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4 Key Advantages Of A Term Life Insurance Plan In Mississauga For Young Families On A Budget

/ Life Insurance / Jul 27, 2020

Understanding the different pros and cons of a life insurance policy can be pretty intimidating, especially when you are looking for your first plan. A term life insurance plan can be an excellent fit, especially for young families on a budget looking to cover for a certain amount of time.

Term life insurance comes with four key advantages.

1. Inexpensive

In comparison to whole life insurance, term life insurance rates are more affordable because it provides protection for a certain period of time.

The company providing life insurance hopes it never pays out because you have excessively high chances of outliving the term resulting in the expiry of the policy. Whole life insurance premiums, in comparison, are higher because the policies payout regardless of when you die.

All the best life insurance companies in Canada sell term life insurance plans.

2. More flexibilities

When it comes to term life insurance, you have several options. Coverage can last as little as one year, as with the annual renewable term. Or you can go for a 5-years lock-in in case you plan to cover for short-term debts such as tuition fees when your kid is in college.

Term life insurance plans are also available for durations of 10, 15, 20 and 30 years. If, for example, you want a policy that would cover your mortgage and your children’s school fees, a 30-year policy might be an excellent solution. As all these requirements go away over time, so might your requirement for a policy.

3. Apt for young families on budget constraints

Because a term life insurance plan does not create a cash value over time and only covers for a certain time period, it is usually cheaper in comparison to whole life insurance and offers excellent value to young families on a budget.

Many young families are under financial stress, bearing the costs of infant child care, a mortgage, perhaps a car loan, savings for college and retirement, along with other expenses. A term life insurance plan can provide coverage for such expenses.

4. Simplicity

Term life insurance is easy to understand, thus, making it easy to compare and compare rates. You only have to make three main decisions: the amount of coverage, the length of the contract, and the preferred company. As long as you pay the premium, you are covered for the duration of the contract.

For most people, a term life insurance plan is an affordable and simple way of safeguarding the finances of near and dear ones in case of a mishap. Contact our experienced financial advisors for more details on the best and affordable term life insurance plan in Mississauga, Canada.

Get in touch with us for the best and affordable Term Life Insurance plan in Toronto and Mississauga, Canada

Trust Life & Investments is all about providing affordable insurance options for our customers in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Get in touch with our expert financial advisors to know more about affordable Term Life Insurance plans.