Term Life insurance is designed to provide you with insurance protection for a set period of time, at an affordable price. It provides your beneficiaries with the amount specified in your policy, tax-free, if you pass away while the policy is in force.
In the event of your death, term life insurance can help:
- Replace lost income
- Provide security for your family (create an estate for heirs)
- Pay off any debt you leave behind (i.e. mortgage, loans, bills)
- Provide funding for your children's education
- Make a contribution to the charity of your choice
- Ensure the continuation of your business
- Protect your business against the loss of its key employee
How does it work?
You choose a guaranteed death benefit amount that will be paid to your beneficiaries (tax-free) when you die Term insurance is ideally suited to covering major expenses, such as paying down your mortgage and raising children. Choose from policies of various term lengths, 5, 10, 20 years, or even until age 75, so you get the term and benefit amounts that best suit your needs.