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TERM LIFE INSURANCE QUOTE AND EXPERT TIPS
Why Choose LSM Insurance For Term Life Insurance
- We work with experienced and reputable independent brokers across Canada
- LSM Insurance is one of the most respected life insurance brokerages in Canada
- We work with more life insurance companies than the majority of brokers (15+ insurers)
- We have been serving Canadians for over 25 years
LSM Insurance is accredited by:
Get a Term Life Insurance quote today or ask questions
Sample Term Life Insurance Quotes
Female, 51 years old, non-smoker, no serious health pre-conditions, Term 10 life insurance policy for $200,000 coverage
$32 per month
Male, 44 years old, non-smoker, no serious health pre-conditions, Term 10 life insurance policy for $200,000
$25 per month
Female, 35 years old, non-smoker, no serious health pre-conditions, Term 20 life insurance policy for $500,000
$27 per month
What is Term Life Insurance?
A term life insurance policy covers a policyholder for a pre-defined period of time, such as 10 or 20 years (Term 10, Term 20).
It is a simple, pure insurance product without a cash accumulation or savings component.
Term insurance works in the most straight-forward way: if the policyholder dies during the term, their beneficiaries get the coverage amount.
When do you Need Term Life insurance?
Term life insurance covers a policyholder for a limited period of time (with the exception of Term 100, which is actually a form of permanent insurance). Term insurance is optimal when:
- You want protection for a pre-defined period of time to protect yourself and your family (e.g. paying off a mortgage).
- You want to make sure your kids are being taken care of until they are able to live on their own.
- You want to minimize your life insurance premiums (thought it is important to know that these will significantly increase when you renew your policy).
- You need pure life insurance coverage because you invest elsewhere and you are not interested in leveraging the value accumulation component of permanent life insurance.
How Does Term Life Insurance Compare to Other Life Insurance Products?
Here is a brief comparison of how term life insurance compares to whole life insurance and universal life insurance.
|Term Life Insurance||Whole Life Insurance||Universal Life Insurance|
|Coverage length||Limited (e.g. Term 10 – coverage for 10 years)||Life long||Life long|
|Can choose amounts going into insurance and cash accumulation||No||No||Yes|
What are Term Life Insurance Rates?
Term premiums are typically lower than universal life or whole life insurance premiums. Your term life insurance premiums stay the same for the entire term of the policy (e.g. for 10 years if you purchased a Term 10 policy) but will increase once your policy expires and you get a new one.
That is different from whole life insurance premiums, which will be higher at the beginning but will stay the same over the course of your life.