“Term insurance” usually means “level term life insurance”. It provides a level amount of coverage for a specific length of time (term) and with a level premium. For example, someone may take out a policy for a 20 year term with a death benefit of $250,000 and pay a premium of $32/month. So for the next 20 years this person will have a death benefit of $250,000 as long as the premiums are paid each month.
For most Canadians term insurance is a great tool for limiting risk because the majority of the risks that we have are not permanent. For example, the mortgage (although it seems to take forever sometimes) is a 20 – 30 year risk. Term insurance is a much more affordable solution than permanent insurance (i.e. whole life, UL, T-100) to protect your family in the event of a premature death and the payments for the mortgage can no longer be made.
For more information on term insurance and to get a full quote list for your specific needs contact us and chat with one of our friendly experienced professionals.