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Life is Flexible, And Your Insurance Should Be Too

Term Life Insurance Policy

At Insurance Hero, we understand the importance of protecting your loved ones, mortgage, or business with a reliable and affordable insurance option. Our term life insurance plans offer flexibility and competitive rates, ensuring that you have the coverage you need for a set period, whether 10, 30, 60, or 100 years. With InsuranceHero.ca, you can secure your family’s financial future with ease and peace of mind.

Let us be your hero. Request a free quote for term life insurance today.

What is term life insurance?

Term life insurance is a type of life insurance that provides coverage for a specific period known as the term. It offers protection for a fixed number of years, typically 10, 20, or 30 years. If the insured person passes away during the term, a death benefit is paid out to the designated beneficiaries. Term life insurance is often chosen to provide financial security during periods of high financial responsibility, such as paying off a mortgage, funding a child’s education, or covering outstanding debts. Unlike permanent life insurance, term life insurance does not have a cash value component and focuses solely on providing a death benefit.

The benefits of term life insurance

Flexible and User-Friendly

Enjoy the flexibility of choosing any term between 10 to 100 years, with guaranteed premiums and full coverage throughout the selected term. You also have the option to renew the policy at the end of the term. In the unfortunate event of your passing within the term period, your beneficiaries will receive the policy benefit tax-free.

Convertible

Easily convert your term life insurance policy into a permanent or universal life insurance plan if needed. This conversion option provides policyholders with increased flexibility and the opportunity to adapt their coverage to changing circumstances over time.

Budget-Friendly

Term life insurance is generally more affordable compared to other types of life insurance, making it an ideal choice for new and growing families. As young families often have limited disposable income, term life insurance offers a practical solution for providing financial protection at a reasonable cost.

Tailored to Your Needs

When opting for term coverage, it’s crucial to select a plan that suits your specific situation and requirements. Term insurance is particularly suitable for providing temporary protection or assistance with the following:

  • Short-term debts and expenses
  • Replacing lost family income
  • Supplementing insurance during the child-raising years
  • Ensuring long-term protection to pay off mortgages or plan for post-secondary education.

Have more questions about competitive pricing and versatile plans? Contact a hero today for your complimentary term life insurance quote and more information.

FAQs for Term Life Insurance

How much term life insurance can you get?

The amount of term life insurance you can get varies depending on several factors, including your age, health, income, and financial needs. In general, life insurance companies offer coverage amounts ranging from tens of thousands to millions of dollars. The coverage amount you choose should consider factors such as your outstanding debts, income replacement needs, funeral expenses, and future financial obligations like mortgage payments or funding your children’s education.

How much coverage do you need?

The amount of term life insurance coverage you need depends on various factors, including your specific financial obligations and goals. Here are some considerations to help determine an appropriate coverage amount:

  1. Consider your outstanding debts, such as mortgages, car loans, student loans, or credit card debts. Your coverage should be sufficient to pay off these debts and relieve the burden on your family.
  2. Determine how much income your family would need to maintain their standard of living in your absence. It’s generally recommended to aim for coverage that is 5 to 10 times your annual income.
  3. Evaluate the number of dependents you have and their financial needs. Consider childcare costs, education expenses, and healthcare expenses for your family.
  4. Factor in any future financial goals, such as funding your children’s education or providing for your spouse’s retirement.
  5. Account for funeral expenses and potential estate taxes.

What happens if I die while my term life insurance policy is still active?

If you pass away while your term life insurance policy is still active, the death benefit will be paid out to your designated beneficiaries. The death benefit is the predetermined amount of money specified in your policy. The beneficiaries can use this payout to cover various financial needs, such as funeral expenses, outstanding debts, living expenses, or any other financial obligations they may have. It’s essential to keep your policy beneficiary designation up to date to ensure that the intended individuals receive the death benefit.

Do you have to be Canadian to apply for term life insurance?

Yes, typically you need to be a Canadian resident to apply for term life insurance in Canada. Insurance providers generally require applicants to be Canadian citizens or permanent residents with a valid Canadian address. This requirement ensures that the insurance coverage is offered within the jurisdiction and regulatory framework of Canada. If you are a non-Canadian resident but require life insurance coverage, we recommend you explore insurance options available in your country of residence.

How much does life insurance cost?

The cost of term life insurance can vary depending on various factors. Typically, the younger you are when applying for coverage, the lower the premiums tend to be. The amount of coverage you choose, the length of the term, your health and lifestyle factors, and even your gender can all influence the cost. Generally, term life insurance is considered more affordable compared to permanent life insurance options. To get an accurate idea of the cost, it is advisable to obtain quotes from different insurance providers, taking into account your specific circumstances and coverage needs.

What’s not covered in a term life insurance plan?

While term life insurance provides coverage for a wide range of circumstances, there are certain situations and events that are typically not covered by a term life insurance plan. These exclusions can vary between insurance providers and policies, so it’s essential to review the specific terms and conditions of your policy. However, here are some common exclusions:

Suicide

Most term life insurance policies have a suicide clause stating that the death benefit will not be paid if the insured person dies by suicide within a certain period after the policy is issued (often within the first two years).

Pre-existing conditions

If the insured person had a pre-existing medical condition at the time of applying for the policy, there may be limitations or exclusions regarding the coverage related to that condition.

Misrepresentation or non-disclosure

If the policyholder provides false information or fails to disclose important information during the application process, it may result in denial of the death benefit.

Dangerous activities

Engaging in high-risk activities such as extreme sports or hazardous occupations may not be covered, or coverage may have specific limitations or exclusions.

War or acts of terrorism

Death caused by war, declared or undeclared, or acts of terrorism may be excluded from coverage.

It’s important to carefully review the terms and conditions of your policy to understand the specific exclusions that apply to your coverage. If you have any concerns or questions, consult with your insurance provider or a licensed insurance professional.

Searching for Term Insurance in Ontario?

Insurance Hero offers term life insurance at flexible and competitive rates – A simple and effective temporary solution for protecting things like your mortgage, business loan or your family’s health. With term insurance, you will typically pay premiums on a monthly or annual basis, so you and your loved ones are covered at an affordable price for a set amount of time (10, 30, 60 or 100 years).

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The Benefits of Term Life Insurance

Flexible & Easy-to-Use Not only can you choose any term from 10 to 100 years, but premiums and full coverage are guaranteed for your entire term. You also have the option to renew your policy at end of term, and if you pass away within your term period, your beneficiaries will receive your policy benefit tax-free. Convertible The option to convert your policy into a permanent or universal life insurance plan is easy to do. Budget-Friendly Term life insurance costs are generally lower than other types of life insurance and make a great solution for new and growing families. The Best-Fit Choice for You When selecting term coverage, you want to be sure you sign up for a plan that provides the best solution for your situation and requirements. Term insurance is best-suited for temporary protection for or help with:

  • Short-term debts and expenses
  • A family loss of income
  • Providing additional insurance during child-raising years
  • Delivering longer term protection to pay off a mortgage or plan for post-secondary education

Have more questions about competitive pricing and versatile plans? Contact a hero today for a complimentary term life insurance quotes and more information.

Our Partners

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Whole Life Insurance

We understand the importance of setting up a permanent guarantee that will help your loved ones cover final expenses and plan their estate. If you’re interested in lifetime coverage, cash values and level premiums, whole life insurance can provide the ideal protection.

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Universal Life Insurance

An all-in-one way to get the protection you need and build up your savings, universal life insurance is a permanent plan that gives you lifelong peace of mind and a wide-range of investment options.

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