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What is Pick-A-Term?
Ideal for young families and pre-retirees who want to benefit from affordable life insurance coverage for a temporary period during their active lives, Pick-A-Term lets you ensure the financial wellbeing of your loved ones or cover your mortgage in the event of death.
How does it work?
In case of death, Pick-A-Term pays a non-taxable benefit to your beneficiaries to help them cover their financial obligations, like mortgage payments and living expenses.
You can choose any length of term from 10 to 40 years. For example, you can choose to have your coverage term correspond to the amortization period for your mortgage, or to end when your children become adults.
It’s an ideal solution if you are:
- A young adult looking for term insurance that can be converted to permanent insurance as needed
- A young parent who wants to ensure financial security for their children until they are financially independent
- A homeowner looking for mortgage coverage
- A person nearing retirement who wants to cover their financial obligations in case of death
- A business owner who wants to protect their working capital, insure a key person or finance a shareholder purchase agreement
Advantages of Pick-A-Term
- Quick and easy enrolment –under certain conditions, acceptance is instant and the policy can be issued in under 24 hours
- Fixed, guaranteed cost, easy to work into your budget
- Option to convert your permanent life insurance coverage at any time, with no medical evidence
- Renewable annually based on your needs at the end of the first term
- Option to add additional coverage and get a discount for bundling your coverage