Term 10 versus Term 20 Life Insurance

Confused about Term plans?
Don't worry.
Photo by Lee

Term 10 and Term 20 life insurance are a classification of life insurance product often touted as good starter plan for those buying life insurance for the first time. Ever wonder what the differences between the two plans really are?

• Term 10 Life insurance policies offer level rates for 10 years, but Term 20 policies offer level rates for 20 years.

• Term 10 policies are generally used to fund short-term insurance needs, while term 20 policies can be more attractive for funding longer temporary insurance needs.

Clients often ask which is the best way to go. The answer depends on how long you need the insurance for. If the life insurance is just needed for a 10 year period, then the Term 10 plan would be the best fit. But, if the insurance is needed for longer, a 20-year policy would likely offer a much lower overall cost.

Transamerica Life Multi-life Term Coverage Key Benefits

Transamerica Life's Term Select Policies are available as 10-year, 20-year, and 30-year terms. Transamerica's term select policies, allow multi-life coverage with the following key benefits:

The Cooperators Versatile Term 25 Insurance and Understanding Preferred Rates

Can you still get preferred rates?
Photo by John Verive

The Cooperators offer a Term 25 plan, sold through its advisor network. It has very competitive pricing at most age brackets. The plan also has Preferred Rates available to non-smokers. One of the primary variables in the qualification of preferred rates is how long has it been since the insured has last smoked?

The following is a summary of their preferred rate criteria in terms of tobacco use:

Non-smoker 1: The insured cannot use any form of tobacco products at all for the last 60 months.

Non-smoker 2: The insured cannot of used any tobacco product at all for the last 24 months.

Non-smoker 3: The insured cannot of used any tobacco product a all for 24 months.

Non-smoker 4: The insured cannot of used any tobacco product a all for 12 months.

* tobacco products; include cigarettes, marijuana, nicotine product or nicotine substitute

For additional details on term life insurance rates in Canada, please contact us at 1-866-899-4849 or visit our online life insurance Instant Quote Page.

Canadian Life Insurance Companies Cover Death Due to Earthquake

Did you feel the quake?

Did you feel the earthquake that hit the U.S. eastcoast on August 23, 2011 at 1:51 p.m. EST?

The U.S. Geological Survey recorded a 5.8 magnitude quake for 45 seconds just 135 Km southwest of Washington D.C. at a depth of 6 km.

"This is one of the largest earthquakes on the east coast in quite a while, in many decades at least," USGS spokeswoman Lucy Jones told CNN. "It's not unprecedented. But it's one of the largest we've had there."

According to John Ebel, director of the Boston College Weston Observatory, "It's not an unexpected location for an earthquake."

Unlike earthquakes that occur along a fault line, the Virginia earthquake occurred in the middle of a tectonic plate, due to pressures building up along the edges of the plate, Ebel told The Boston Globe.

A quake felt so close to home, really puts in perspective just how vulnerable we are in Canada to natural disaster, even though one of this size only happens once a decade. It makes you think, how prepared are you and your family for the big one?

Along with regular emergency preparedness, part of your preparation should include life insurance.

Simplified Issue Critical Illness Insurance By Manulife Financial

Sign and convert Manulife's Term 10 C.I. plan
into a permanent plan without a medical exam.
Photo by Joe Hall.

Manulife Financial offers a Simplified Issue Critical Illness plan to applicants who have been approved for Preferred Rates on life insurance coverage with Manulife.

Any applicants who have been approved for Health-style I or Health-style II rates (Manulife's equivalent to preferred rates) can qualify for a simplified issue version of their Lifecheque Program.

The maximum face amounts are much smaller than traditional Manulife Lifecheque coverage. The plans are available as a 10-year term, and convertible to a permanent critical illness plan without the need for a medical. The plan includes all of the same covered illnesses as those found in Manulife's traditional critical illness coverage. 

