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Term life insurance

Term life insurance – for whom and for what?

If you are looking for life insurance that offers a lot of value but is still affordable, term life insurance is the right solution for you. Because it offers a large amount of insurance in the event of death, a term life insurance policy is very advantageous for its low cost.

Most people who take this type of insurance want to provide financial security for their families in the event of premature death. Providing term life insurance will ensure that a family will have the money to pay for funeral expenses, as well as mortgage payments, debts and living expenses in the event of a tragedy.

Particularly appealing to mortgage holders or parents of young children who want to meet their financial needs until they are independent, term life insurance can provide peace of mind in difficult times.

 

Term life insurance length

In a simple, affordable, and flexible way, term life insurance offers protection for a limited and specific period of time. But just because the terms are fixed does not mean that they are fixed forever. Your term life insurance can easily be turned into permanent insurance if you wish.

For term life insurance, there are therefore different terms such as:

  • 10 years term
  • 15 years term
  • 20 years term
  • 25 years term
  • 30 years term

 

A life insurance renewable and convertible

Most term life insurance contracts include a renewal clause at the end of the term. This clause makes it possible to renew a new term for the same amount of insurance, without having to make a diagnosis of illness. For example, at the end of a temporary term (10 years), you can purchase a new term (10 years).

Term life insurance contracts also include a conversion clause at any time, from the first few years until the end of the term. This clause allows you to transform, without medical proof, your term life insurance contract into a permanent life insurance contract with the same insurer.

For example, if your health changed during the term of your 20-year term life insurance and you were no longer insurable due to critical illness or for any other reason, you will be able to renew a new one. term life insurance. In addition, although you are no longer insurable, you will be able to obtain permanent life insurance without medical proof or diagnosis of illness by exercising the option to convert your term life insurance.

 

When to use term life insurance?

In the event of death during the term of the policy, the insurer will pay the amount of insurance purchased to your beneficiaries. This service is generally used for:

  • Pay the funeral expenses
  • Offer financial support to your loved ones
  • Cover your mortgage balance
  • Settle your debts
  • Replace your income

 

Other types of life insurance

Life Insurance : Over 50 →

Several companies offer life insurance products for people aged 50 and over. It is possible to get term life insurance and permanent life insurance.

Life Insurance : No-medical exam →

Life insurance without medical examination offers to apply for life insurance, but without having to do medical tests. This type of product was designed for people with complicated or fragile health.

Life Insurance : Family →

Family life insurance allows you to insure your entire family at a lower cost in the event of death. Being covered by this type of product puts everyone in the family under safety.

Life Insurance : Permanent →

This type of life insurance is therefore of indefinite duration and gives the certainty to your estate of receiving the amount of the insurance.

Life Insurance : Children →

Children’s life insurance provides enough money to cover funeral expenses or allow you to take unpaid leave to recover from such a situation.

Life Insurance : Universal →

It is life insurance including, inside the product itself, a savings and investment portion.

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