What is Term Life Insurance? It is the simplest life insurance type and typically the cheapest one. It works in a very simple way. You choose the length of the coverage, which is called the term of the policy (e.g. term 10, term 20, term 50) in years (e.g. term 20 means life insurance that covers you for the next 20 years) and if you die within this time period, your beneficiaries will receive the coverage amount.
Typical term life Insurance are term 10, term 15, term 20, term 30 or term to 65 (insurance coverage to age 65), term to 70,term to 75. There is also term to 100 insurance, but it is considered permanent life insurance.
Insurance Tip related to Term Life Insurance:
Term insurance products have lower initial premiums than Whole Life or Universal Life. So, if you are looking to maximize your initial coverage, choose Term.
It is interesting to know that according to our data most Canadians choose a Term Life Insurance (see chart).
Our Publications related to Life Insurance
Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?
Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]
Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada
Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]
Insurance Companies in Canada – Easily Explained
The life insurance landscape in Canada is quite unique. The infographic below shows all the key players and their size, reflecting their assets under management (AUM) based on life and wealth segments of the company’s business. scroll further down to continue reading In Canada, the majority of insurers fall under the umbrellas of three large […]
What is Travel Insurance, and Why Do I Need it?
By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately, that’s not the case. The cost of seeking […]
