Affordable Term Life Insurance Quotes in Canada

A quick internet search will give you a huge choice of affordable term life insurance quotes.

Affordable Term Life Insurance Quotes in Canada

Term insurance is generally quite affordable, but it doesn't hurt to find the best price available. The younger and healthier you are when you apply for life insurance, the lower your premiums will be.

The main purpose of life insurance is to alleviate financial stress from those you leave behind in case of sudden death.

Contact Us For a FREE Consultation

We're waiting to help you! Click here to ask any question. We'll contact you with your answer, or to make an appointment, free of charge.

There are two basic types of life insurance, temporary and permanent. Most people opt for the temporary type because the premiums are usually much lower.

Mortgages and Term Life Insurance

When you get a mortgage, your bank may offer you you creditor insurance coverage. This type pays off your loan or mortgage, but does not provide any additional funds for the funeral or living expenses.

Employers often provide group insurance. This type is generally all-inclusive. Aside from death benefits, it provides additional health benefits, like dental and optical coverage, prescription drugs and disability insurance.

In most cases, you do not have to pay anything. The company covers all of the premiums. Some companies require you to pay for part of the premium. Because the company gets a group insurance discount, these premiums are very affordable.

The purpose of affordable term life insurance quotes is to help your family meet financial obligations in case of sudden death. The funds can help pay for:

  • Funeral costs
  • Outstanding debts, such as your mortgage, credit card bills and loans
  • Supplement your spouse's income or retirement plan. Since there is no escaping inflation, keep in mind that a $25,000 policy may not go as far in twenty years as it does now
  • Provide money for your child's education or marriage

Most people stop buying life insurance before they ever collect a dime. And since the life of a policy is usually only ten to 20 years, the company really does not collect a fraction of what it may potentially pay out if you die during that time.

An Example of How Affordable Term Life Insurance Quotes Make Sense for Canada Life Insurance Companies

For example, a 46-year-old non-smoker can get a $150,000, 20-year policy for about $5,000. That is $20 per month for 20 years. Premiums only go up when you renew.

More About This Topic

Best Term Life Insurance Quote Menu

Best Term Life Insurances
Decreasing Term Life Insurance Quote

Since this person will be 65 before the twenty year term is up, there is no chance of renewal, even if he wanted to. Term life insurance policies are not usually issued to people over the age of 65.

Although the company only made $5,000 on this policy, it did not have to pay out anything. Plus, it does not just sit on the money. Insurance companies use the money you pay in premiums to make other investments.

There is a little trick your insurance agent does not want your to know. Rather than renewing your policy with the same company, when your policy expires, shop around for some new, affordable term life insurance quotes.

Contact Us For a FREE Consultation

We're waiting to help you! Click here to ask any question. We'll contact you with your answer, or to make an appointment, free of charge.

You will get a better rate from another company, providing you are still in good health. It is assumed that you will only renew a policy if you are unable to get coverage somewhere else.

Is your Term Insurance Policy Convertible?

You may have purchased a term life insurance policy years ago, and now when you read the details you notice that your policy is convertible. Many term life insurance policies offer this. It's not like the car, where the top comes off!

A convertible policy means that you can change your term life insurance policy to a Whole Life Insurance Policy at any time during the term, or at the end of the term.

Why would you do this? When you're young, affordable term life insurance quotes are important. But as you age, it may be better to hold a whole life insurance policy than a term life insurance policy. There are some tax strategies and other advantages.

If you no longer qualify for insurance, because of a health issue you had, then it may be possible to convert your existing life insurance policy to a whole life or universal life insurance policy.

How Much Coverage Should You Buy?

When calculating how much coverage you need, you have to consider your reasons for wanting insurance. Most online calculators do this for you. With a few questions, the calculator will estimate how much money your family will need to live comfortably without your income.

Generally, the older you get, the less coverage you need, since most of your larger expenses, such as your mortgage, will be paid off.

Once your mortgage is paid, you will likely charge less on your credit cards and apply for fewer loans. Therefore, the amount your family needs will be much less.

A general rule of thumb is that you should have coverage for 10 to 20 times your annual income, plus all your debt. A young couple would be on the higher end of the multiplier (closer to 20 times), and an older couple would be closer to the lower end of the multiplier (closer to 10 times).

Preferred or Not?

Life insurance companies used to divide people into two groups, smokers and non-smokers.

Affordable Term Life Insurance Quotes in Canada

These days, many more factors are taken into consideration. They look into your lifestyle, your family history and your overall health.

If you live a very carefree, risky lifestyle (you regularly enjoy skydiving, scuba diving and other dangerous sports for example), then you will have a very hard time finding anyone willing to give you affordable term life insurance quotes, or any coverage at all.

Insurance providers base their rates on the probability of paying out the death benefit. The greater the chance they may have to pay, the higher your rates will be.

Temporary insurance providers base their rates on the probability of paying out the death benefit. The greater the chance they may have to pay, the higher your rates will be.

Preferred rates are given to people who live clean, risk-free lives. They do not smoke, do not have a family history of illness or disease, have low blood pressure and are in excellent physical condition.

The qualifications needed for a preferred rate vary by company. Some companies are happy to give you a preferred rate just for being a non-smoker.

In general, a standard rate will be about double a preferred rate. Age is also a huge factor. The younger you are, the lower your premiums will be, because again, there is less chance the company will have to pay up.

Convertible or Not?

Another thing to look at when comparing affordable term life insurance quotes is whether or not the policy is convertible.

With a convertible policy, you have the option of transferring all or part of your policy to a whole life policy at any time during your term contract. This type of policy usually costs a bit more, but the rewards are well worth the cost.

Contact Us For a FREE Consultation

We're waiting to help you! Click here to ask any question about affordable term life insurance quotes. We'll contact you with your answer, or to make an appointment, free of charge.

Whatever type of coverage you are looking for, you can easily find affordable term life insurance quotes online and compare prices side by side.

Return from Affordable Term Life Insurance Quotes to the Best Term Life Insurance Quote menu

Visit the Canada Life Insurance Companies home page

More About Canada Life Insurance Companies

Click the images or links below to find out more about the life insurance you're interested in, or to request a quote.

Best Term Life Insurances

Best Term Life Insurance Quotes

Canada Life Insurance

Canada Life Insurance

Disability Insurance

Disability Insurance

Estate Planning Checklist

Estate Planning Checklist

Key Man Insurance

Key Man Insurance

Universal Life Insurance Canada

Universal Life Insurance Canada

Whole Life Insurance Quotes

Whole Life Insurance Quotes