Insurance is a driving force in Canada, particularly life insurance. Everyone is going to die at some point. There is simply no avoiding that fact. The best that people can hope to do is to be prepared, financially at least. While there are tons of different life insurance policies available, it is the 20-year term life insurance policy that we most commonly sale in Canada. There are tons of different factors that drive the popularity of a product like this, but most of it has without a doubt got to be attributed to affordability. The terms that this policy offers are just suited more to the average Canadians financial needs.
Not only this, but the premiums are guaranteed. This means that for the next 20 years, you are going to be paying a certain amount of money for life insurance coverage. The amount might vary depending on several different factors, but at no point can the provider legally raise your insurance premiums. Along with this, the death payout remains the same as well. Unfortunately, it does not gain capital, but at least you are getting a stable investment.
The Renewal Process
Okay, you just learned that the 20-year-old policy is one of the most popular insurance products that we offer. And, a lot of this has to do with the fact that the premiums do not change. Unfortunately, this does not mean that they will remain the same forever. If you decide that you would like to extend the policy again after the 20 year period then the premiums will likely be higher. You might even have to undergo another medical test depending on the provider. You can even keep renewing the policy for terms of 20 years until you reach the age of 75. Most providers will set the cutoff limit at 75 years old.
The Perfect Example
We understand that insurance is confusing, so here is a perfect example of how our 20-year term life policy works. If you buy a one million dollar policy, it will have the same premium for 20 years. Not only this, but it will offer the same amount of coverage for this specific time period. If you die while the policy is active then your family will be given one million tax-free dollars. That being said, it is important to remember that this is just an example of how our company operates. There are some Canadian insurers that offer different amounts of coverage along with different premiums.
You can easily check out our online quote generator to get a quick and free quote. Just enter in a bit of information and our machine will spit you out a general number of what you will pay for a specific quote. We not only offer quick and free quotes for 20-year term life insurance, but we offer quotes for a number of other insurance policies as well.
Who Should Get The 20 Year Term Policy?
There really are a number of situations where a 20-year life term policy can come in handy. And, this is just one of the many reasons that it is one of our best sellers. Just look at your home. If you are currently paying a mortgage then there is a good chance that this is your biggest expense. If you were to pass would your family be able to go on paying that mortgage? Not only would they be losing you in your death, but they will be losing their home as well. This is something that a 20-year term policy can prevent. And, once you pay off the home, you can either cancel or renew the policy.
The Major Benefits Of Our 20 Year Term Policy
For what you have read thus far you can probably already clearly see some of the benefits of this type of policy. However, there are some other things that you need to know about this type of insurance. One is that it is fairly affordable when you compare it to other forms of life insurance. We offer several policies, everything from basic to comprehensive, but the 20-year term probably offers the biggest bang for your buck.
One of the things that make this policy so affordable is its terms. When you enroll in our policy, you get the guarantee that your premiums will not change. Other policies offered can raise as your age does, but this is something that you don’t have to worry about when you go with the 20-year term plan. Another great thing that you get from this policy is a peace of mind. With this policy, you know that your loved ones are going to get a lump sum payment. Not only are they going to get a lump sum payment, but it is going to be a tax-free one.
These policies can also be renewed quickly and easily at any time. If you decide that you want to sign back up for another 20 years then that is an option that you will have.
The Conversion Factor
When it comes to life insurance in Canada there is another important thing that you need to remember. Most Canadian polices come with what is known as a conversion feature. Some may refer to it as a convertible feature, but none of that matters because they are virtually the same thing. This simply just means that the life insurance policy can be converted at any time. If you have a 20-year term policy, you can convert it to a 30-year term policy. Heck, you can even convert it to universal life insurance if you choose so.
Give Us A Call
We also want our customers and potential customers to know that we also offer other term lengths in the same policy. Maybe you want the same terms, but you only want it for 30 years. Maybe you want it for 40 years. Whatever the situation is, we are here to help. We offer a variety of insurance packages suited to meet and exceed the financial needs of the Canadian public.
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 and investments advisor.
My contact information can be found here.