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Term Life Insurance

Term Life Insurance

Term life insurance offers an affordable solution for you and your family members.
This type of insurance is ideal for those looking for an affordable life insurance solution, it also offers a temporary protection to cover mortgage / business loans or until children has finished their education at school.

The following are some of the major points to consider when applying for Term life insurance:

The premiums are typically lower than other types of life insurance plans.
The insurance costs for this type of insurance will remain the same for the duration of the contract and if the insured person dies during the period while the policy is in force, those named in the contract as beneficiaries will receive the payment totally tax-free.
This is the type of insurance used as a protection to cover your mortgage
Upon renewal of the policy, premiums will change but remain the same for new term period. Under certain conditions, conversion of term life insurance to a permanent or universal life insurance.
There is no cash value with term life insurance policy so the premium one pays goes only for coverage.
You can apply to reduce or increase your coverage and this will update your premiums based on the new amount of insurance. Coverage increase will require medical evidence and are subject to approval.
During the first two years, if the insured is found to have committed suicide, no benefits is payable.
During the application process, an incorrect or incomplete information including information about your health, lifestyle and smoking habits were given, the insurance company has the right to deny the claim.
Business owner who needs key person protection in their buy-sell agreements.

Due to the great variety of conditions and facilities in preparing and using universal life insurance, it is recommended that you consult with one of our insurance advisors before making any decision. Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right choice.

For more information, please contact one of our advisors at Forever Insure for a free consultation.
  • 647-518-1390
  • info@foreverinsure.ca

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