Thursday, December 8

All You Need to Know About Online Term Life Insurance in Ontario, Canada

As the name suggests, Term Life Insurance is typically used to cover a temporary need. A term life insurance plan can protect you and your family against a substantial debt (like a mortgage) of varying lengths.

An online Term Life Insurance comes with all the benefits of regular term life insurance that you can purchase 100% online by getting in touch with experienced life insurance who can help in creating a customized package for you at no additional fees and zero obligations.

It is fast, convenient, and more importantly, secure.

Why go for an online term life insurance?

It is inexpensive looking for the most affordable options as far as life insurance is concerned? Then online term life insurance is for you.

Do not confuse quality with affordability. Term Life Insurance gives you both and that’s why it is the best product out there.

You may be eligible to get yourself a plan at a mere $10/month depending on your health and age. The younger you are, the cheaper it is. Talk to your advisor to know more about a customized plan suiting you the best. It is not a one-size-fits-all plan – a customized plan is the one you should be aiming for.

  • It is customizable

You can adjust the amount of online term life insurance to your needs.

Coverage amounts typically start from $10,000. This can be suitable for someone looking to cover funeral expenses. The coverage can also range to several thousand dollars which ought to be apt for someone looking to cover his/her family and for financial security in the long run.

  • It comes with a convertible option

Life insurance requirements vary from person to person and change over time. And term life insurance comes with a convertible option.

For example,

When your needs are high and budget low (like when you have young children, a mortgage, etc.), term life insurance is a great fit. Over time your needs will change. Then you can opt to go for a permanent life insurance plan for an equal or lesser amount. 

  • It gives you the option of extra coverage

Like adding extra cheese to your hamburger, you can easily add extra coverage to your plan when you need it the most. This adds value to the product making it possible for you to customize it better to your needs.

For example,

You may choose to add a rider to ensure your kids or add additional disability or critical illness coverage.

But then, as we said, the number of possibilities and options are huge. Hence, you should always talk to a qualified life insurance advisor before opting for a plan that is made for you and only you.

What’s the catch?

  • Increase in premium on renewal

When the term ends, you will have to renew your policy. This time your premium typically increases as it is re-evaluated based on your age at that point in time.

The older you are, the more expensive it becomes.

In case you wish to have a plan with a fixed premium for life, permanent life insurance is a better option. Premiums will be expensive when you are young but will be cheap when you grow old.

  • Term Life Insurance will not last forever

You cannot renew your term life insurance after you reach 85. You should, therefore, consider a permanent plan to protect you beyond that age.

Talk to our advisors for the best online term life insurance plan for you

At Trust Life & Investments, we have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Speak to a Trust Life & Investments advisor today for any online term life insurance requirements you have in Toronto and Mississauga. No fees, no obligation!