For more details, please contact us at 1-866-899-4849, or visit our Critical Illness Quotes Page.

The Edge: Non-Medical Guarantee Issue Life Insurance Plan

The Edge has combined rates for smokers
and non-smokers.

The Edge, Non-Medical Life Insurance plan which is underwritten by Industrial Alliance, recently lowered its rates for most age bands and face amounts.

The Edge policy targeted at final expenses offers face amount of $5,000, $10,000, $15,000, $20,000.00, and $25,000.

The plan is a Guaranteed Issue Life Insurance product, meaning there are no health questions, and no medical tests. The policy uses blended smoker/non-smoker rates on the one hand, but does distinguish between males and females on the other.

The plan is available up to age 85 and provides coverage for the insured’s entire life. In addition, premiums can be adjusted on a class-wide basis.

Below is sample pricing for $15,000 of coverage:

Wawanessa Life Quick Issue Critical Illness Insurance

No medical tests with the Wawanessa Life
Simplified Issue Critical Illness Plan
Photo by Think Panama.

Wawanessa Life offers a Simplified Issue Critical Illness Plan. The plan is
available as a Term 10 that includes a level term to 75 with return of premium.

It can be issued between ages of 18 and 60 and comes in face amounts from
$10,000 to $100,000.

As an added bonus, the Term 10 version of the policy is convertible to permanent critical illness coverage.

Transamerica Life Term Life Conversion Feature

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Transamerica Life offers Term 10, Term 20, and Term 30 policies. The Term 10 and Term 20 policies are renewable to age 80 and the term 30 policy is renewable to age 100.

Each of their term policies is convertible to a permanent plan to age 71, without a medical. The conversion feature allows the insured to convert any of their permanent plans at the same classification that original policy was issued at. This can be especially beneficial if the insured's health has changed during the length of the term.

Transamerica's conversion feature compares very favorably with many of its competitors. The following is a list of the maximum conversion age of six other Canadian life insurance companies:

• Unity Life's term plans: convertible to age 65
• Industrial Alliance term life plans: convertible to 65
• Western Life's term plans: convertible to 65
• Standard Life's term plans: convertible to 65
• RBC's term life plans: convertible to age 70
• Canada Life's term plans: convertible to age 70

For more details please contact us at 1-866-899-4849, or visit our term life Instant Quote Page.

Six Great Life Insurance Deals

Save money with
the best life insurance deals

Quite often people are presented with "Can't Miss Deals." Life insurance is generally not thought of as one of those opportunities, but those deals are out there. Don't believe us? Just take a look at these six life insurance deals:

How to Get the Best Deal on Burial Insurance

Don't gamble on burial insurance.
Photo by Mitch Huang

To have to bury a loved one is surely the hardest thing one can go through. Why add to the agony by paying those outrageous funeral expenses out of your own pocket?    

Burial insurance covers the expenses related to final expenses. Most burial insurance policies range from $5,000 to $25,000 of coverage.

By committing to the following four variables, you can make sure you get the best possible deal on burial life insurance:

Calgary’s Population Surge Increases Need for Life Insurance

Find out the fine print of Term Life.

A recent 2009 Calgary civic census report revealed that Calgary's population grew from 1,042,892 in April 2008 to 1,065,455 in April of the following year, representing an increase of 2.16%.

Ten communities within Calgary’s population have increased by more than 1,000 persons. Two communities -- Sage Hill (242.31%) and Silverado, (100.31%) -- grew by more than 100%.

The population surge has fueled the city’s urgent need for life insurance. Life insurance helps protect individuals in the following way.

Understanding Term Insurance

Good thing Term insurance
has a conversion option.
Photo by Ivan Emelyanov.

Term insurance is used to cover temporary insurance needs. Term insurance policies come in a number of denominations: 10-year terms, 20-year terms, 30-year terms or term to age 100 coverage.

