Buying a comprehensive term life insurance policy offers many benefits. The most obvious is that it provides financial coverage for those that depend on you in the event of the unimaginable. For many Canadian families, not having life insurance would mean not being able to pay a mortgage, no longer being able to pay for schooling, or cover the costs of final arrangements. Compared to whole of life insurance, the premiums you pay with term life are substantially cheaper making it ideal for young families who are just starting out.
1.) Term life insurance policies are straight forward which makes for a simple application process. You simply choose the length of coverage you need and the amount of your death benefit.
2.) Unlike whole life, you can choose to invest your money on your own. The additional price of a whole life policy is due to the built in savings component. This money is invested on your behalf by the insurance company. With a term life insurance policy you can invest the difference on your own.
3.) Term life insurance is good for short needs. For times where your financial support is much more crucial (ie: mortgage, or children’s post secondary education) you can get coverage for just that period. This ensures that the loss of your support doesn’t also cause lasting financial hardship.
With over one hundred life insurance companies in Canada making sure you are getting the best rate possible can be a lengthy process. Let LifeCover.ca help by comparing the market and making sure the coverage you get is the best available. We specialize in helping Canadians get the coverage they need at a price they deserve.