Term Life Insurance in Canada has become very competitive in the past 5 years. There are many life insurers competing for your business and that has led to lower overall premiums.
So now is a good time to buy a policy if you have been putting it off.
This could also be a good time to consider replacing your current term coverage if you have had it for some time and want to save money. Do this with some caution though as your health may have changed or your term policy may have guarantees and features that your new plan does not. It does not hurt to review your policy with Canadian term life insurance broker before making that choice.
Canadian policies that have declined in price have done so due to competition. But this is not the only reason. The lowest cost policies are available because the insurers are asking for more medical evidence than they used to. For amounts over $250,000 this means a blood test is almost a certainty. For older purchasers it could mean a doctors visit or an ECG test of your heart. Don't worry, the insurers know that as we age that our health is not as perfect as it was when we were teens - so a medical test or Doctors visit is nothing to get upset about!
If medical tests are a concern to you because you do not like them or because they are inconvenient, do not worry, there are term plans in Canada where no medical is required. These will not be the lowest premium because the insurance company has less certainty that you are in great health.
Canadian term policies come in all different shapes and sizes. Term policies range from 1 year to term to age 100. Oh, if you are new to life insurance the term is the length of time that the policy is in force without any change. So a one year policy would either expire at the end of the year or renew at a higher price. It is best to look for a policy that is guaranteed renewable. This gives you certainty that it will be in force longer than just one term which could be very beneficial if you need coverage longer than anticipated and are in poor health.
The most common terms are 10 and 20 years. 30 year term is becoming more popular as well with people taking longer mortgages. Make sure you pick a term that matches the length of time you expect to need coverage for (i.e. while the kids will be dependent)
If you are worried about the cost - don't be! Term Life Insurance in Canada is a good way to get a lot of coverage for a reasonable amount of money. You will be surprised by how affordable it is.
Article Source: http://EzineArticles.com/1519657
term life insurance broker
So now is a good time to buy a policy if you have been putting it off.
This could also be a good time to consider replacing your current term coverage if you have had it for some time and want to save money. Do this with some caution though as your health may have changed or your term policy may have guarantees and features that your new plan does not. It does not hurt to review your policy with Canadian term life insurance broker before making that choice.
Canadian policies that have declined in price have done so due to competition. But this is not the only reason. The lowest cost policies are available because the insurers are asking for more medical evidence than they used to. For amounts over $250,000 this means a blood test is almost a certainty. For older purchasers it could mean a doctors visit or an ECG test of your heart. Don't worry, the insurers know that as we age that our health is not as perfect as it was when we were teens - so a medical test or Doctors visit is nothing to get upset about!
If medical tests are a concern to you because you do not like them or because they are inconvenient, do not worry, there are term plans in Canada where no medical is required. These will not be the lowest premium because the insurance company has less certainty that you are in great health.
Canadian term policies come in all different shapes and sizes. Term policies range from 1 year to term to age 100. Oh, if you are new to life insurance the term is the length of time that the policy is in force without any change. So a one year policy would either expire at the end of the year or renew at a higher price. It is best to look for a policy that is guaranteed renewable. This gives you certainty that it will be in force longer than just one term which could be very beneficial if you need coverage longer than anticipated and are in poor health.
The most common terms are 10 and 20 years. 30 year term is becoming more popular as well with people taking longer mortgages. Make sure you pick a term that matches the length of time you expect to need coverage for (i.e. while the kids will be dependent)
If you are worried about the cost - don't be! Term Life Insurance in Canada is a good way to get a lot of coverage for a reasonable amount of money. You will be surprised by how affordable it is.
Article Source: http://EzineArticles.com/1519657
term life insurance broker
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