10-Year Term Life Insurance
Term Life Insurance is quite different from whole life insurance. It provides coverage that is meant to protect individuals of financial burden in the event of an unexpected death. It is a predetermined, lump-sum amount of money provided to your named beneficiaries after your death.
The premium you pay each year remains the same for the duration of the policy. The cost is based on the sum of each year’s annual renewable term rates, with a time value of money adjustment made by the insurer.
In simple terms, 10-year term life insurance is ideal for those who may need a loan or a line of credit.
How much does 10-year Term Life Insurance cost in BC?
People across Canada consistently look online for life insurance quotes, and most are surprised by the reasonable costs associated with it. As with most life insurance pricing, term pricing is based on your gender, lifestyle, smoking status, overall health, as well as your age. Other factors that will affect the premium you pay are the history of medical issues, your occupation, and other miscellaneous factors.
Advantages and Disadvantages of 10-year Term Life Insurance
The main advantage of a 10-year Term Life Insurance policy is that it tends to be an affordable product that provides coverage for amortization periods on mortgages. It is cancellable at any time and acts as a non-taxable benefit. Should you decide to do so, you can convert your 10-year Term policy into a permanent life insurance product or other renewal term product or permanent policy that can protect a young family.
Is 10-year Term Life Insurance for me?
Find out for yourself by answering a few simple questions and allowing one of our Life Insurance experts to contact you in order to give you a number of free, no-obligation life insurance quotes. Or you can contact us at 1-877-801-7189. Our Life Insurance Agents will match your insurance needs to the right insurance company.