Get The Cheapest Term Life Insurance

Term Insurance Policies Are The Most Economical

Life insurance is a must for those with families they want to protect, and term life insurance policies are the most economical way to provide the coverage needed.

How would your spouse and children survive if something happened to you? Would they have to move from your family home? Would your children have to give up dreams of going to college? What would happen if you weren’t there to provide for them?

Term life insurance protects your family and provides benefits to help them pay for funeral expenses and cover the costs of living.

LifeAnnuities.com offers Canadians a way to compare types of life insurance and prices so you can get the lowest prices for the life coverage your family needs.

What Is Term Life Insurance?

Like its name implies, term life insurance provides coverage during a defined term, usually 10 years or 20 years or age 100. If you die during that period, the life insurance policy provides the coverage amount to your beneficiaries.

Term life insurance coverage ends when the term is over, while permanent life insurance, whole life or universal life, can last your entire life. Whole life builds cash value, while universal life insurance builds value through an investment component.

Term life does not build cash value. When you buy term life insurance, all you are purchasing is life insurance coverage.

Among the three basic types of life insurance – term, whole life, and universal life insurance – term is the most economical. That’s an advantage, but term life may not be the best choice for everyone. It does have its drawbacks, too.

Term life is best for younger people in good health since they get the best prices. Those who are older, smoke or are in bad health will either pay higher prices for coverage or will not be able to purchase life insurance at all.

Term Life Pros

• Lowest initial premium of all types of life insurance
• Suitable for short-term coverage
• Available to most Canadians
• Tax-free, lump-sum benefit to beneficiaries
• Exempt from estate taxes and probate if left to a beneficiary of the policy

Term Life Cons

• Premium payments increase after the initial term
• Not suitable for long-term coverage because of rising premiums
• Policyholders may not be able to be insured after the initial term because of age or health
• Does not build cash value like whole life or universal life policies

How to Get the Cheapest Term Life Insurance?

Getting term life insurance coverage for your family may be the most cost-effective way to give them the protection they need. Here are five ways to get term life insurance for the lowest price.

Be in Good Health

The most economical term life insurance policies will require a physical examination to determine your premium rate or whether you can be insured. Those in good health have the least risk of dying, giving them a preferred premium rate.

Before the policy is approved, the customer will undergo a short physical examination that will include a blood test. Blood pressure and weight will be checked with an eye toward cardiovascular health. There may be questions on health habits as well.

Don’t Smoke

Smoking and tobacco use have been proven to be a health hazard. Because of this, smokers will pay more for term life insurance. Giving up smoking will not only save you money on a term life insurance policy, but it will also improve your health and reduce the risk of cancer and cardiovascular disease.

Buy While You’re Young

Your age and health are two important factors that determine how much your term life insurance will cost. Since a term life policy will lock in your rate for 20 years, in most cases, the earlier you purchase the term policy, the lower your rate will be for the length of the term.

Term life insurance for a 21-year-old could be a fraction of the price someone 31 or 41 would pay.

Some term life insurance policies will convert to whole life, which is convenient if you worry about either having higher premiums at the end of the term or not being able to be insured later because of your health.

Avoid Guaranteed Acceptance Policies

There are guaranteed acceptance life insurance policies that don’t require a physical examination. While these are better than going without life insurance, they are not the most economical option. Usually, the coverage amounts are not large enough to leave your loved ones any lasting security and the premiums are high for the coverage offered.

Shop Around

One of the best ways to make sure you are getting the best rates for term life insurance is to shop around. LifeAnnuities.com can help Canadians find the cheapest term life insurance, and the search couldn’t be easier.

Just a few clicks online, and you can compare term life insurance prices from your computer, tablet, or smartphone. Life Annuities can even find term life insurance options that have decreasing premiums during the term or will refund your premiums if you outlive the term.

Insurance professionals are available to answer questions and help you find the policy that’s best for you.

Protect Your Family With Term Insurance

Fatal accidents and illnesses happen every day. If you weren’t there, what would your family do? Would your family be able to enjoy their current standard of living?

Today, both spouses’ incomes are needed for raising a family. Even if one spouse is staying at home with children, life insurance is needed to cover what it would cost to replace the care that a spouse provides. Both spouses should be insured so this financial risk is covered, and your family is protected.

Term life may be the most economical way to add the protection your family needs. Start your search for the most affordable term life insurance with LifeAnnuities.com, serving Canada since 1972.

What to do now?

• We supply you with the best life insurance quotes in Canada as our advisors represent all the best financial institutions in Canada. For personal assistance on your life insurance please use our Life Insurance Form.