Term 10 Life Insurance is not always the answer, but when you need life insurance for a short period of time, Term 10 can be a great fit.
Most life insurance companies in Canada offer term 10 policies, and when it comes to some ages and coverage amounts the premiums are pretty similar.
However, with older applicants and higher face amounts, the difference can be more substantial. Another thing to keep in mind is even if the premium difference is just $10 a month, $10.00 x 12 months x 10 years = $1,200. (Nothing to sneeze at.)
BMO Insurance‘s Term 10 plans have competitive rates — especially among older applicants. For example, as of January 2013, $200,000 of term 10 insurance for a 65-year-old, male non-smoker at standard rates is $162.63 a month. By comparison, RBC Insurance’s rates are $191.34 a month, which means savings of well over $3,000 for over 10 years. Of course, rates can always change, and the example could be entirely different for a younger applicant or a larger face amount, so check with a qualified licensed broker who works with multiple carriers to make sure you get the best rate.
Some other interesting features of the BMO Insurance Term 10 plan are the following:
For more details on Term 10 Life Insurance in Canada, contact us at 1.866.899.4849 or visit our Term Life Insurance Quote Page here.
I will be 71 yrs. this coming April 3, 2013, female never smoke would like to know if I can get $100,000.00 15 yrs. term life Insurance. How much will be my monthly premium. Thanks and regards.
Flora Nast
old fe