INSURANCE
OF NOBODY
WHY TEMPORARY PERSONAL INSURANCE
What is the role of term life insurance?
For fixed-term insurance needs, term life insurance is highly recommended. A solution that stands out for its flexibility and cheap cost and it can be subscribed for a period of 5, 10 or 20 years, it’s up to you. It has the advantage of being able to convert it into permanent protection, without having to undergo the medical investigation again.
Term life insurance is for anyone who wants to protect themselves, their loved ones or even their business. Term insurance is different from permanent coverage because it is more affordable, but it is important to know that premiums are subject to an increase at each renewal, unlike permanent insurance whose premiums are constant.
On the other hand, temporary protection is characterized by the flexibility of its policies, which gives the insured the possibility of switching from term to permanent insurance at the end of the contract, or even in advance. However, it is not possible to take the opposite path.
That said, both types of contracts ensure the payment of the death benefit to the beneficiaries mentioned in the policies. Obviously, in the event that the contract expires before death, no capital is paid. Therefore, beneficiaries can only receive a death benefit to the extent that 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 cash value. This is unlike permanent life insurance , which contains a savings component and therefore a cash value. To better understand this concept, it is important to know that the more premiums you pay, the higher the cash value is. This means that in this case, the insured has the option of buying back the permanent protection policy or requesting an advance.
Who is term life insurance for?
Term life insurance is suitable for anyone wishing to have protection for a well-defined period, to subscribe to it simply fill out an online form, the operation takes only a few minutes.
It is designed to meet the needs of people who want to protect themselves following a loan taken out. It is an ideal solution for couples, parents with a family to support them or entrepreneurs wishing to protect their business for a well-defined period of time. This option is easily accessible for people under the age of 75, but beyond this age, it is still possible to shop around because it all depends on the life insurance companies and their admission requirements.
It goes without saying that term life insurance offers many advantages, including its affordability, the switch from term to permanent life insurance without an insurability investigation. It can be contracted by anyone whose age does not exceed 65 or 70 years old, depending on the establishment.
Since it has a well-defined life span ranging from 5 to 35 years, term life insurance can be easily renewed, but beware of premiums, the value of which increases as you get closer to the policy’s expiry date.
Usefulness of term life insurance
To relieve your loved ones and reassure your family, term insurance can be an optimal choice to be able to pay off your loans, taxes or mortgages after your death. In order to find out more about the policies offered, the conditions for contracting them and all the details relating to life insurance, it would be interesting to contact a specialized broker who is perfectly familiar with this type of contract and who deals with various banking institutions and insurance companies. Because he can shop on behalf of his client and help him take out the best possible policy at advantageous conditions. It is possible to have all the necessary information and to find out about the large network of brokers which has more than 1500 independent agents spread throughout Quebec. Experienced brokers who put their know-how and expertise at the service of their clients.
To negotiate a mortgage, it would be time to get in touch with an expert to learn about and ask for a life insurance quote, explain their exact needs and ask for a quote based on their expectations and requirements. Assur360 will refer you to the best advisor in Quebec for your term life insurance.
