Term Life Insurance is More Affordable than Mortgage Insurance

A quick look at why term life insurance is so affordable

Term life insurance provides you with a more affordable insurance policy to ensure you debts, like mortgage payments, in the unfortunate event of your death. It is much more affordable than the bank’s mortgage insurance. Even though they are offered for a limited time-period (hence the name Term as in Term Period of Time), but you can closely match them up with your mortgage payment time horizon; i.e. 10, 15, 20, 25 or 30 year term contracts. For the budget conscious, this definitely seems to be a smarter alternative for a low cost death benefit.

Insurance companies offer cheap term life insurance policies with different contract time periods, special conversion options during the first five years (many Term 10 policies and convert into a Term 20 policy within the first 5 years and retain the age at which you bought the contract), convertible into permanent life insurance and are transferable (the policy goes with you even if you change banks or move houses).

You can shop all the affordable alternatives that are available in Canada through our instant online quoting tool. It will survey the entire Canadian market and find you the best rate for term life insurance for any length of term you need.

Other than being a cheaper option, term life insurance is better in other aspects when compared to a mortgage life insurance. There are many personalization options available for a term life insurance policy, such as a child term rider, waiver of premium, critical illness rider, etc. The proceeds from a term life insurance policy go directly to the beneficiaries instead of the lender (i.e. the bank), so the money can be used by your dependents as they see fit, which might be to pay off other higher interest rate debts. Term life insurance very often provides full coverage on both spouses (Mom and Dad) for less money than a joint first-to-die mortgage insurance policy.

Term life insurance offers the cheapest alternative to provide insurance coverage for your dependents in Canada today. It has allowed individuals with a budget-crunch situation to buy policies with larger benefit payout amounts for their limited term coverage needs.

There are many reasons why permanent life insurance might be a good solution for Canadian families too, but it isn’t always affordable. So, if you need insurance protection for you loved ones term life insurance is an affordable alternative to more expensive insurance policies, like the bank’s mortgage insurance or whole life insurance.

Life Guard Insurance can find you affordable term life insurance

Our life insurance brokers across Canada have access to all the Canadian life insurance companies. We can shop the entire insurance market to find you the best price for term life insurance that will meet your needs. Please contact us today for personalized service.

The article was written by +Mitch Reynolds. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about Affordable Term Life Insurance would also be very much appreciated.

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