WHY TEMPORARY PERSONAL INSURANCE
What is the role of term life insurance?
For fixed-term insurance needs, term life insurance is highly recommended. This flexible, low-cost solution can be taken out for 5, 10 or 20 years, as you wish. It also offers the advantage of being able to convert to permanent protection, without having to undergo another medical examination.
Term life insurance is designed for anyone wishing to protect themselves, their loved ones or even their business. Term insurance differs from permanent protection in that its cost remains more affordable, but it should be noted that premiums are subject to increase with each renewal, unlike permanent insurance.insurance with constant premiums.
On the other hand, temporary protection is characterized by the flexibility of its policies, allowing the insured to switch from temporary to permanent insurance at the end of the contract, or even in advance. The opposite is not possible.
That said, both types of policy guarantee payment of the death benefit to the beneficiaries named in the policy. Obviously, if the policy matures before death, no death benefit is paid. This means that the beneficiaries can only receive a death benefit if the policy is still valid and in force.
It should be noted that term life insurance is not linked to savings and therefore has no surrender value. Unlikepermanent life insurance which contains a savings component and therefore a surrender value. To better understand this concept, it should be noted that the more premiums paid, the higher the cash surrender value. In this case, the insured has the option of surrendering the permanent protection policy or requesting a loan.
Who can benefit from term life insurance?
Term life insurance is suitable for anyone wishing to have protection for a well-defined period of time. To subscribe, simply fill in an online form, and the operation takes just a few minutes.
It is designed to meet the needs of people wishing to protect themselves after taking out a loan. It's an ideal solution for couples, parents with dependent families or entrepreneurs wishing to protect their business for a well-defined period. This option is easily accessible for people under 75, but beyond that age, it's still possible to store around, as it all depends on the life insurance companies and their admission conditions.
It goes without saying that insurance term life insurance offers a number of advantages, including affordability, and the ability to switch from term to permanent life insurance without an insurability survey. It can be taken out by anyone up to age 65 or 70, depending on the institution.
Since it has a well-defined lifespan ranging from 5 to 35 years, term life insurance can be easily renewed, but beware of the premiums, which increase in value the closer you get to the policy expiry date.
The benefits of term life insurance
To ease the burden on your loved ones and reassure your family, term insurance can be the ideal choice for settling loans, taxes or mortgages after your death. To find out more about the policies on offer, the conditions for taking out term insurance and all the details of life insurance, it's a good idea to contact a specialized broker who has a thorough understanding of this type of contract and who deals with various banks and insurance companies. He or she can store around on behalf of the client, helping to secure the best possible policy at the best possible terms. You can find out all you need to know about the extensive network of brokers, which includes over 1,500 independent agents throughout Quebec. From experienced brokers who put their know-how and expertise to work for their customers.
To negotiate a mortgage, it's time to get in touch with an expert to find out what you need to know. request a life insurance quoteExplain your exact needs and request a quote based on your expectations and requirements. Assur360 will refer you to the best advisor in Quebec for your term life insurance.
