Term Life Insurance

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What is Life Insurance?

Life Insurance is a safety blanket that keeps your family financially secure by giving them a tax-free lump-sum amount after your death.

The amount can be used by the beneficiary for:

  • Paying off loans/debts.
  • Paying funeral expenses.
  • Children’s education.
  • Maintaining their lifestyle and paying day-to-day expenses.
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There are various life insurance plans available in the market that caters to different requirements. You need to dig deep into different policies and purchase the policy that best suits your requirement, medical condition, and financial budget. Premium paid for life insurance policy will depend upon the type of policy you are purchasing along with the benefits it will provide. A 30-year-old Canadian can get coverage worth $100,000 for a 10-year term by paying $13 per month. If you have any family member dependent on you then you surely need life insurance. There are different types of Life Insurance available in the market. Permanent Life Insurance provides coverage for your entire life while there is Term Life Insurance that will provide for a specific time period.

All about Term Life Insurance

It is not necessary that you have to buy life with a lifelong tenure. It is possible to buy life insurance that matures after a specific time-period and still give compensation to your family in their time of need. A term life Insurance offers similar benefits like permanent life insurance with few differences.

 

Benefits offered are:

  • It’s low-cost insurance as compared to permanent life insurance.
  • Provides coverage for a specific time period i.e., 10, 20, 25, or maximum up to 75 years.
  • The coverage offered is up to $10 million.
  • Tax-free compensation to the beneficiary at the end of term.
  • The beneficiary will get a tax-free compensation in case of death within policy tenure.
  • It is possible to renew term riders till age of 75.
  • If you want term coverage can be converted into permanent life insurance or universal life insurance maximum till 71 years of age without undergoing any medical examination.
  • You can get 20 years of permanent coverage till age of 50.
  • There is no limitation on how you should use the amount you receive at the end of policy tenure.

Term Life Insurance is an affordable way to keep a family secure and also build a small savings for fulfilling short-term or long-term financial needs. Ez Financial have more than 13 years of experience in the insurance sector and have built an image of trusted insurance brokers. Our aim is to work towards financial growth of our client by giving strategic advice and suitable insurance products as per their requirement. We have a range of term life insurance products with different coverage options. We will help get the best plan at competitive rates.

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