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Term Life Insurance

Term life insurance is the most basic of life insurance products in that it has no savings component, and thus no cash value. By the name, it is purchased for a 'term.'

One of the most common uses of Term Life insurance is as "Mortgage Insurance" which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.

If you want the "Real Deal" on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don't fully understand what they are getting - and what they are NOT getting. An investigative report by CBC Marketplace on February 6, 2008: "In Denial", reveals details about mortgage insurance that few Canadians know about - until it is too late. Watch the video clip to become fully informed and learn how an independent insurance broker can assist you in getting the right insurance for protecting your mortgage.

Term life comes in many different flavors, with differing terms and conditions, guarantees, etc. As with any financial services product, it is wise to do your research and seek professional advice so that you purchase a product which best meets your needs.

Term life can be purchased in many ways. Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products. Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.

Finding the Right Policy

Determining which policy is right for you and your specific situation can be a daunting and confusing process which is why we are here to help you work through your options. As independent brokers, our knowledge and flexibility help you choose the products and companies that best meet your needs.

Some questions to ask yourself:

  • Will the policy meet my current needs?
  • Will the policy provide the flexibility to meet my future needs?
  • What will the policy cost - both current and expected lifetime costs?
  • Is the provider established and financially strong?
  • Will the company back its guarantees?

Due to the fact that we are independent insurance advisors, we can offer a wide variety of life insurance options for you to choose from, including term, whole life, permanent insurance, and universal life insurance. All will be tailored to meet your specific financial need.

If you would like to get started on your own, and apply for coverage up to $500,000 with NO MEDICAL with Canada Protection Plan, please click here and proceed to answer the questions after you’ve clicked "Apply Now".

For further information, or should you wish to have us review your situation and look at other cost-effective options, please contact us for your no-obligation consultation. We look forward to helping you and your family plan for the future.