Term to 75 Life Insurance in Canada

Term to 75 life insurance offers level premiums up to age 75 and, depending on the insurance company’s conversion premium, the plan can be converted to a permanent policy without a medical. However, Term to 75 is a double-edged sword, carrying advantages and disadvantages.

The advantages of a Term to 75 policy;
1. Lower premiums than a permanent plan.
2. A hybrid of Permanent and Traditional Term 10 or Term 20 life policies

The disadvantages of a Term to 75 policy;
1. There are a limited number of insurance companies in Canada offering Term to 75 coverage, so the pricing is not always competitive.

2. Insured persons in their 50s and 60s are likely better off with a Term 10 or Term 20 plan. With those Term plans, there is more selection and better pricing available.

3. Since Term to 75 policies end at age 75, the insured is likely to find it difficult and expensive to obtain new life insurance once they reach that age.

The following are premium values for $300,000 of coverage meant for a 40-year-old male, non-smoker on the Term to 75 Plan.

1. Industrial Alliance: $300,000.00 Term to 75 pick-a-term coverage is $90.99 a month.

2. Cooperators Life Insurance Company: $300,000 level Term to age 75 Participating Plan is $98.01 a month.


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