What Is A 10 Year Term Life Insurance Policy?

Death is never an easy topic. This is especially true when it comes to finances. Finances are probably already tough enough, and the thought of leaving your family under a mountain of debt probably just drives you crazy. This is understandable, as no one want’s to leave that kind of burden behind. It is entirely possible that our 10-year term life insurance policy could provide just the relief that you are looking for. At the very least, it could cover the costs of the funeral or your mortgage.

 

How The 10-Year Term Plan Works

Our 10-year term policy works pretty much just like you would imagine life insurance would. If you die and your death meets certain requirements, your family will be granted a certain amount of tax-free money. The amount that they receive will depend on several different factors. Not only this, but the amount that you are going to pay for this type of coverage is going to vary. It might depend on the current state of your health or it might depend on the provider that you decide to go with. With a 10-year term plan, you get these same assurances. The only difference is that you only get coverage for 10 years, which can be renewed/extended.

 

How Benefits Are Paid Out

Once you have the policy and it is active, it will remain active for the next 120 months, as long as you make all the required payments. If you pass away during this time your beneficiaries will receive the death benefits. Just keep in mind that there will be some terms of death that you have to meet, but once you meet them your family will be paid out in one big tax-free lump sum.

 

If The Term Expires

At the end of the day, you can see that 10-year life insurance isn’t all that complicated, especially not when you choose to do business with us. That aside, if your 10-year term expires and you decide that you would like to continue with coverage, then you have that option. Whether you are renewing or signing up for the first time, we are here for you and all your insurance needs.

 

Get in touch

I am always a call away. If you are looking into life insurance coverage for the very first time or would like to discuss your existing policies, I would be glad to be your Markham life insurance advisor.

My contact information can be found here.

Sim Gakhar