Term Life Insurance: Affordable protection that can adapt to your changing needs
Complexities of making prudent financial decisions are often compounded when considering life insurance options. After all, for many it’s easier to bury our heads in the sand when having to think about worst-case scenarios. And having to invest in a product from which you won’t reap the benefits immediately usually doesn’t have people rushing to their nearest insurance adviser.
But by continuing to ignore the need for life insurance, you are missing out on making one of the soundest financial decisions of your life. And despite popular belief, your age or marital status doesn’t influence how important it is to have a life insurance policy. It’s always a good investment and there are flexible options to give you the peace of mind you deserve.
Consider term insurance policies. With more affordable rates compared to other life insurance options, the coverage amount doesn’t decrease over the term period nor do the premiums and, for most, term insurance is guaranteed renewal until you’re 75. This type of policy can help ensure that those closest to you won’t have to worry about finding the money to pay your final expenses or outstanding debt.
To buy a term insurance policy is a cost-effective way to ensure your beneficiaries’ financial protection in case of your death.
Term Life insurance policy — typically sold for 10, 20, or 30-year terms — are a flexible insurance option at relatively lower costs. It can be paid annually in a lump sum or by monthly payments.
Shorter-term policies can cover debts such as short-term mortgages and provide income replacement in case of an unforeseen event. Longer-term policies can be beneficial for those who have a need for income replacement and still have large debts and expenses, like a mortgage or post secondary education payments.
As such, the best term insurance plan depends on what you want your policy to do for your beneficiaries. Keep in mind, this type of coverage works as a standalone policy and can also be converted into a permanent life insurance plan, if your life circumstances change.
With all this flexibility, you don’t have to forego life insurance and you can feel secure knowing your loved ones’ financial security is safeguarded after you are gone.
As a term insurance provider in Canada, CHES Life advisers can help you secure the best term life insurance policy.
CHES Life offers an integrated approach to Life, Health, Critical Illness and Travel Insurance, and Employee Benefits plan. Our customers have unparalleled access to a wide range of insurers with a keen understanding of the complexities of each customer’s life. Our dedicated team of advisers have the proper resources to provide you the best solution at the terms you need.
Contact us to inquire about accessing CHES Life products.