- Is Term life insurance worth it?
Term Life Insurance lasts for a specific term (like 10 years, 20 years, or 30 years). Permanent life insurance, on the other hand, lasts your entire life.
But then, term Life Insurance is also much more affordable in comparison to permanent life insurance. The rates are very reasonable and hence, it can be a good fit for you in your 20s or 30s when the budget is considerably low.
- How much would a term life insurance policy cost?
A regular term life insurance policy of $500,000 coverage may cost a 35-year old male, non-smoker only $22/month. That’s lesser than a latte a week. However, the cost is variable and is dependent on several factors like:
a) Coverage amount: You would obviously pay more premium for a $500,000 coverage in comparison to that of $100,000.
b) Age: Term Life Insurance premium increases as you age. The younger you are, the cheaper the rates.
c) Gender: Term Life insurance is slightly cheaper for women compared to men.
d) Health status: If you have any health condition or are a smoker, Term life insurance will cost you more because it puts you at a higher risk of death. A non-smoker’s term life insurance policy would cost a lot less than of a smoker.
To know how much a term life insurance policy would cost for you depending on your age, gender, health status, and coverage amount, get in touch with our advisors.
- When should I get Term Life Insurance?
We have seen most people purchasing term life insurance when they are getting married, having a baby, or purchasing a home. These are indeed the right time to buy term life insurance, because you are ensuring that your financial obligations do not become a burden on your survivors in case the worst happens to you.
The best time to buy a term life policy is at the youngest age possible. The costs increase as you age. Once you purchase your term life policy, the premiums are locked in till the end of the term.
- Why purchase Term life insurance from Trust Life advisors?
Our advisors aren’t bound to a particular insurance company or the products of a specific company. They are free to research multiple companies along with their offers and discounts to find the best price for you as far as term life insurance is concerned.
Also, term life insurance should be as unique as you are depending on your budget, goals and current financial situation. We provide a customized term life insurance plan by taking a closer look at your needs, thus, ensuring everything stays under budget and you are neither overinsured nor underinsured in any way.
We will also get you the best available deal from a wide array of options across a host of life insurance companies, while direct insurance company agents are bound to represent a particular company, and are hence, extremely limited to the number of products they can offer.
Our consultation is absolutely free of any charge with zero obligations.
- What makes Trust Life advisors different?
Our life insurance advisors have over 30 years of collective experience providing both businesses and individuals, fully customized solutions to life insurance requirements in Ontario, Canada.
Partnered with Canada’s top insurance companies to bring the most appropriate customized life insurance solutions, we strongly believe in the value of building a long term and mutually beneficial relationship. We take pride in our impeccable customer support making sure none of your enquiries go unanswered.
Term Life Insurance
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions
- Premiums are paid for a specific time
- Coverage remains level for a specific period (i.e. 1- 5 -10 and 20 years)
- Premiums will increases at every renewal period
- You can also purchase Term 100 insurance coverage
Frequently Asked Questions
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