Whether you want help covering final expenses or building a legacy, you can protect your family or business with term insurance.
Term life insurance is the most basic of life insurance products.
It has no savings component, and thus no cash value. By the name, it is purchased for a 'term.'
One of the most common uses of Term Life insurance is known as "Mortgage Insurance" which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.
If you want the "Real Deal" on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don't fully understand what they are getting - and what they are NOT getting.
Term life comes in many different flavors, with differing terms and conditions, guarantees, etc. As with any financial services product, it is wise to do your research and seek professional advice so that you purchase a product which best meets your needs.
Term life can be purchased in many ways.
Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products.
Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.