Related Insurances
Get life insurance today.
Term Life Insurance
Term life insurance is an affordable and flexible way to secure your family’s financial future and protect against large debts like a mortgage or student loans. Unlike permanent life insurance, which covers you for your entire life, term life insurance provides coverage for a specific period, making it an ideal choice if you need coverage for a certain number of years. It’s a great option for young professionals, growing families, or business partners who want dependable financial protection without the higher costs of permanent life insurance.
Term life insurance is often more affordable than permanent life insurance. It also has the advantage of being very flexible. Coverage is for a set number of years, and you can change it as needed. It’s a good option to protect your loved ones from a major debt such as a mortgage, or to purchase your first life insurance policy on a limited budget. Example
- Jack, a 25-year-old professional from Vancouver, can’t afford permanent life insurance yet. But she still wants to plan for the student loans she needs to pay off and the new car she plans to buy.
- Julie & Bob has two young children and lives in Burnaby. They share plans for the future and recently bought a new house. They eventually plan to convert their term life insurance to permanent life insurance.
- Peter & Sam Two Vancouver entrepreneurs in their 40s each took out term life insurance under the same policy to buy back company shares in the event of the premature death of one of the shareholders. They will be able to keep their business and benefit from interesting tax advantages.
Our benefits
What happens when my term life insurance policy expires?
When a term policy expires, coverage ends, and no death benefit is paid. Many policies, however, allow you to renew or convert the term policy into permanent life insurance before it expires, often without a medical exam.
Can I convert my term life insurance into permanent life insurance?
Yes, many term policies include a conversion option, allowing you to switch to permanent life insurance within a specified time frame, even if your health changes. This flexibility can ensure long-term coverage.
Is term life insurance suitable for business partners?
Yes, term life insurance is often used by business partners in buy-sell agreements. This arrangement ensures that if one partner passes away, the remaining partners have the funds to purchase the deceased partner’s share, allowing the business to continue without disruption.