The following is a snapshot summary of the main features of term life insurance:

Comparing Non-Medical Life Insurance Simplified Issue Plan

Don't get frustrated,
find a non-medical plan that's right for you
Photo by Tim Samoff.

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Simplified issue life insurance policies are available without a medical and have anywhere from 3 to 12 health questions. This chart below compares three of the leading simplified issue non-medical life insurance BMO insurance, assumption life, and Canada Protection Plan underwritten by Unity Life.

Critical Illness Insurance Eases Financial Burdens of Breast Cancer

A breast cancer diagnosis can be a shock,
but Critical Illness Insurance can
cover the cost of fighting it.
Photo by Victor Bezrukov

In addition to the ravages of the disease, it's no secret that breast cancer patients face a gargantuan financial burden.

As reported by the Vancouver Sun, The Canadian Breast Cancer Network has released a survey that "firmly places breast cancer as an economic as well as health issue."

Of the 400 women polled, 80% say they have "experienced some kind of financial hardship from the disease." These include, lost income because they've had to take time off work for treatment and recovery, as well as many out-of-pocket expenses related to getting well. The network went on to characterize this unfortunate reality as a "double whammy" for the women battling the disease.

Government Bans Banks from Selling Insurance Online

The Canadian government has banned banks from selling insurance through their corporate websites.

Reuters has reported that the government has committed to keeping banking and insurance to distinct realms of financial planning by deeming life, property and casualty insurance illegal for banks to sell on the web. Instead, they can link to subsidiaries that deal in these unauthorized products.

Non-Medical Life Insurance and Diabetes

You can still get
insurance with diabetes.
Photo by Kamila Gornia.

The number of non-medical life insurance carriers in Canada has increased substantially in recent years. These carriers have also become much more liberal in terms of underwriting criteria for applicants applying for insurance.

Many non-medical life insurance carriers offer simplified-issue plans, which have no medical tests and only three to 12 health questions. The key with these policies is to pick a plan where the insured can answer, "No" to as many questions as possible.

In terms of diabetes, most simplified-issue plans surprisigly do not ask a question related to diabetes. The insured should generally qualify for coverage from day one. If the diabetes is well controlled, the insured may also qualify for a traditional life insurance plan, but should consider applying for simplified-issue plan first. In the event the insured is declined for a traditional insurance plan, this could disqualify him or her from many simplified-issue plans.

For more details, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote page.

CIBC Mortgage Life Insurance Points to Consider

The pros and Cons of
CIBC mortgage life insurance.
Photo by Mark Schaffer

CIBC's Mortgage Life Insurance plan is underwritten by Canada Life. The policy provides up to $750,000 of coverage. Some additional benefits of the policy include:

1. Premiums are included with the mortgage payment. This can add a layer of simplicity for many consumers, but, at the same time, it may be difficult to see exactly what is your insurance premium and what is your mortgage payment. Of course, this information can be requested by CIBC.

2. As stated above, coverage can be obtained for up to $750,000

3. If your CIBC mortgage is $500,000 or less, you can generally obtain coverage without a medical. (meaning, if you can answer no to all the health questions on the insurance application) the coverage will be immediately approved. As with any insurance application, it is important that you pay close attention to the questions. An incorrect answer could affect the payout of your claim

4. Affordable Rates - In younger ages and for smokers, the premiums can be very affordable. Premium rates are based on your age at the date of application, and remain unchanged throughout the mortgage amortization period, unless the mortgage principal amount is refinanced, or the mortgage is transferred to another property.

Comparing Mortgage Life Insurance Rates Among the Big Five Banks

Mortgage life insurance
does not stack up against
an individual life plan.

Most Canadians who take out a mortgage with one of the big five banks are also offered a mortgage life insurance policy which will pay off the insured's mortgage if he or she dies during the mortgage period.

On the surface, this seems like a very good deal, but when further analyzed the pricing offered by big five banks for this policy is generally much higher than an individual life policy. Individual life insurance also comes with additional benefits, including: