Term life insurance offers coverage for a specific number of years and pays out a death benefit when you pass away during the policy term. Term life insurance is different from permanent life insurance. As it doesn’t come with several whistles and bells like doubling as an investment tool. Life insurance is available in increments of 10, 20,15, 25,30, or 35 years. Or it is likely to last until a specific age like 80 or 65. We offer protection during the years when you are likely to need the insurance the most.
The Working of Term Life Insurance
Term life insurance is one of the simplest and purest forms of life insurance. As you need to pay a premium for some number of years. In exchange, the company promises to pay a fixed amount of money to your family if you die before the policy ends. The insurer calculates your premium based on the coverage amount and the policy term. The higher the policy premium you need to pay, the more coverage you want.
The term life insurance quotes Ontario depends on:
- Family medical history
- Your medical history
The company might also inquire about your:
- Smoking status
- Current medication occupation
- Driving record
To prove your eligibility or qualify for the best rate, you also need to take a medical exam. Most term policies get sold as level term policies which means your premiums will remain the same throughout the policy contract. If you die within the policy term, your loved ones will get the death benefit that is tax-free. Your beneficiaries can also choose to take the death benefit as a single payment or in instalments, and they are free to use the money as they want to. You have the option of converting or renewing the life insurance policy if you outlive the term. You also have a chance to let the policy expire. Your family will not benefit from death if you die after the policy.
Several term life insurance policies are renewable and convertible to some limit. Still, it would be best if you were ready to pay more at policy renewal because life insurance costs might go up as you turn older. You also need to pay higher returns if you wish to convert your term life policy into a permanent life policy. You can renew or restore the life term policy without any additional underwriting or providing any medical evidence.
What are the main benefits of getting term life insurance in Ontario?
The term life insurance is relatively cheaper than the whole life insurance as it offers coverage for a specific number of years, and it doesn’t include any savings element. Therefore, term life insurance at SJ Financial is relatively cost-effective than permanent life insurance, and it offers a better value for young families in Canada. Several young families get stressed by money shouldering raising children, mortgage, and other expenses. The term life insurance allows you to protect your family financially without burning a hole in your pocket.
Our Term life insurance is quite flexible as you can choose the term and coverage as per your needs. You can lock in low rates for the next 20 to 25 years if you want to cover the long-term debt. A ten-year term life insurance quoteworks perfectly for you if you’re going to cover tuition expenses.
Term life insurance policies at SJ Financial are pretty simple to understand permanent life insurance. You only need to make three decisions: coverage amount, preferred insurer, and the term length. The insurer will provide you coverage for the entire term, provided you pay the premiums regularly.
How Much Term Life Insurance Do You Need?
You need to pay higher premiums if you want to have maximum coverage. To calculate how much coverage you need, you need to ask yourself for how long your income needs to get replaced in the future. You also need to consider your annual salary and multiply it by the years your family will need funds. You also need to consider the depth if you have any and subtract the value of all the current savings from the total amount you owe.
How Can You Buy Term Life Insurance?
It is simple to buy the term life insurance as you first need to fill out the application form at our office. Or you can visit the website and answer all the questions related to the family history or the health history. Then, you need to take a medical examination if you are opting for underwritten life insurance. You can also consider a non -medical term life insurance if you don’t want to appear for the medical exam. If you are eligible, we will send you the policy papers. But the procedure will become active only after you pay the premiums.
For more information, contact team SJ Financial today!