine your coverage is 5 – 7 times your salary. Hence, if your annual income is $ 50,000, you could buy at least $2, 50,000 in term life insurance.

In Canada, one can apply for term life insurance if he or she is within the ages of 18 and 70 years (Term 10) or within the ages of 18 and 60 years (Term 20) and have to be a Canadian citizen or else a person who is a permanent resident / landed immigrant and is in Canada for over 12 months.

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Insurance, Term Life Insurance, Permanent Life Insurance, Health Insurance and Disability Insurance in Calgary