Monthly term life insurance rates for anon-smoker,$450,000in coverage over20 years
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Rates are locked-in for the full term
Coverage amounts: $100K to $5M
Policy lengths: 10 to 30 year terms
10% couple’s discount in the first year
Free $10,000 in child coverage
Cancel anytime without fees or penalties
30-day grace period for missed payments
Beneficiaries get 100% of the payout, tax-free
Automatic yearly renewals so you stay protected
Term life insurance is an affordable and straightforward type of life insurance that provides financial protection for a set period. The beneficiary gets a lump sum death benefit if the policyholder passes within that timeframe. Term policies are often the cheapest life insurance in Canada.
Term life insurance is for those that want financial protection for a set period, like while raising a family or paying off debt. If someone depends on you financially, a term policy might be for you.
Term life insurance is one of the most affordable life insurance policies. Premiums are around 7.5x less than the price of whole life insurance. Term is also more flexible; choose the length and coverage you want – with the option to renew or convert to permanent later.
Term life insurance costs around $34 a month on average in Canada, based on industry data. This can be paid through monthly or annual premiums. Your exact rate will depend on factors like age, gender, if you smoke, health, lifestyle and occupation.
Term life insurance works by providing coverage for a set amount of time – most often 20 years. A term plan guarantees that if you pass away while the policy is active, your loved ones get a tax-free lump sum, also called a death benefit.
As a new or expecting parent, your family's financial future is likely one of your top priorities (other than getting half a minute to yourself). If something were to happen to you, life insurance can provide your family with the financial resources it needs to cover living expenses, childcare and education costs.
Big investment, BIG mortgage payments. If you were to pass away unexpectedly, term life insurance can provide your family with the resources they need to keep the home, pay off the mortgage and continue with other financial obligations.
As a business owner, you may have employees or partners who depend on your income. Life insurance can provide the necessary funds to keep your business operating in the event of your death. It can also be used to buy out partners or to cover other business-related expenses.
If you're nearing retirement age and haven’t saved up as much as you’d like, life insurance can provide a safety net for your partner or any kids that depend on you financially. The term life insurance payout can be used to cover living expenses, pay off debts or provide an inheritance for your beneficiaries.
Couples who depend on each other's income should consider buying term coverage as well. In the event of one partner's death, the surviving partner can use the payout to maintain their standard of living, pay for expenses or pay debts. Financial security is romantic, right?
Join thousands of Canadians with affordable term life insurance coverage they can count on; when their families' need it most.
PolicyMe is a Canadian digital insurance solution that makes financial protection for families simple and affordable. It was founded by two insurance consultants, Andrew Ostro and Laura McKay, and an experienced Chief Technology Officer, Jeff McKay. PolicyMe has partnered with Canadian Premier, a Fortune 500 company Securian Financial subsidiary.