Term life insurance delivers a specific amount of coverage for a defined period of time. This insurance provides a tax-free, lump-sum death benefit to the person or persons of your choosing.
Term Insurance Example:
Age of applicant: Under 45 years old
Term duration: 10 years
Death benefit: $500,000
Monthly premium: $50
Term Insurance Basics:
- Depending on a person’s age and general health a medical exam may not be required to obtain term life insurance.
- The premiums and benefit remain the same throughout the duration of the term.
- Because the policy does not build a cash value, it is a very affordable type of life insurance.
- The coverage is often renewable after the initial period, but likely the premium will increase.
How is the premium determined?
There are several factors involved when determining the premium, including:
- The amount of coverage
- The person’s age, sex, and health
- Medical and personal history, such as occupation, hobbies, family history, medications and smoking status
Is term life insurance right for you? We’re here to help you determine your life insurance needs. Please reach out to EasyInsure team member, Matthew, to discuss this simple and affordable life insurance option. 519-562-1232 or 1-800-679-2640
mhamilton@easyinsure.ca