There are several options available on the insurance market to meet you and your family’s needs. In this article, we talk about the benefits of term life insurance, the best-selling life insurance in Canada. By the end, you’ll understand why families choose this flexible, affordable and simple coverage.

Why choose term life insurance?

Your family’s needs evolve, as does your lifestyle. Is your family growing? Are your children starting post-secondary education?

Your family’s coverage needs change over time. Protect your children’s wellbeing with term life insurance that lets you adjust your coverage according to your needs.

Whether you’re a young adult, a parent or a homeowner, here are a few ways this insurance coverage adapts to your lifestyle:

• Ensure your family’s financial security in case of death
• Guarantee your insurability at an affordable cost
• Make sure you can keep making payments on your mortgage or other loans in case of a death
• Give yourself some leeway in case of extended temporary needs
• Have the option to convert your coverage into permanent insurance at any time
• Benefit from a guaranteed premium for the duration of the term selected

Flexible, affordable and simple

Term life insurance is a simple and affordable solution that provides tax-free payments in the event of death. It is specifically designed to protect your family’s financial security for a period that you choose.

• Flexible: You choose the length of coverage you need based on your situation, for any term you prefer (from 10 to 40 years).
• Affordable: Because the period is fixed, you’ll benefit from higher coverage and a lower cost than permanent life insurance.
• Simple: The price and the coverage won’t change for your entire term and, at the end of the term, you can renew your term life insurance or choose another type of insurance.

Now that you know the major benefits of term life insurance, you’ll probably want to compare the options available on the market before buying the coverage you need for your family. 

Are you a homeowner? Read about all the benefits of mortgage insurance here.