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Term 100 Life Insurance

Term 100 Life Insurance is a form of permanent insurance with premiums payable till the age of 100. Generally, after the life insured reaches the age of 100, the obligation to pay premium ceases at that point although the Term 100 Life Insurance remains in force.

Term 100 Life Insurance policies vary according to the design by the company. In case of a traditional Term 100 Life Insurance, there is a level death benefit with level premium payable for life. There is pure insurance protection without any cash surrender value. In the case of death of the insured, the insurance company only pays a benefit amount.

You should take into account the following points when considering Term 100 Life Insurance.

  • use it for something specific
  • pay your premium on time
  • consider one if you’re a Baby Boomer
  • should not be counted for the future
  • Not to buy the cheapest price policy
  • take advantage of good health
  • it is not a term insurance
  • seek professional advice
  • Don’t give up if declined by a company

Use it for something specific

If you are looking for a low cost insurance for the rest of your life and which meets a definite need like a specific legacy or meeting a final bill whose amount is known in advance, Term 100 Life Insurance will be the right choice for you. Term 100 Life Insurance could be the right choice if the need is long term insurance protection without the need or want of the additional benefits that whole life policy or universal life provides.

Pay your premium on time

It is important to pay the premium of your Term 100 Life Insurance policy on time. This is because, although this type of policy is payable to age 100 (or your entire life whichever comes first), missing on your payment at any point before death could result in the policy getting lapsed after a grace period of 30 days. This can lead to a problem for policyholders who change banks, but fail to inform their broker or insurance broker.

Not to be considered by Baby Boomer 

Term 100 Life Insurance will not be right for those between the ages of 50 to 60 years and who are looking for a more affordable permanent protection and planning to pay a set amount towards premium for the rest of their life.

It is not a term insurance

Term 100 Life Insurance and term insurance are not the same as this policy do not typically expire at a certain date or age but provide life insurance coverage for the whole lifetime. The “term “classification of Term 100 Life Insurance, like term policies, and is more due to its cash value.

Should not be counted for the future

Term 100 Life Insurance should not be used to cover a future estate liability that will increase over time like tax bill or to fund final expenses.

Summary

In spite of Term 100 Life Insurance being a simple product and affordable like a permanent insurance, care and proper planning must be taken while selecting the right product for the right situation.

Don’t give up if declined by a company

If you are declined of Term 100 Life Insurance by a company, do not give up as there are many other insurance companies in Canada who have different requirements for different age groups. It is important to work with a professional who can guide you through the process.

Not to buy the cheapest price policy

It is important not to go for the cheapest price when buying life insurance but to consider the stability and track record of the company. It is important to have the peace of mind, knowing you will get what you have with you.